Fin 341 Liebenberg Ole Miss Final UPDATED ACTUAL
Questions And Correct Answers
, Terms in this set (96)
Exposure Degree to which an asset, individual, or
organization is susceptible to potential harm or
loss
Objective Goals set by an organization to identify, assess, and
mitigate risks effectively
Subjective Individual's perception of risk, which may vary from
person to person
Peril Specific event or cause of loss that may trigger a
claim under an insurance policy
Various Hazards Conditions or situations that increase the likelihood
of a peril occurring
Pure Risk Possibility of loss but no opportunity for gain,
insurable
Speculative Risk Possibility of both loss and gain, typically not
insurable
Questions And Correct Answers
, Terms in this set (96)
Exposure Degree to which an asset, individual, or
organization is susceptible to potential harm or
loss
Objective Goals set by an organization to identify, assess, and
mitigate risks effectively
Subjective Individual's perception of risk, which may vary from
person to person
Peril Specific event or cause of loss that may trigger a
claim under an insurance policy
Various Hazards Conditions or situations that increase the likelihood
of a peril occurring
Pure Risk Possibility of loss but no opportunity for gain,
insurable
Speculative Risk Possibility of both loss and gain, typically not
insurable
