Risk management is the transfer of certain risks from an individual to an insurance company.

Name: Risk management is the transfer of certain risks from an individual to an insurance company.
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Risk management involves identifying, assessing, and prioritizing risks and taking steps to minimize, monitor, or control them. One way to transfer the financial burden of certain risks is by purchasing insurance from an insurance company, which assumes the risk for a fee (premium).

Risk Management Is the Transfer of Certain Risks from an Individual