Ch 21: Risk Management in Business

About This Chapter

Explore risk in business and learn about ways to manage it through these concise video lessons and quizzes. The lessons are part of our course materials in business.

Risk Management - Chapter Summary and Learning Objectives

All businesses face risk through environmental causes, liability lawsuits or other factors, and managing risk is vital. In the video lessons in this chapter, our experienced instructor explains topics such as how risk affects business and four ways to manage various types of risk. The role of environmental changes in increasing risk is explored as well. You will learn about business risk that can be insured against and risk that cannot. You will also gain an understanding of how insurance works to protect businesses against many types of risk. The lessons and quizzes in this chapter are designed to help you grasp the following concepts:

  • Ways of managing risk
  • Insurable and uninsurable risk
  • How insurance policies work
  • The increased need for risk management due to environmental changes
  • Types of risk and the kinds of insurance needed to manage them

Video Objective
Environmental Changes Drive the Need for Risk Management Identify the environmental changes that have made risk management important.
Ways to Manage Risk: Insurable and Uninsurable Risk Explain the four ways of managing risk, and distinguish between insurable and uninsurable risk.
Understanding Insurance Policies and Risk Management Define insurance policies and explain the law of large numbers and the rule of indemnity.
Insurance Coverage for Various Types of Risk Discuss the various types of insurance that businesses can buy to manage risk.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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