Chapter 33.1

3. cannot be controlled
7. the systemic process of managing risk to achieve your objectives
8. the possibility of loss or injury
10. a risk that is unacceptable to insurance carriers because the likelihood of loss is too high

1. paid protection against loss due to injury or property damage
2. the threat of a loss with no opportunity for gain
4. when conditions can be controlled to minimize the chance of harm
5. when there is likelihood of economic loss
6. a risk that meets an insurance company's criteria for insurance coverage
9. the risk of harm caused by human mistakes, dishonesty, or another risk that is attributed to people
11. the possibility of a catastrophe caused by a flood, tornado, hurricane, fire, lightning, drought, or earthquake