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7 Cards in this Set
- Front
- Back
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Risk |
The chance or uncertainty of loss. |
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Avoid Risk |
Not putting yourself in a situation with risks. For instance, never getting into a car to avoid an auto collision. |
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Transfer Risk |
Having insurance is a type of risk transfer |
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Inusrance |
A contract or device for transferring risk from a person, business or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums. |
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Law of Large Numbers |
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Speculative Risk |
Risks in which there exists both possibility of gain and loss |
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Pure Risk |
Involve on the possibility of loss |
