LAW 122 Study Guide - Midterm Guide: Liability Insurance, Risk Management, Vehicle Insurance
22 May 2014
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Document Summary
As consumers, we all need to be aware of the rules that govern commercial transactions. In terms of employment, you may intend to work in the public sector. If so, you need to understand not only the nature of government organizations, but also the different types of laws that may affect you: factors affect success and failure in business. This is the process of identifying, evaluating and responding to the possibility of harmful events. Can we be accountable for doing something wrong". What are we going to do about it?". The goal is not necessarily to eliminate risks; it is to manage them and the appropriate strategy depends upon the circumstance. Should be avoided altogether (eliminating the risk: ex. Minimization of risk to an acceptable level through precautions: ex. Making the risk someone else"s problem; shifting responsibility to another party: ex. Choose to live with the risk; sometimes it is best to simply accept the risk: ex.
