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9 Cards in this Set
- Front
- Back
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Business Risk |
The potential for financial gain, loss, or failure |
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Risk Management |
Process of managing an organization's risks to achieve objectives in manner consistent with public interest |
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Economic Risk |
A risk that results from changes in overall business conditions |
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Natural risk |
A risk that is caused by natural occurrences, such as floods, fires, and earthquakes |
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Human risk |
Risk caused by employee dishonesty, errors, mistakes, and omissions, as well as the unpredictability of customers or the workplace |
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Insurance Policy |
Contract between a business and an insurance company to cover a specific business risk |
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Extended Coverage |
A property insurance endorsement that provides protection against types of loss that may not be covered under a basic property insurance policy |
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Fidelity Bond |
A bond that provides insurance that protects a business from employee dishonesty |
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Performance Bond |
AKA surety bond, provides protection for losses that might occur when a construction project is not finished due to a contractor's poor financial condition |
