Examlex
Which of the following describes the activity of a firm that assigns specific functions, such as accounting or legal work, to other organizations rather than performing these functions themselves?
Policy
In insurance law, a contract for insurance coverage. The policy spells out the precise terms and conditions as to what will and will not be covered under the contract.
Potential Loss
The possibility of experiencing a negative outcome, often calculated in terms of financial impact.
Risk
A prediction concerning potential loss based on known and unknown factors.
Hazard
A potential source of harm or adverse health effect on a person or persons.
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