B. Loss potential should be sufficiently large C. Interest on the subject matter of the insurance D. Loss cannot be managed 14. Risk management is concerned with A. Planning B. Arranging and controlling of activities C. Managing of funds D. Planning, arranging and controlling of activities 15. One of the following is not correct about Lloyd's association: A. One of the largest and most influential marine insurance markets B. Lloyd's Established in 1688 at Edward Lloyd's coffeehouse in London C. Lloyd's is an insurance company D. Llovd's nrovidec the fanilition forms

Did you know that Lloyd's of London traces its origins all the way back to a coffeehouse? Founded in 1688 by Edward Lloyd, this bustling hub became the go-to place for sailors and merchants to gather, share sea stories, and discuss insurance risks. It eventually grew into the iconic insurance market we know today, specializing in complex risk management and marine insurance, where underwriters come together to cover almost anything—except maybe a bad cup of coffee! In practice, risk management is like a superhero cape for businesses! It's all about understanding potential dangers and planning ahead, so companies can navigate the stormy seas of uncertainty without capsizing. By identifying, assessing, and prioritizing risks, businesses can make informed decisions, allocate resources wisely, and protect themselves against financial losses. So, whether it’s your favorite tech startup or a beloved local bakery, risk management ensures they’re ready for whatever comes their way!