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?
- A Priori
- Moral
- Hazard (correct)
- Empirical
Which type of probability is determined on the basis of historical data?
Which type of probability is determined on the basis of historical data?
- Rare Probability
- A Priori Probability
- Empirical Probability (correct)
- Judgmental Probability
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?
- Pure risk
- Particular risk
- Financial risk
- Fundamental risk (correct)
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?
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?
Which of the following best defines the concept of risk?
Which of the following best defines the concept of risk?
What distinguishes risk from chance?
What distinguishes risk from chance?
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?
What is the definition of pure risk?
What is the definition of pure risk?
How is risk related to uncertainty?
How is risk related to uncertainty?
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