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Worksheets25.2 Managing Risk
Total questions: 19
Worksheet time: 10mins
Organized strategy for controlling financially loss from pure and insurable risks
Risk Assessment
Risk Assumption
Risk Management
When should risk management begin
After you are married
After you have children
After you get a job
Whenever you have things that you can lose
What do you learn from a risk assessment
Your risk score
An understanding of the types of risk you will face and their potential consequences
The amount of insurance you will need
The types of insurance you will nee
What is the first question you should ask while doing risk management
Which insurance to purchase
The amount of insurance to purchase
What financial risk do you take daily
How serious are your risk
Can you be responsible for loss that is not directly your fault
Yes
No
What are the steps in Risk Assessments
Identify risk of loss, Assess seriousness of risks, Handle risks
Assess seriousness of risks, identify risk, handle risk
Avoid loss, identify risk, handle risks
What are the techniques for handling risks
shifting, avoiding, reducing or assuming
ignoring, pressing, reducing, shifting
assuming, shifting, fixing
avoiding, shifting, fixing
A good risk management plan
Uses a combination of techniques
Using one strong techniques
Tries one technique at a time until the risk is managed
Risk shifting or transfer occurs when
You blame someone else
You purchase insurance to cover possible financial loss
You shift risk to insurance company by purchasing insurance to cover possible financial loss
What must you do to shift risk to insurance company
Purchase insurance
Purchase insurance and continue to pay premiums
Ask someone to cover your losses
How do we avoid risk
Walk away
Not doing the activity that could result in loss
Choosing new friends
Installing snow tires, installing fire alarms and sprinklers in your home and using seat belts are examples of
Risk shifting
Risk avoidance
Risk reduction
Risk assumption
When is it ok to assume risks
Serious risks
Non-serious risks
What can ease the pain during risk assumption
Good friends
Insurance
Risk Management
Emergency Fund
What is included in Risk Management Plan?
List of identified potential risks, plan of action
Assessment of risks, plan of action
List of potential risks, assessment of financial impact, techniques to manage
List of risks, assessments to manage risks
Why change risk management plan
It is out of date
You grow older so priorities, risks, and goals changes
Older people are safer and wiser and have less risks
What is the deductible
The amount the insurance company gives the insured
The amount the insured has to pay before the insurance company will pay anything
The amount the insurer pays to the insurance company
Which is true
Higher deductible Higher premium
Higher deductible Lower premium
Lower deductible Lower premium
Lower deductible Higher premium
Which risks could have serious financial impact
theft, personal property damage
injury to apartment visitors
auto accident, personal illness or injury, loss of income
vision and dental needs, injury to visitors, theft
