Financial risk is the chance that one can lose the money invested or to fraud. To manage risk one can buy health insurance, deposit an emergency fund, have a warranty, and should be informed.
Risk management is the identification and prioritization of the risks so that the impact of the financial or health loss can be avoided or minimized. In case of some serious disease health insurance provides financial protection.
The collection of emergency funds will help in sudden need, being informed will help to avoid fraud situations, and getting a warranty card ensures the protection of the purchased product.
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