(1) Property Losses - The direct loss that will require replacement or repair and indirect loss that will require additional expenses because of losing...
(3) Personal Losses - Losing earning power as a result of death, disability, sickness or unemployment and the extra expenses incurred because of injury or illness...
Risk management in financial p lanning will be the systematic way of the invention and management of risk. The goal is to minimize worry by working with the possible losses before they happen. - invest