Chapter 25 Introduction To Risk Management Section 1 Vocabulary

M 7 enterprise risk management enterprise risk management.

Chapter 25 introduction to risk management section 1 vocabulary. Internal control framework characteristics and use 1 93 chapter introduction 1 93. Eliminate the chance for loss. Personal finance chapter 25 vocab.

Some risk responses such as vaccinations preventative maintenance feed inventories and irrigation. Establish a monetary fund to cover the cost of a loss. A method for spreading individual risk among a large group of people to make losses more affordable for all.

Internal audit basics 2017 iia v5 0all rights reserved. Introduction to risk management personal finance. The method for spreading individual risk among a large group of people to make losses more affordable for all.

A risk that may result ineither gain or loss. The chance of financial loss from perils to people or property. False all risks have the same priority because they result in the same financial losses.

A risk that may result in either gain or loss. Risk management is a plan for buying insurance for every type of peril that could occur. Organized strategy for controlling financial loss from pure risks.

Insurable interest any financial interest in life or property such that if the life or property were lost or harmed the insured would suffer financially. Take measures to lessen the frequency of losses. Risk management an organized strategy for controlling financial loss from pure risks and insurable risks.