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(Solved): Chapter one Risk and Its treatment QUESTION TWO ( TRUE False ) A hazard is any ...

Chapter one Risk and Its treatment


A hazard is anything that is likely to cause a loss , such as a fire , a wind storm or an earthquake

Fundamental risks are usually considered to be an individual’s own responsibility and are most appropriately dealt with through loss prevention measures

3-speculative risks are usually accepted voluntary because of their two-dimensional nature

Although virtually all speculative risks can be avoided, it is impossible to avoid all pure risks

The term “Pure risk “ describes a situation in which tgere is no chance of gain , but the possibility of loss or no loss only

The term “Pure risk “ refers to those situations in which loss is certain, such for example depreciation

From the prospective of society , the most attractive approach to dealing with risks is risk avoidance

The concept of”expected value “relates the magnitude of a risk to the frequency of loss and severity of loss that might occur .

Loss prevention and reduction efforts are directed toward reducing both frequency and severity

Peril is a synonym for hazard

The major of difference between a pure risk and a speculative risk is that the former does not involve the possibility of gain while the latter does

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