MKT 100 Study Guide - Constitution Act, 1982, National Energy Board, Liability Insurance

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Joanne Mc Neish

Document Summary

Risk management = the process of identifying, evaluating and responding to the possibility of harmful events which could lead to legal liability. Risk avoidance = avoiding the rick all together on account of its serious nature: removing a dangerous product from the market, ex. Risk reduction = reducing ricks to an acceptable level thru the use of precautions: modifying a dangerous product to reduce the likelihood of damages, ex. Reduce risk grant mortgage over a factory (can get the factory if they don"t pay back) Risk shifting = enabling a 3rd party to assume risk. Insurance = works by spreading the cost of liability over the entire group. Insurance will cover the costs: exclusion and limitation clauses. Contractual terms that exclude liability for certain types of acts/losses, or that limit the amount of compensation available. Works hurts someone w/ equipment company liable but if independent. Contractor hurts someone w/ equipment company not liable.