checkpoint What is the difference between a risk and an opportunity? What are the four methods a business can use to deal with risks that it faces? List the conditions that must exist in order for a risk to be insurable. What is the difference between rate making and underwriting Describe the four common parts of an insurance policy Identify six types of property insurance and the purpose of each. What is the difference between collision, comprehensive, and property damage liability coverage in a vehicle insurance policy? Why are employers willing to contribute 30 percent or more of the cost of employee salaries and wages to pay for benefits? How does an umbrella liability policy benefit a business