The insured may take several steps as part of a __________ program to minimize the probabilities of a loss or the loss amount should the event occur.

Question

Quizplus · Accepted Answer

The correct term is "risk management," which involves identifying, assessing, and prioritizing risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. Ponzi schemes and racketeering are illegal activities, and "risk loss" is not a recognized term in this context.

The Insured May Take Several Steps as Part of a __________