Podcast
Questions and Answers
What is the term for a physical condition that increases the chance of loss?
What is the term for a physical condition that increases the chance of loss?
Which type of probability is determined on the basis of historical data?
Which type of probability is determined on the basis of historical data?
What type of risk affects the entire risk economy or a large number of persons/groups within the economy?
What type of risk affects the entire risk economy or a large number of persons/groups within the economy?
Which category of risks includes the risk of premature death, old age, poor health, and unemployment?
Which category of risks includes the risk of premature death, old age, poor health, and unemployment?
Signup and view all the answers
What is the term for a possibility of loss or no loss, where the outcome cannot be measured by monetary terms?
What is the term for a possibility of loss or no loss, where the outcome cannot be measured by monetary terms?
Signup and view all the answers
Which of the following best defines the concept of risk?
Which of the following best defines the concept of risk?
Signup and view all the answers
What distinguishes risk from chance?
What distinguishes risk from chance?
Signup and view all the answers
Which term refers to an unpredictable combination of hazard that may lead to loss?
Which term refers to an unpredictable combination of hazard that may lead to loss?
Signup and view all the answers
What is the definition of pure risk?
What is the definition of pure risk?
Signup and view all the answers
How is risk related to uncertainty?
How is risk related to uncertainty?
Signup and view all the answers
