________ is a social device for eliminating or reducing the loss of society from certain risk.

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 are true? A. Loss prevention and loss reduction mean different things. B. Risk maybe transferred by contract.
• Insurance covers the risk of the most certain event -
• 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.
• Risk management can be defined as the art and science of _________ risk factors throughout the life cycle of a project.
• The cause of loss or a contigency that may cause a loss is known as--------------
• ________ means to make good the actual loss and nothing more than the actual loss.
• Under ________ insurance, loss of profit policy is called as consequential loss policy
• Fire insurance is a device to compensate the insured for the loss caused by _______
• The term risk may be defined as: