Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
What is/define:
RISK |
Is the chance of loss
|
|
|
Difference between:
RISK & CHANCE |
Risk implies uncertainty about an outcome. If something did happen the outcome could leave you in a worse position rather than better position than currently.
Chance could be either a more favorable or worse position. |
|
|
What is:
Speculative RISK |
Is either:
-chance of loss -or gain -is not insurable |
|
|
What is:
Pure RISK |
Chance of loss
No chance of gain (stay the same) -Insurable |
|
|
What is a:
PERIL |
Cause of Loss-the event
Giving rise to a loss (something that happens that contributes to a loss) i.e. fire or vandalism |
|
|
What is a:
HAZARD |
Is the factor which may influence the
outcome of loss i.e. kink in carpet or rags soaked in gasoline could lead to a fire They are not themselves the cause of loss but can increase the likelihood of a peril operating |
