C.18 Analysis and evaluation of risk exposures Flashcards

The potential for financial loss due to unexpected events.

The risk of financial loss due to death, disability, illness, or unemployment.

The risk of damage or loss of personal or business assets due to perils like fire, theft, or natural disasters.

refers to the potential financial loss or legal responsibility a person or business faces if they are found legally responsible for causing harm or damage to another person, their property, or their rights.

Accepting the financial responsibility for a risk rather than transferring it through insurance.

Shifting financial risk to another party, typically through insurance.

Taking actions to eliminate exposure to a risk entirely.

Implementing strategies to minimize the impact or likelihood of a loss.