ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Chance of loss involving your income or standard of living.
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personal risk
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property risk
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speculative risk
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insurable risk
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Explanation:
Detailed explanation-1: -Personal risk: Examples of personal risk include bankruptcy, unemployment, arrest, and identity theft.
Detailed explanation-2: -Possessory Risk of Loss: This type of risk exists when there is a possibility that you may not have possession of the goods. For example, if you lend your car to someone and they get into an accident, the possessory risk of loss would be the financial loss you incur from not having use of your car.
Detailed explanation-3: -Income Risk, Expense Risk, Asset/Investment Risk, and Debit/Credit Risk are the four types of risk.
Detailed explanation-4: -A speculative risk has the potential to result in a gain or a loss.
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