Archive for March, 2005
Risk – Speculative Risks
Risks that involve both the chance of loss and of gain. For example, gambling.
Risk – Pure Risks
Pure Risks are risks that only involve the chance of loss. There is nevery any possibility of gain or profit. For example, injury from an accident.
Hazards – Moral Hazards
The tendencies of people that increase risk and the chance of loss. For example, alcoholism.
Hazard – Physical Hazards
Physical conditions that can increase the chance of Peril. For example, blindness.
Loss – Financial Loss
The loss of money, whether through a death and losing future income or through disability or hospitalization and all of the financial deprivations that typically come with it.