Assignment 1 Introduction to Risk Management Educational Objective 1 Three important concepts in the context of risk are: Uncertainty Uncertainty implies the potential for either favorable or unfavorable outcomes. Possibility Possibility of loss is often discussed in terms of loss exposures, such as liability, personal, or human exposures, but it can also be the possibility of loss of goodwill or missed opportunities. Loss exposures can be circumstances or conditions that present the possibility of a financial loss, regardless of whether or not an actual loss occurs. Possibility compared with probability The distinction may hinge upon the degree of likelihood. Possibility means that something could happen; probability means that something is likely to happen.
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CPCU 500 Look Inside the Book
Recordings: CPCU 500 – Foundations of Risk Management and Insurance