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4 Cards in this Set
- Front
- Back
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Risk Avoidance |
Not exposing yourself to the risk e.g., Paying bills online to avoid post delays |
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Risk Reduction |
Reduce probability or severity of risk e.g., reduce risk of car accidents by following traffic rules |
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Risk Retention |
Accepting risk of consequences aren’t severe I.e., financial risk is manageable. E.g., not buying extended warranty for iPod Shuffle |
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Risk Transfer |
Finding someone else who is willing to accept consequence if risk is realized e.g, insurance - you pay annual premiums, insurer may need to pay death benefit |
