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Risk management is concerned with?
The identification and treatment of loss exposures.
A situation or circumstance in which a loss is possible, regardless or whether a loss occurs, is called a?
Loss severity is defined as the?
Probable size of the losses which may occur during some period.
The worst loss that is likely to happen is referred to as the?
Maximum possible loss.
All of the following are potential advantages of retention?
- Increased cash flow
- Lowered expenses
- Encouragement of loss prevention
ABC Insurance retains the first $1 million of each property damage loss and purchases insurance for that part of any property loss that exceeds $1 million. The insurance for property losses above $1 million is called?
An insurance policy specifically written and designed to meet the needs of an insurance purchaser is called a(n)?