Tutorial_1_Insurance_Sem_1_2010-11 - UNIVERSITY OF...

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UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINISTRATION TUTORIAL: UNIT # 1 COURSE: Insurance SUBJECT: Risk In Our Society GROUPS: Year 3&4 / BBA3-BFS3-B/ BBA3-BFS3-A/ 1. Explain the meaning of risk. 2. How does objective risk differ from subjective risk? 3. Define chance of loss. 4. What is the difference between subjective probability and objective probability? 5. What is the difference between a peril and a hazard? 6. Define: a. Physical hazard b. Moral hazard c. Morale hazard d. Legal hazard 7. Explain the difference between pure risk and speculative risk. 8. How does fundamental risk differ from particular risk? 9. Explain the meaning of enterprise risk. 10. What is financial risk? 11. List the major types of pure risk that are associated with great financial insecurity. 12. Describe the major social and economic burdens of risk on society. 13. Briefly explain each of the following methods of handling risk. Give an example of each: a. Avoidance b. Loss control
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c. Retention
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This note was uploaded on 02/26/2012 for the course ECON 101 taught by Professor Adam during the Three '11 term at University of Technology, Sydney.

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Tutorial_1_Insurance_Sem_1_2010-11 - UNIVERSITY OF...

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