The Probability of a Loss Occurring Can Be Reduced by

question 51

Multiple Choice

The probability of a loss occurring can be reduced by

• A)risk observance.
• B)loss prevention.
• C)risk assumption.
• D)risk retention.
• E)insurance.

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Definitions:

Quality Check Department

A dedicated section within an organization focused on ensuring products or services meet quality standards through systematic inspection and testing processes.

Solver

A computational tool used in optimization that finds the best solution to a problem by varying different variables within certain constraints.

Monthly Profit

The net income earned by a business or individual during a one-month period, calculated by subtracting total expenses from total revenue.

Inequality

A mathematical or social science statement indicating that two values or conditions are not equal in terms of size, magnitude, or importance.