Pure risk answerschan Study guides, Class notes & Summaries

Risk - ANSWERSThe uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWERSChance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWERSChance of financial loss with no possibility of gain. The only potential outcome is loss. Loss - ANSWERSUnintended unforeseen damage or injury measurable in financial terms. Peril - ANSWERSThe actual cause of a loss. ...