Chapter 33: The Basics of Risk Management

________ is anything that increases the likelihood of loss through peril.

________ reduce risk by designing work areas to lower the chances of accidents or fire.

Bearing ________ for the consequences of loss is called risk retention.

While ________ is the chance of loss or injury, peril is anything that may possibly cause a loss.

With ________, no one person or business has to bear a loss alone.

For a business, risk avoidance means refusing to engage in a particularly ________.

Avoiding risk involves thinking about the ________.

A risk is the ________ or injury.

________ provides a way to transfer a risk of loss to a(n) ________ company.

________ is a risk that is unacceptable to insurance carriers because the likeli- hood of loss is too high.

Conversely, ________ covers damages that you may have caused accidentally to someone else or to someones property.

________ provides money to pay medical bills in case of accident or sickness.

A premium is the price an insured person or business pays for ________ for a specified period of time.

________ is paid protection against loss due to injury or property damage.

hood of loss is too high

tunity for gain

personal risk, property risk, and liability risk

related crime has emerged as a significant new human risk to business