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What is a residual trust?
A residual trust is known as the A-B trust. It its set up to handle someones estate and allow for part of it to be used for the spouse.
What is personal risk?
Risk that is personal.
What is another term for market risk?
another term for market risk is non-diversifiable risk.
What does business risk mean?
business risk is when you take a risk when you dont know whether its right or wrong.
What are non standard risk?
A Non Standard risk is one that may not fall into a standard risk classification or it can be a risk that does not meet the qualifying criteria of a standard insurance program.
What is the Risk remaining after controls have been identified and selected?
It is residual risk
Why report residual risk?
Residual risk is the risk remaining when you have implemented all the preventive actions you intend to. If residual risk is not reported then management cannot know how much risk is being accepted.
What does residual risk mean in the CRM process?
A residual risk is the remains of a risk on which a response has been performed. As part of CRM, you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk response.
Residual risk is determined when?
Residual risk is determined after you reassess the hazards as if the controls were in place.
What does the term residual risk means CRM?
A residual What_does_residual_risk_mean_in_the_CRM_processis the remains of a risk on which a response has been performed.As part of CRM you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk responseRead more: What_does_residual_risk_mean_in_the_CRM_process
What does the term residual risk mean in CRM?
A residual What_does_residual_risk_mean_in_the_CRM_processis the remains of a risk on which a response has been performed.As part of CRM you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk responseRead more: What_does_residual_risk_mean_in_the_CRM_process
What does the term residual mean in CRM?
A residual What_does_residual_risk_mean_in_the_CRM_processis the remains of a risk on which a response has been performed.As part of CRM you are managing some risk, for which you will have some risk response or strategy. A residual risk is the reminder of the risk that remains after you have implemented a risk responseRead more: What_does_residual_risk_mean_in_the_CRM_process
What is the term residual risk mean?
In simple terms - 'residual risk' is the tiny possibility of something going wrong with whatever you're doing. For example, fell-walking is perfectly safe, however - there is a residual risk of you tripping or falling.
Residual risks is determined?
Residual risk is determined after you reassess the hazards as if the controls were in place.
What does the term risk risidual means?
The residual risk is the risk or danger of an action or an event
What is an example of residual risk?
It is the risk that remains after others have been eliminated.
How do you determine overall risk for an activity?
It is equal to the risk level of the hazard with the greatest residual risk
