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5 Cards in this Set

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  • Back
Loss Control
Risk Management technique to reduce the frequency or severity of losses.
Avoidance
Risk management technique by which an individual or a family avoids a loss exposure by choosing not to own a particular item of property or not to engage in a particular acitivity.
Noninsurance Transfer
A risk management technique that transfers loss exposures from one party to another party that is not an insurer.
Retention
A risk management technique that draws on the financial resources of an individual or a family to pay for part or all of the consequences of a particular loss exposure. Its when NI opts to pay for losses out of pocket.
Package Policy
Policy that includes two or more lines of ins. In personal ins. such as property liability, examples of package policies are the H.O policy and the personal auto policy.