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3 Cards in this Set
- Front
- Back
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risk
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uncertainty about outcomes that can be +ve or -ve
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Different examples of what is risk?
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Subject of insurance policy
Insurance applicant possibility of loss or injury Cause of loss such as fire variability associated with future outcome |
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6 steps of Risk Management decision making process
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1. Identifying loss
2. Analyzing exposure 3. Examing feasibility of risk management process 4. Selecting RM techniques 5. Implementing selected RM techniques 6. Monitoring and revising RM program. |
