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7 Cards in this Set
- Front
- Back
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Risk |
Can be the potential for financial loss; being exposed or open to damage. Can be the Insured item. |
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Speculative Risk |
Undertaken with no certainty of either gain or loss and id's a conscious choice. Cannot be Insured. |
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Pure Risk |
A Risk with no chance of gain and can only result in either loss or no loss. Can be Insured (person, item, or organization). |
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Exposure |
The extent to which a person, item, or organization is open to damage or loss, the possibility of loss. |
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Evaluating Loss |
Expressed in dollars or units. Determining factor in issuing a policy and setting a premium. |
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Hazard |
A condition increasing the likelihood or severity of a loss. Hazards increase exposure. |
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Peril |
The actual cause of loss or damage. |
