BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$1, 000
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$25
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$1, 150
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$1, 250
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Detailed explanation-1: -Risk management is taking action to prevent or reduce the possibility of loss to your business.
Detailed explanation-2: -Only pure risks are insurable because they involve only the chance of loss. They are pure in the sense that they do not mix both profits and losses. Insurance is concerned with the economic problems created by pure risks. Speculative risks are not insurable.
Detailed explanation-3: -While it’s impossible to eliminate all risks, a risk avoidance strategy can help prevent some losses from happening. It’s an important part of any risk management plan and a way to protect your organization’s assets from potential losses.
Detailed explanation-4: -Pure risks can be divided into three different categories: personal, property, and liability.