Risk Management

The insurance is a

• Contract

• Uncertainty

• Peril

• Hazard

Losses arising due to a risk exposure retained or assured is known as

• Risk reduction

• Risk financing

• Risk retention

• Risk sharing

The measures aimed at avoiding, eliminating or reducing the chances of loss production is covered by

• Risk control

• Risk retention

• Risk avoidance

• Risk financing

The success of whole process of risk management depends on its

• Identification

• Risk analysis

• Assessment of risk

• Evaluation of risk

Identify the types of pure risk

• Personal risk

• Property risk

• Liability risk

The person or party who seeks protection against a particular risk and pays a certain amount in consideration to the recovery of the financial loss is known as

The party which undertakes to protect the insured from the specified risks and the loss, so caused in consideration to a certain premium received from the insured is known as

• Insurer (insurance company)

• Insured (Insurance policy holder)