Risk 1
Risk that can be reduced or eliminated.
What is controllable risk?
Risks that hurts someone's personal health
What is personal risk?
The company that grants insurance.
Who is the insurer?
The amount paid for insurance coverage.
What is a premium?
Hiring local workers is one way to solve this.
What are international business problems.
Risk that only provides the chance to lose.
What is pure risk?
Risk that can cause loss of money, vehicles, or buildings for a person or business.
What is property risk?
The person or business that transfers their risk to someone else?
Who is the insured?
The request for payment after an insured loss.
What is a claim?
This type of insurance, disability insurance, and life insurance are the 3 most important insurances for everyone in a company?
What is health insurance?
Risk that provides a chance for loss or gain.
What is speculative risk?
Risk that harms someone else.
What is liability risk?
A paper that lists the conditions that were agreed to by the insurance company and the person they are insuring.
What is an insurance policy?
A confidential piece of information used in creating a product such as a secret recipe.
What is a trade secret?
Competitors actions are one of the types of this.
What are uninsurable risks?
Risk that can be prevented by only accepting currency in American dollars.
What is currency risk?
The concept that someone protected from risks will take more risks.
What is moral hazard.
The person or company buying the policy.
Who is the policyholder?
Unauthorized use of patents, trademarks, intellectual property, and copyright.
What is counterfeitting
legal frameworks, judicial systems, local business practices, and language and culture are all challenges of this.
What is international business?
The three kinds of financial risk?
What are Personal risk, property risk, and liability risk.
The possibility of incuring a loss.
What is risk?
The exchange of uncertainty of a large loss for a smaller payment in advance.
What is insurance?
The amount of money the insured must pay after a covered loss before the insurer will pay the remainder of the claim.
What is the deductible?
The 4 ways to deal with risks.
What are Avoid, Transfer, Insure, and Assume?