Module 1-E - Risk Management Flashcards
1
Q
Risk Avoidance
A
Eliminates risk
2
Q
Risk Management
A
Measures taken by an insurance company to ensure that their exposure is not too high
and to control the effect of a loss
3
Q
Risk Reduction
A
Reduces or mitigates risk
4
Q
Risk Retention
A
Assumes or accepts risk
5
Q
Risk Transferrence
A
Paying someone else to take the risk
