Types of Risks
types of risks and ways to handle them
What is a risk?
A risk is a possibility of incurring a loss
Different Types of Risk
Economic Risk - A type of risk that results in financial loss
Non-Economic - A type of risk that may result in the embarrassment or inconvenience without financial impact
Pure Risk - A type of risk that is a threat of a loss without an opportunity for gain
Speculative Risk - A type of risk that offers the chance to experience gain or loss
Controllable Risk - A type of risk that occurs when conditions can be controlled to lessen the chance of harm
Uncontrollable Risk - A type of risk that cannot be controlled or reduced by actions
Insurable Risk - A type of risk that meets the criteria of an insurance company for coverage
Uninsurable Risk - A type of risk that the possible amount of loss is simply unpredictable