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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Major Personal Risks and Commercial Risks

The preceding discussion shows several ways of classifying risk. However, in this text, we emphasize primarily the identification and treatment of pure risk. Certain pure risks are associated with great economic insecurity for both individuals and families, as well as for commercial business firms. This section discusses (1) important personal risks that affect individuals and families and (2) major commercial risks that affect business firms.

Personal Risks

Personal risks are risks that directly affect an individual or family. They involve the possibility of the loss or reduction of earned income, extra expenses, and the depletion of financial assets. Major personal risks that can cause great economic ...

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