Which of the statements are true? A. Loss prevention and loss reduction mean different things. B. Risk maybe transferred by contract.

Related MCQs

• Which of the statement are true? A. Risk retention and risk transfer are some of the techniques to manage risks. B. Implementation is one of the steps in risk management
• Which of the statements is correct? A. One of the methods of risk retention is by way of voluntary excess or deductible available under the policy. B. Another method of retention of risk is to absorb small losses as normal operating expenses of business.
• Insurable interest must be present in an ________ insurance contract at the time of contract and at the time of loss.
• Risk management can be defined as the art and science of _________ risk factors throughout the life cycle of a project.
• Risk insured against death is a contract of _______-
• Fire insurance contract is a contract of
• Which of the statements is correct? A. The simplest way to deal with a risk is to avoid it. B. This technique is always possible and practical.
• Which of the statements is correct? A. Insurance is a transfer of risk mechanism. B. Insurance gives physical protection to assets.
• Which of the statements is correct? Under a fire policy A. Insurance is a transfer of risk mechanism. B. Insurance gives physical protection to assets.
• ________ is a social device for eliminating or reducing the loss of society from certain risk.