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Questions and Answers
What is a situation called where an outcome is sure to happen?
What is a situation called where an outcome is sure to happen?
What is the condition where a potential loss may or may not occur?
What is the condition where a potential loss may or may not occur?
What is the term for a reduction in value that can be measured in monetary terms?
What is the term for a reduction in value that can be measured in monetary terms?
What is an example of an indirect loss?
What is an example of an indirect loss?
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What is the definition of risk?
What is the definition of risk?
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What is an example of direct loss?
What is an example of direct loss?
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What type of risk involves a gain as one of the possible outcomes?
What type of risk involves a gain as one of the possible outcomes?
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Which of the following types of risk is not a type of personal risk?
Which of the following types of risk is not a type of personal risk?
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What is the consequence of a person experiencing the risk of premature death?
What is the consequence of a person experiencing the risk of premature death?
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What is the primary difference between pure risks and speculative risks?
What is the primary difference between pure risks and speculative risks?
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What type of risk is characterized by a possibility of minor ailments, such as a fever or cold?
What type of risk is characterized by a possibility of minor ailments, such as a fever or cold?
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What is the primary impact of income risk on an individual's finances?
What is the primary impact of income risk on an individual's finances?
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What is the consequence of a factory's inability to operate as usual?
What is the consequence of a factory's inability to operate as usual?
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What is the peril in a situation where a fireman sustains burns while on duty?
What is the peril in a situation where a fireman sustains burns while on duty?
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What is an example of a physical hazard?
What is an example of a physical hazard?
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What is an example of a moral hazard?
What is an example of a moral hazard?
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What is another term for morale hazard?
What is another term for morale hazard?
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What is an example of a morale hazard?
What is an example of a morale hazard?
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What is the primary consequence of a firm being sued by a third party due to liability risk?
What is the primary consequence of a firm being sued by a third party due to liability risk?
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Which of the following is an example of a loss of business income risk?
Which of the following is an example of a loss of business income risk?
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What is the term for the risk of injury or illness to employees or death or disability to a key person in a business?
What is the term for the risk of injury or illness to employees or death or disability to a key person in a business?
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Which of the following is an example of crime risk?
Which of the following is an example of crime risk?
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What is the primary consequence of a firm shutting down its operations due to property damage?
What is the primary consequence of a firm shutting down its operations due to property damage?
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Which of the following is a risk that can result in a decline in sales and loss of income?
Which of the following is a risk that can result in a decline in sales and loss of income?
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What is a risk that arises when a person lives longer than expected and faces financial difficulties in their old age?
What is a risk that arises when a person lives longer than expected and faces financial difficulties in their old age?
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What type of risk arises from a firm's ownership of physical assets such as office buildings, plants, and machinery?
What type of risk arises from a firm's ownership of physical assets such as office buildings, plants, and machinery?
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What is the term for the risk of being sued by another person due to one's own negligence?
What is the term for the risk of being sued by another person due to one's own negligence?
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What type of losses are related to the cost of removing the ruins of a damaged house and its reconstruction?
What type of losses are related to the cost of removing the ruins of a damaged house and its reconstruction?
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What happens to firms during a recession?
What happens to firms during a recession?
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What type of risk affects firms and causes a reduction in the firm's value?
What type of risk affects firms and causes a reduction in the firm's value?
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