Loma 280 mod1 ch1 rated a Study guides, Class notes & Summaries

LOMA 280 mod.1 ch.1 rated A+ Last document update:   ago

LOMA 280 mod.1 ch.1 rated A+ risk The chance or possibility of an unexpected result, either a gain or a loss. speculative risk Three possible outcomes - loss, gain, or no change. This risk cannot be insured. Example: stocks. pure risk No possibility of gain: Loss or no-loss occurs. Ex: possibility of becoming disabled. This is the only risk that can be insured. risk management Process by which individuals and businesses identify and access the risks they face and take measures to eliminate or...