risk and insurance short answers 10 questions two to four sentence answers each

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  • Define risk. In your definition, state the relationship between risk and uncertainty.
  • Risk may be classified in several ways. List the principal ways in which risk may be categorized, and explain the distinguishing characteristics of each class.
  • List the four types of pure risk facing an individual or an organization and give an example of each.
  • Explain why the number of risks and the severity of losses increase over time.
  • Identify the two broad approaches to dealing with risk recognized by modern risk management theory.
  • Identify and briefly describe the six steps in the risk management process.
  • What is the relationship between risk management and insurance management? In your answer, you should demonstrate an understanding of the difference between the two fields.
  • Distinguish among traditional risk management, financial risk management, and enterprise risk management.
  • List and explain each of the desirable elements of an insurable risk.
  • Explain the dual application of the law of large numbers as it pertains to the operation of insurance.


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