7- From the prospective of society , the most attractive approach to dealing with risks is risk avoidance 8- The concept of "expected value "relates the magnitude of a risk to the frequency of loss and severity of loss that might occur . 9- Loss prevention and reduction efforts are directed toward reducing both frequency and severity 10- Peril is a synonym for hazard 11- The major of difference between a pure risk and a speculative risk is that the former does not involve the possibility of gain while the latter does