Risk Management and Insurance Management Are Synonymous

question 26

True/False

Risk management and insurance management are synonymous.

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Definitions:

Limitation of Damages

A legal principle that restricts the amount of compensation an injured party can receive.

Lessee

A lessee is a person or entity who rents land, a building, or an apartment under a lease agreement.

Unconscionable

Refers to a contract or deal that is so unjust or overwhelmingly one-sided in favor of one party that it is deemed unfair or unethical.

Breach of Contract

Failure by one or more parties to fulfill the terms and conditions of a contract, which could lead to legal action for enforcement or damages.