Insurance 3

1. condition that creates or increases the frequency or severity of loss
4. Technique of spreading the losses of the few over the entire group so that average loss is substituted for actual loss.
6. _ _ _ _ _ _ _ _ _ _ _ _ transfer is risk transferred to a party other than an insurance company.
10. transferring the risk of unfavorable price fluctuations to a speculator
11. Risk that refers to uncertainty regarding the firm’s financial goals and objectives
13. Cause of Loss
14. _ _ _ _ _ retention technique that an individual deliberately plans to retain all or part of it.
15. _ _ _ _ _ _ _ retention happens because of ignorance, indifference, laziness, or failure to identify an important risk.

2. individual or a business firm retaining part of all of the losses
3. loss that results directly from the physical damage, destruction, or theft of the property.
5. harmless clause where legal contract absolving one party of legal liability for any injuries or damages suffered by another party.
7. loss that results indirectly from the occurrence of direct physical damage or theft loss.
8. _ _ _ _ insurance is part or all of a given loss exposure retained by the firm.
9. direct loss is also know as.
12. Uncertainty concerning the occurrence of a loss.