‘the cost or burden of risk’. As you may remember, this concept is multidimensional in nature. In other words, if we were to ask a firm to place a value on the cost of risk or uncertainty related to a particular risk, it would involve a consideration of several different items or factors (particularly three). Identify and briefly discuss one element for each factor of the cost of risk for any of the various parties involved. Carefully explain why each statement you chose represents part of the cost of risk.
- Refer to the article “In Wake of Recent Concert Tragedy, Insurers Increasingly Aware of Outdoor Concert Risks Insurance Aspects of Indiana Collapse”