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Insurance Definition: RISK MANAGEMENT

By Compuquotes Team on March 27th, 2008

RISK MANAGEMENT:

Definition:

  • Management of the varied risks to which a business firm or association might be subject. It includes analyzing all exposures to gauge the likelihood of loss and choosing options to better manage or minimize loss. These options typically include reducing and eliminating the risk with safety measures, buying insurance, and self-insurance.

Information provided by Insurance Information Institute

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