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Risk management and Insurance Chapter 1 - Coggle Diagram
Risk management and Insurance Chapter 1
Risk Definition
Risk is a condition in which there is a possibility of adverse deviation from the desired outcome that is expected or hoped for.
Risk Management
Is a systematic approach to dealing with risks that threaten the assets and earnings of a business or enterprise.
Perils
Peril is defined as the cause of loss.
Hazard
A hazard is a condition that creates or increases the frequency or severity of loss.
Physical Hazard
Moral Hazard
Morale Hazard
Legal Hazard
Methods of Handling Management Risk
Risk Transfer
Risk Avoidance
Risk Retention
Loss Control
Risk Management Process
Identification
Evaluation
Selection
Implementation
Control