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Ways to Manage Risk: Insurable and Uninsurable Risk

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is NOT a step in the risk management process?

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1. Zuk company Ltd. decides to launch a brand new type of bicycle called the Zukbike. The company accepts this risk and is prepared to pay for the losses that may occur. Which type of risk management approach is being used by the company?

2. Which of the following management decisions involves risk reduction?

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About This Quiz & Worksheet

Use this quiz and worksheet to test your knowledge of insurable and uninsurable risks as well as the risk management process.

Quiz & Worksheet Goals

In these assessments you'll be tested on the following:

  • Risk management
  • Approaches to risk management
  • Risk reduction
  • Uninsurable vs. insurable risk

Skills Practiced

This quiz and worksheet allow students to test the following skills:

  • Reading comprehension - ensure that you understand the different steps in risk management
  • Making connections - use understanding of the concept of risk mitigation as it applies to real-world scenarios
  • Defining key concepts - ensure that you can accurately define main phrases, such as risk management and risk reduction

Additional Learning

You can examine these topics more closely by reviewing the lesson called Ways to Manage Risk: Insurable and Uninsurable Risk. The following objectives are covered in the material:

  • Identify different risk management approaches
  • Explain what makes a risk uninsurable
  • Give an example of risk reduction
  • Explain what risk identification is
  • Understand what makes a risk insurable
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