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EMII
| Question | Answer |
|---|---|
| Bounced check | check that is returned to a business by the bank because the customer's checking account has insufficient funds to cover the check amount |
| Consumer credit | offered when a retail business allows its customers to buy merchandise now and pay for it later |
| Controllable risk | risk that can be reduced or possibly even avoided by actions the insured takes |
| Premium | payment that is made to an insurance company to cover the cost of insurance; price paid to cover a specified risk for a specific period of time |
| Risk assessment | involves looking at all aspects of a business and determiningthe risks it faces |
| Risk management | involves taking action to prevent or reduce the possibility of loss to a business |
| Shoplifting | act of knowingly taking items from a business without paying |
| Speculative risk | risk which offers the insured the chance to gain as well as lose from the event or activity |
| Uncontrollable risk | risk on which actions have no effect, such as the weather |
| Insurance | a payment made to an insurance company to cover the cost of uncontrollable events |
| Pure risk | insurable risk that is faced by a large number of people and the amount of the loss can be predicted; presents the chance of loss but no opporutnity for gain |
| Trade credit | offered when one business allows another business to buy now and pay later |
| Federal Employees' Compensation Act (FECA) | law that provides benefits to employees who have suffered work |
| Insurable risks | risks in which the amount of loss can be predicted |
| Worker's Compensation | a government |
| Shoplifting | act of knowingly taking items from a business without paying |
| Speculative risk | risk which offers the insured the chance to gain as well as lose from the event or activity |
| Uncontrollable risk | risk on which actions have no effect, such as the weather |
| Insurance | a payment made to an insurance company to cover the cost of uncontrollable events |
| Pure risk | insurable risk that is faced by a large number of people and the amount of the loss can be predicted; presents the chance of loss but no opporutnity for gain |
| Trade credit | offered when one business allows another business to buy now and pay later |
| Federal Employees' Compensation Act (FECA) | law that provides benefits to employees who have suffered work |
| Insurable risks | risks in which the amount of loss can be predicted |
| Worker's Compensation | a government |
Created by:
lmary
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