List and Briefly Explain the Principles of Risk Classification

question 29

Essay

List and briefly explain the principles of risk classification.

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Definitions:

Agent

A person or entity authorized to act on behalf of another, typically in business or legal matters, and make decisions or take action.

Reimburse

To pay back or compensate for money spent or losses incurred.

Cooperate

The act of working together willingly toward a common goal or purpose, especially in a business or legal context.

Compensate

To provide something, typically money, in recognition of loss, suffering, or injury incurred; recompensation.