Chapter 17 Small Business Protection: Risk Management and Insurance
Equal Employment Opportunity Commission(EEOC) Pg. 558
A commission established to enforce the provisions of the Equal Employment Opportunity Act.
Insurance Pg. 574
A contract between two or more parties in which one party agrees, for a fee, to assume the risk of another.
Co-insurance Pg. 577
A contract stipulation that requires a policyholder to carry insurance in an amount equal to a stated minimum percentage of the market value of the property insured.
Occupational Safety and Health Administration (OHSA) Pg. 558
A government agency created to enforce safety in the workplace.
Civil Rights Act of 1991 Pg. 558
A series of acts by Congress that prohibit discrimination on the basis of race, color, religion, sex or national origin.
Internal Control Pg. 568
A set of rules and procedures that work to limit the opportunity for employee theft or malfeasance.
Separation of duties Pg. 567
A type of internal control that separates the physical control of an asset from the person accounting for that asset.
Age Discrimination in Employment Act Pg. 558
An act of Congress that provides training for workers who are injured on the job.
Rehabilitation Act of 1973 Pg. 558
An act of Congress that provides training for workers who are injured on the job.
Americans with Disabilities Act of 1990 Pg. 558
An act of Congress that requires that businesses make provisions for access by disabled people.
Joint venture Pg. 580
An agreement between two or more entities to pool resources in order to complete a project.
Surety bongs Pg. 578
An agreement with an insurance or bonding company that will pay a specified amount in the event that the entity bonded fails to comply with specified contractual requirements.
Deductible Pg. 576
An amount of loss that will not be paid by an insurance agency.
Fidelity bonds Pg. 578
Bonds, also called dishonesty bonds, that repay employers for losses caused by dishonest or negligent employees.
Coverages Pg. 574
Contractual provisions of insurance policies that specify what risks the insurance company is assuming.
Key Employees Pg. 560
Employees whose experience and skills are critical to the success of a business.
Buyout insurance pg. 580
Insurance that provides money to owners of a business to buy the shares of any deceased owner from that owner's heirs.
Regulation of the Workplace Pg. 557
Laws and governmental rules that limit the freedom of business owners to manage their businesses as they please.
Tax codes Pg. 570
Laws and regulations that specify the requirements of taxation.
Employee Theft Pg. 557
Misappropriation of business property by employees of that business.
Protected Class Pg. 558
States of being that are expressly prohibited from suffering discrimination: race, color, religion, sex, national origin, gender, age or disability.
Insurable Value Pg. 576
The amount of an asset for which a company will write an insurance policy.
Business Risk Pg. 556
The level of productivity that the future economic state of the business will be worse than expected.
