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Risk Management & Insurance Worksheet

The document is a worksheet for a Risk Management & Insurance assignment at Harambee University College. It contains a true/false section and essay questions related to risk concepts, types of hazards, risk management processes, and insurance definitions. Students are required to complete the worksheet with their personal information and answers to the questions provided.

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zakiribrahim513
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46 views2 pages

Risk Management & Insurance Worksheet

The document is a worksheet for a Risk Management & Insurance assignment at Harambee University College. It contains a true/false section and essay questions related to risk concepts, types of hazards, risk management processes, and insurance definitions. Students are required to complete the worksheet with their personal information and answers to the questions provided.

Uploaded by

zakiribrahim513
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

Name________________________

Id. No_______________________

Phone
No.______________________
Department
___________section___
Campus_________________

HARAMBEE UNIVERSITY COLLEGE


Worksheet for Risk Management & Insurance
ASSIGNMENT ONE

PART ONE: Write true if the statement is correct if not write False
_______ 1. Risk is a condition in which there is a possibility of an adverse deviation from a desire
outcome that is expected or hoped for.
_______ 2. Business risk is the possibilities a company will have greater than anticipated profits or experience
a profit rather than taking a loss.
_______ 3. Moral hazard is carelessness or indifference to a loss because of the existence of insurance
_______ 4. Subjective risk is defined as uncertainty based on person’s mental condition or state of mind.
_______ 5. Uncertainty is the doubt a person has concerning his or her ability to predict which of the
many possible outcomes will occur
_______ 6. The main objective of risk management is the mitigation of the risk
_______ 7. Avoidance means that a certain loss exposure is never acquired or an existing loss exposure is
abandoned
_______ 8. The goal of social responsibility is to minimize the impact that a loss has on other persons and
on society
_______ 9. _______.9 Risk decreases in proportion to the increase in the number of the exposure un
_______ 10. _______10. Morale hazard is a condition which originates from the careless acts of individuals.
_______ 11. _____11
_____11 The principle of indemnity states that the insured cannot collect a compensation,
which is more than the actual los
PART TWO: ESSAY QUESTIONS

1. Risk distinguished from peril and hazard and State sources of risk?

2. State basic types of hazard?

3. State classifications of risk ?


4. Define risk management and insurance management?
5. State objective of risk management ?
6. List and explain risk management process?
7. State basic characteristics of insurance?
8. What is insurance and self insurance?
9. State requisites of insurable risks?
10. State insurance and speculation compared?

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