BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The chance of injury or loss as defined as a measure of the probability [likelihood] and severity of an adverse effect to health, property, the environment, or other things of value.

Detailed explanation-2: -Risk: Uncertainty arising from the possible occurrence of given events that would result in loss with no opportunity for gain.

Detailed explanation-3: -Most insurance providers only cover pure risks, or those risks that embody most or all of the main elements of insurable risk. These elements are “due to chance, ” definiteness and measurability, statistical predictability, lack of catastrophic exposure, random selection, and large loss exposure.

Detailed explanation-4: -There are generally 3 types of risk that can be covered by insurance: personal risk, property risk, and liability risk. Personal risk is any risk that can affect the health or safety of an individual, such as being injured by an accident or suffering from an illness.