BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following helps determine which risks to insure and what the right strategy for dealing with risks is?
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Liability
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Risk analysis
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Risk reduction
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Speculative risk
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Explanation:
Detailed explanation-1: -Risk transfer refers to a risk management technique in which risk is transferred to a third party. In other words, risk transfer involves one party assuming the liabilities of another party. Purchasing insurance is a common example of transferring risk from an individual or entity to an insurance company.
Detailed explanation-2: -The basic methods for risk management-avoidance, retention, sharing, transferring, and loss prevention and reduction-can apply to all facets of an individual’s life and can pay off in the long run.
There is 1 question to complete.