_____ refers to using various methods to reduce the possibility of a loss occurring.

Question

Quizplus · Accepted Answer

Risk prevention refers to taking measures to reduce the likelihood of a loss occurring. This can include implementing safety protocols, conducting regular maintenance checks, and using protective equipment. Risk avoidance involves completely avoiding a particular activity or situation that poses a risk, risk transfer involves transferring the risk to another party (such as an insurance company), and risk assumption involves accepting the risk and being prepared to bear the consequences if a loss occurs.

_____ Refers to Using Various Methods to Reduce the Possibility