Match the term with its definition.
-Any property other than real property, including machinery, equipment, inventory, and vehicles
A)personal property
B)proximate cause
C)real property
D)risk control
E)risk financing
F)risk management
G)risk retention
H)risk transfer
I)self-insurance
J)torts

Question

Quizplus · Accepted Answer

Personal property refers to any property that is movable and not classified as real property. This includes machinery, equipment, inventory, and vehicles.

Answer: C 
 Real property refers to land and any permanent structures built on it, as well as the natural resources on or underneath it.

Answer: J 
 Torts refer to civil wrongs, such as negligence, committed against another person or their property that result in harm or injury.

Answer: B 
 Proximate cause refers to the primary cause of an event or injury, which may have multiple contributing factors.

Answer: F 
 Risk management refers to the process of identifying, assessing, and controlling risks in order to minimize the negative consequences of potential events.

Answer: G 
 Risk retention refers to a risk management strategy where an organization or individual chooses to accept and bear the financial consequences of a risk rather than transferring or sharing it with another party.

Answer: H 
 Risk transfer refers to a risk management strategy where an organization or individual transfers the financial consequences of a risk to another party, such as an insurance company.

Answer: E 
 Risk financing refers to the process of using financial tools, such as insurance or self-insurance, to pay for potential losses from identified risks.

Answer: I 
 Self-insurance refers to a risk financing strategy where an organization or individual chooses to pay for potential losses from identified risks out of their own resources rather than purchasing insurance coverage.

Answer: D 
 Risk control refers to the actions and policies implemented to reduce the likelihood and severity of potential risks.

Match the Term with Its Definition