Doesn't Market Value Risk and Income Risk

sounds very similar to price risk and reinvestment risk? Can someone confirm?

You must be on that swap material. I would agree that market risk is very similar to price risk. However, I feel that income risk is different from reinvestment risk. Income risk is more talking about the stable and consisitant income stream from a fix instrument (maybe a fixed bond, or receive fix swap). For an entity that has a fix liability, receiving fix income (payment) to service the fix liability is essential. I would think income risk is more about the variability about the income stream (independent of the interest enviornment). With reinvestment risk, it has more to do with the reinvestment rate of the income received (dependent of the external interest environment), making sure the asset can generate enough cashflow to match with the liablity when is comes due. (in context of immunization material). Hope this helps a little.

Have not hit Swaps Material yet, just starting SS 8. It is in page 13 Schweser Book 3, but your explanation helps. Thank you.

I agree with WS. It seems like there is a lot of material covering ALM and Pensions.