Risk Management- ITB

What is a risk?

• Risk is the losing something of value.

• Risk is gaining something of value.

• Risk is the potential to lose or gain something of value.

Provides payments for both liability and property insurance on a vehicle

• disability insurance
• automobile insurance
• coverage
• deductible

Someone who receives money if an insured person dies

• claim
• beneficiary
• dependent
• employee benefits

A formal request to an insurance company asking for a payment when the policyholder has an acciden, illness or injury

• emergency savings
• coverage
• claim
• employee benefits

Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid

• employee benefits
• co-insurance
• deductible
• coverage

The risks covered and amount of money paid for losses under an insurance policy

• emergency savings
• beneficiary
• claim
• coverage

Someone who relies on someone else for income and care

• beneficiary
• claim
• deductible
• dependent

Provides payment to replace earnings during times when workers cannot work due to illness or injury

• disability insurance
• dependent
• emergency savings
• beneficiary

Cash set aside that can be used to cover the costs of unexpected expenses

• emergency savings
• emergency spending
• emergency fraud
• emergency share

Employers may offer employee benefits in the form of products or services that add extra value for employees beyond earned wages

• disability insurance
• employee benefits
• health insurance
• automobile insurance