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5 Cards in this Set

  • Front
  • Back
Risk
Uncertainty regarding financial loss
What are the two types of risk?
Speculative
Pure
What is Speculative Risk?
Speculative Risk involves three types of outcome..loss, no loss or profit.
What is Pure Risk?
Pure risk involves two possible outcomes loss or no loss.
What are the five basic ways to handle risk?
TRAIL

T - Transfer
R - Retention
A - Avoidance
I - Insurance
L - Loss of control