MGM101H5 Midterm: Test 1 Notes
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MGM101H5 Full Course Notes
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Document Summary
Risk refers to the chance of loss, the probability of loss, and the amount of possible loss. Speculative risk- a chance of either profit or loss. Uninsurable risk is a risk that no insurance company will cover such as market risks and personal risks. Insurable risk is a risk that a typical insurance company will cover. Insurance policy- is a contract between the insurer and the insurance company. A stock insurance company is owned by stockholders and a mutual insurance company is owned by its policyholders: discuss the various types of insurance. Workers compensation insurance guarantees payments of wages, medical care, and rehabilitation services for employees injured on the job. Businesses are doing what they can to minimize the damages done to the environment, but these are more of the concerns of the government to regulate. Money is anything that people accept as a form of payment for goods or services. Characteristics that make money useful would include: (pudds)
