Risk Management IC-86 Exam Study Notes

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Zero indicates state of intrinsic impossibility and One indicates state of absolute certainty.
The greater the variance from the expected outcome, the greater the risk is.
The American Risk Insurance Management Association defines risk as 'uncertainty or lack of knowledge concerning the outcome of events'.
Risk is something or some event that can cause harm or loss; it is the exposure to events which cannot be predicted with absoulte certainly.
Risk is not always loss causing and some risks may cause both loss and gain.

Important Points for IC 86 - Risk Management Exam