Define (a) Risk avoidance (b) Loss prevention (c) Loss control (d) Risk assumption (e) An insurance policy.

Question:

Define
(a) Risk avoidance
(b) Loss prevention
(c) Loss control
(d) Risk assumption
(e) An insurance policy.
Explain their interrelationships.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Financial Planning

ISBN: 978-1111971632

13th edition

Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley

See More Books

Question Posted: Feb 13, 2015 09:33 AM

See More Questions

Define control risk and explain the role of control risk assessment in audit planning.
Risk avoidance is an appropriate strategy when the potential losses seriously outweigh the likely benefits. What factors should be considered on the cost and benefit sides of the analysis? At what...
Define appraisal costs and explain how they relate to prevention costs.
8. Explain how electric forces are like gravitation forces and how they differ.
An open feedwater heater in a powerplant heats 4 kg/s water at 45oC, 100 kPa by mixing it with steam from the turbine at 100 kPa, 250oC. Assume the exit flow is saturated liquid at the given pressure...
Determine the available- to- promise (ATP) quantities for each period for Problem 21.
Alcatel Companys financial statements for 2018 are shown below: a. Compute the ratios listed above for Alcatel. b. Compared to the industry: 1. How liquid is the firm? 2. Are its managers generating...
Find the tension T in each cable and the magnitude and direction of the force exerted on the strut by the pivot in each of the arrangements in Fig. 11.26. In each case let w be the weight of the...
Explain the issues that an auditor may need to deal with in the cash accounts, especially if the company has foreign bank accounts for international transactions. Also, would a schedule of interbank...
Mr. Harish Jain, CEO of Energetic Enterprises has established the firm for the manufacture and marketing of an innovative product. The firm earned a reputation for its product within two years of its...
Discuss the role that insurance plays in the financial planning process. Why is it important to have enough life insurance?
Discuss some benefits of life insurance in addition to protecting family members financially after the primary wage earners death.
Researchers carried out a survey of fourth-, fifth-, and sixth-grade students in Michigan. Students were asked whether good grades, athletic ability, or being popular was most important to them. The...
Lawrence is charged with arson. The allegation is that he burned down his shoe shop "Mr. Heels" because he was losing money. He could not compete with the "Costless Shoes" that had opened a big shop...
Jan 5: Purchased land, equipment, and a building. The land cost $1,000,000, the equipment cost $250,000, and the building cost $1,000,000. The CEO said the land depreciates via the Straight-line...
Vicki teaches accounting courses at a community college. The college administration suspects that at least a few employees are improperly using their computers. Hidden cameras are installed around...
Benjamin's Production Company has recently suffered a large theft of production equipment during the filming of a movie. The theft was only discovered the next morning when he noticed that the...
On February 1 , 2 0 2 0 , the Greece Corp., which maintains a perpetual inventory system, acquired merchandise inventory by signing a two - year, 1 4 % , $ 8 0 , 0 0 0 note payable. On this date, the...
Wembley Travel Agency specializes in flights between Los Angeles and London. It books passengers on United Airlines at $900 per round-trip ticket. Until last month, United paid Wembley a commission...
From a medical tourist perspective, compare Shouldice with the traditional hospital in terms of the key factors of competition. Using Table 15-3, why would Shouldice attract patients from outside the...
In the second quarter of 2021, personal consumption expenditures, exports, and imports increased. Investment and government expenditure decreased. Real GDP increased by 6.5 percent following a 6.3...
1. Calculate Cheryl Sterns taxable income, being sure to consider her exemption. Assume that the standard deduction for a single taxpayer is $5,800, and that each exemption claimed is worth $3,700....
1. Using the Kapoors information, determine the total amount of their itemized deductions. Assume that theyll use the filing status of married filing jointly, the standard deduction for that status...
What is cash management, and what are its major functions?
How does the central bank imply Bank Rate fluctuations as the monetary policy mechanism? Explain.
1. Calculate the NPV and Profitability Index for each of the following projects, assuming the cost of capital is 7%. YEAR iPad Pro iPhone 9 I 0 -36,000 -11,500 1 18,000 0 2 12,600 7,500 3 4,500 4,000...
State the dividend irrelevance proposition. What are the assumptions behind this proposition? Explain why this proposition does not hold in the real world. (20 marks)

Define (a) Risk avoidance (b) Loss prevention (c) Loss control (d) Risk assumption (e) An insurance policy.

Question:

Step by Step Answer:

a Risk avoidance involves avoiding the act that creates the risk It is an attractive way to deal wit...View the full answer

Personal Financial Planning

Students also viewed these Corporate Finance questions