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INS21 ASSIGNMENT 7
INS21 ASSIGNMENT 7 Risk Management
4
Insurance
Professional
06/08/2013
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Term
Pure risk
 Definition
A chance of loss or no loss, but no chance of gain.
Term
Speculative risk
 Definition
A chance of loss, no loss, or gain.
Term
Avoidance
 Definition
A risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occurring from that activity is eliminated.
Term
Retention
 Definition
A risk financing technique by which losses are retained by generating funds within the organization to pay for the losses.
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