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Risk Management and Insurance_Session 2 Exam 1

Risk Management and Insurance_Session 2 Exam 1

Q 1. Identify the major risks faced by business.2. Briefly explain each of the following risk control techniques for managing risk. a. Avoidance b. Loss prevention c. Loss reduction 3. Briefly explain each of the following risk financing techniques for managing risk a. Retention b. Noninsurance transfer c. Insurance 4. What are the two major differences between insurance and hedging?5. Explain the basic characteristics of social insurance programs.

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All types of risks are faced by businesses that can lead to bankruptcy or serious profit loss. Big firms comprise extensive departments of risk management while there is a tendency of the smaller firms not to view the issue in such a systematic manner. The major risks that business experiences are mentioned below: • Strategic Risk: It is the risk that the strategy of the company turns out to be less effective and struggle is faced by the company to attain their objectives as a result.