About This Chapter
Insurance & Managing Risk - Chapter Summary
In this chapter, our instructors explain the need for risk management and what external changes drive this need. You'll learn about ways to manage both uninsurable and insurable risks, as well which insurance policies correspond to risk management.
As you continue your study, the best insurance coverages for certain types of risks will also be introduced. Once you have completed this chapter, you should know how to:
- Recognize the external changes that drive the need for risk management
- Differentiate between insurable and uninsurable risk
- Understand how risk management and insurance policies relate to each other
- Identify insurance needed for different kinds of risk
Use our mobile-friendly lessons and quizzes at any time, 24 hours a day. Each lesson is accompanied by a printable transcript so you can make a copy to review offline at any time. If you need additional help as you work through the chapter, contact one of our instructors for assistance.
1. External Environmental Changes Drive the Need for Risk Management
Businesses operate in a dynamic world where the only thing for certain is that things will change. Change can bring both risk and reward. In this lesson, you'll learn how change in the business environment drives the need for risk management.
2. Ways to Manage Risk: Insurable and Uninsurable Risk
Risks abound in life and in business. However, most risks can be managed. In this lesson, you'll learn about ways to manage risks. You'll also learn the difference between insurable and uninsurable risks. A short quiz follows.
3. Understanding Insurance Policies and Risk Management
Obtaining insurance is one of the most common methods of risk management. In this lesson, you'll learn about insurance policies and some key concepts related to insurance. You'll also have a chance to take a short quiz.
4. Insurance Coverage for Various Types of Risk
Businesses operate in a world of risk. One of the best ways to manage risk is through insurance. In this lesson, you'll learn about the types of insurance coverage available to businesses to help them manage their risks.
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Other chapters within the GACE Business Education (542): Practice & Study Guide course
- Ethics in Business
- Understanding Contract Law
- Government Regulation of Business
- The Ethics of Advertising, Marketing & Privacy
- Property Law Basics
- Employment Law
- Collective Bargaining & Unions
- Workplace Communication
- The Central Bank & Monetary Policy
- Economic & Political Systems
- Basics of Economics & Finance
- Economic Indicators
- Fiscal & Monetary Policies in Economics
- International Trade Laws & Regulations
- Financial Management & Planning
- Fundamentals of Money & Banking
- Principles of Personal Finance
- Securities Market Basics
- Creditors' Rights in Business Law
- Negotiable Instruments
- Business Planning & Organizational Design
- Organizational & Group Behaviors in Business Management
- Management Styles & Theory
- Leadership and Management
- Motivation in Business Management
- Strategic Decision Making & Problem Solving
- Work Groups & Teams
- Human Resources Basics
- Employee Benefits
- Production & Operations Management
- Computation in Business
- Basic Statistical Analysis for Business
- Quantitative Analysis in Business
- Accounting Fundamentals
- Customer Relationship Strategies & Maintenance
- Starting a New Business
- E-Commerce Business Models
- Use of Information Systems in Business
- Business Software
- Network Systems Technology Overview
- Information Security & Protection
- Career & Professional Development in Business
- GACE Business Education Flashcards