Insurance 3

2. Technique of spreading the losses of the few over the entire group so that average loss is substituted for actual loss.
8. individual or a business firm retaining part of all of the losses
9. condition that creates or increases the frequency or severity of loss
10. loss that results directly from the physical damage, destruction, or theft of the property.
11. transferring the risk of unfavorable price fluctuations to a speculator
14. Cause of Loss

1. Uncertainty concerning the occurrence of a loss.
2. _ _ _ _ _ _ _ retention happens because of ignorance, indifference, laziness, or failure to identify an important risk.
3. loss that results indirectly from the occurrence of direct physical damage or theft loss.
4. direct loss is also know as.
5. Risk that refers to uncertainty regarding the firm’s financial goals and objectives
6. harmless clause where legal contract absolving one party of legal liability for any injuries or damages suffered by another party.
7. _ _ _ _ _ retention technique that an individual deliberately plans to retain all or part of it.
12. insurance _ _ _ _ _ _ _ _ _ _ _ _ transfer is risk transferred to a party other than an insurance company.
13. _ _ _ _ insurance is part or all of a given loss exposure retained by the firm.