The common form of risk mitigation where a company pays an insurance premium to another party to take on a specific risk is best described as:

Name: The common form of risk mitigation where a company pays an insurance premium to another party to take on a specific risk is best described as:
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Insurance is the process where a company pays a premium to another party (the insurer) to take on specific risks, providing financial protection or reimbursement against losses.

The Common Form of Risk Mitigation Where a Company Pays