Risk reduction and control - taking steps to lower the chance of occurrence of a loss and/or to reduce severity of its impact if such loss should occur.,0
1546,ic38gen,The measures to reduce chance of occurrence are known as Loss Prevention
Risk reduction involves Education and training, Making Environmental changes, spreading out various items of property into varied locations etc
Risk financing refers to the provision of funds to meet losses that may occur
Risk retention through self-financing involves self-payment for any losses as they occur. this is known as self-insurance
Risk transfer involves transferring the responsibility for losses to another party say an INSURER.
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