What does risk avoidance mean?

Risk Management and Insurance Quiz

Quiz
•
Business
•
University
•
Hard
Salwa Ch
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accepting the risk and its consequences
Never acquiring a certain loss exposure
Reducing the frequency of a loss
Transferring the risk to another party
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a loss prevention measure?
Installing a burglar alarm system
Driver training programs
Building on high ground
Limiting cash on premises
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is active risk retention?
Transferring risk through contracts
Ignoring potential losses
Avoiding risk altogether
Consciously deciding to retain part of the loss
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which technique involves transferring risk without insurance?
Retention
Risk avoidance
Noninsurance transfer
Loss reduction
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key factor in selecting an insurer?
The number of policies they offer
The location of the insurer's headquarters
The insurer's advertising budget
The financial strength of the insurer
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a deductible refer to in insurance?
The amount subtracted from a loss payment
The premium paid for the policy
The insurer's profit margin
The total amount of coverage
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a hard market condition, what typically happens?
Profitability improves
Insurance becomes easier to obtain
Underwriting standards tighten
Premiums decrease
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