Asked by Elizabeth Welch on May 27, 2024
Verified
______is a prediction concerning potential loss based on known and unknown factors.
A) Risk management
B) Insurance
C) Underwriting
D) Risk
Potential Loss
A hypothetical amount of money that a business or individual could lose in the future due to risks.
Risk
The potential for losing something of value or for an undesirable outcome, often assessed in decisions involving finance, safety, and health.
Known Factors
Elements or conditions that are clearly understood or recognized in a given context or analysis.
- Comprehend the principles of managing risk and the process of insurance underwriting.
Verified Answer
Learning Objectives
- Comprehend the principles of managing risk and the process of insurance underwriting.
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