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| Risk that affects everything as opposed to individuals being involved in risky enterprises. |
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| having two potential outcomes for an events or situation. |
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| a consequence of uncertainty, particularly the negative outcome |
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| An expected deviation of an occurrence from what one expects. |
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| Chance of loss and no chance of gain. |
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| activities taken to reduce or eliminate risk. |
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| packaging and transferring the insurance risk to the capital markets through the issuance of a financial security. |
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| manufacture is liable for product when it causes harm |
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Sickness, unemployment, disability, etc.
Can also affect enterprise. (IE company health insurance) |
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| loss cause by 3rd party considered at fault |
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| risks viewed as amenable to having their financial consequences reduced or eliminated by holding a well diversified portfolio |
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| the causes of loss (some are insurable/some are not) |
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| Natural, Human, Economic losses are all types of: |
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| losses resulting from state of economy |
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| conditions that increase the cause of loss |
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| the average dollar value of a loss per claim |
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