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FIN 502 (18)

CHAPTER 9 risk management.docx
CHAPTER 9 risk management.docx

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Ryerson University
FIN 502
Steve Joyce

CHAPTER 9 risk managementDEFINING RISKSpeculative risk loss and gain but in uncertain amounts o Risks that you choose to accept rather than those that you encounter simply because of your circumstancesPure risk possibility of loss only o Risks that happen to us without having made a conscious choice to seek them outTHE RISK MANAGEMENT PROCESSStep 1 Identify the risks o Group risk into three general categories personal or life and health property and liability to other persons for our actions that affect them o Torts legal wrongs or injuries one person causes anotherCommon law is the part of the law determined by court decision over a long period of time rather than by statuteLimited liability for limited corporations means investors are not responsible beyond the amount of money paid for the investmentUnlimited liability for unincorporated businesses are personally liable without limit for all losses they cause STAGE IN LIFE CYCLE RISK POSSIBLE LOSSES All stages Disability Extra expenses family duties16 Disability Income limited time or permanent 2
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