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CISR Elements of Risk Management (EORM) Lesson 2 - Risk Terms WITH 100- SURE ANSWERS
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10/28/24, 4:29 PM CISR Elements of Risk Management (EORM) Lesson 2 - Risk Terms Flashcards | QuizletEUNICE
CISR Elements of Risk Management (EORM) Lesson 2 -
Risk Terms WITH 100% SURE ANSWERS
Terms in this set (32)
An unplanned event definite as to time and place that results in injury or damage to a
Accident
person or property.
Planned acceptance of losses to be financed internally through the use of
Active Retention deductibles on insurance policies, loss sensitive insurance plans where some, but not
all, risk is consciously retained rather than insured, and deliberate non-insurance.
Avoidance Eliminating an activity or exposure which eliminates chance of loss.
Reflects the fact that the present value of the money is entirely different from the
future value. It is a method of correcting estimated cash flows to give present values
Cash Discounting to futures amounts, using the appropriate cost of capital, and incorporating
judgments of the uncertainty (riskiness) of the future cash flows. The factor applied to
present values is called the discount rate.
Claim A demand for payment or an obligation to pay as a result of a loss.
A process that identifies and attributes the cost of risk among the various sections of
Cost of Risk Allocation System
an organization or company.
Loss projections ("loss pics" or "loss picks") based on probability distributions and
Expected Losses statistics; frequently developed using actuarial techniques including trending and
development.
A situation, practice, or condition that may lead to an adverse financial consequence;
Exposure
an activity or asset.
Exposure Base A method for indexing losses to a meaningful level of exposure.
Frequency The number of losses occurring in a given time period.
A condition that may give rise to a loss from a given peril; physical, moral, or morale
Hazard
characteristics that increases the likelihood of a loss.
An event that disrupts normal activities and may become a loss (also referred to as a
Incident
near miss).
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