______is the planning that is undertaken to reduce the risk of loss from known and unknown events. In the context of insurance, it involves transferring certain risks from the insured to the insurance company.

Question

Quizplus · Accepted Answer

Risk management is the process of 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. In the context of insurance, it often involves transferring certain risks from the insured to the insurer, making it the correct choice.

______Is the Planning That Is Undertaken to Reduce the Risk