Risk Management Is an Organized Strategy for Protecting Assets and People

question 26

Multiple Choice

Risk management is an organized strategy for protecting assets and people and is considered a ________.

• A)one month process
• B)short-range process
• C)medium-range process
• D)long-range process
• E)non-planning process

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Definitions:

Default

Failure to make payments on a loan.

Loan Payments

Periodic payments made towards the balance and interest of a loan, following a predefined schedule until the loan is fully repaid.

Chapter 7

A provision under U.S. bankruptcy law for liquidating a debtor's assets to pay off creditors.

Unperfected Security Interests

A claim or lien on a debtor's property that has not met the legal requirements for enforceability against other creditors or in bankruptcy.