Risk Management

The technique of assessing, minimizing, and preventing

accidental loss to a business, as through the use of insurance, safety measures, etc.

• accidental loss insurance

• business management

• risk management

• auto insurance

Insurance companies provide us with that intangible security against financial loss, should we face injury, illness, damage of property, or even death.

• True

• False

A formal request to an insurance company asking for a payment based on the terms of the insurance policy.

• Policy

• Claim

• Risk

• Premium

The total amount and type of insurance carried.

• Claim

• Deductible

• Coverage

• Insurer

A specified amount of money that the insured must pay before an insurance company will pay a claim.

• Allowance

• Loan

• Premium

• Deductible

The state of being responsible for something, especially by law.

• Ownership

• Liability

• Coverage

• Claim

The person, group, or property for which an insurance policy is issued. The condition of having insurance.

• Insured

• Insurer

• Homeowner

What is risk management?

• Looking both ways before crossing a 2 lane highway.

• Auto Insurance

• The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.

• The ability to plan for the future.

What are some risk management devices ?

• Saving money in an savings account.

• Auto, health, and life insurance.

• Applying for a passport.

• Co-signing for a loan.

If you are employed, what are some risk management products a job may offer?

• Workers compensation

• Health Insurance

• Disability Insurance

• Unemployment insurance

• All of the above