1. Pure Risk situations are those where there is a possibility of loss or no loss. There is no gain to the individual or the organization. WHERE AS Speculative Risks are those where there is a possibility of gain as well as loss. The element of gain is inherent or structured in such a situation.
2. Pure risks are generally insurable while the speculative ones are not.
3. The conceptual framework of the risk pooling can be applied to the pure risks, while in most of the cases of speculative risks where it is not possible. However, there may be some situation where the law of mathematical
expectation might be useful.
4. Speculative risk carry some inherent advantages ti the economy or the society at large while pure risks like uninsured catastrophes may be highly damaging.
5. In pure risk, for example - a car meet with an accident or it may not meet with an accident. If the insurance policy is bought for the purpose, then if accident does not occur, there is no gain to the insured. Contrarily, if the accident occurs, the insurance company will indemnify the loss. In speculative risk, for example - if you invest in the stock market, you may either gain or lose on stocks.
Answer: Risk Management and Risk Control Risk Control is a somewhat obscure term, particularly in comparison to the much more familiar term Risk Management. Google returns fewer than nine hundred thousand hits for RC, whereas it returns almost ten million for RM.RC seems to be a term mainly associated with reducing hazards in the workplace. RM is a term used in all sorts of business contexts, particularly in engineering forms and manufacturing companies, and is an activity that deals primarily with identifying, assessing, and mitigating potential problems that, should they occur, would have a negative impact on a project or program.
Answer: A perceived risk is a risk in which one thinks of that might happen before commiting an action involving that risk. An actual risk is a risk that has a better likelihood of happening. For example, getting a splinter is a perceived risk while walking barefoot. However, an actual risk is a car crash.
Answer: This is a method of surgery, also sometimes used as a diagnostic technique, where a camera and surgical instruments are inserted through a small opening in the skin. See the related link for a more detailed description.
Answer: The technique dates back to 1901, when it was reportedly first used in a gynecologic procedure performed in Russia. In fact, gynecologists were the first to use laparoscopy to diagnose and treat conditions