Risk reduction strategies and transferring risk to insurance companies is called:

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Risk reduction strategies and transferring risk to insurance companies is called risk management. It involves identifying, assessing, and controlling risks to minimize the impact of potential losses. Insurance is a key component of risk management as it allows individuals and businesses to transfer some of the financial risks associated with certain events to an insurance company. This can help protect assets and provide peace of mind.

Risk Reduction Strategies and Transferring Risk to Insurance Companies Is