Loss Prevention and Control

question 2

Multiple Choice

Loss prevention and control:

• A) eliminate risk
• B) are an alternative to self insurance
• C) reduce the probability and severity of loss
• D) directly minimize the probability of a natural disaster occurring

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Definitions:

MPG

Stands for Miles Per Gallon, a measure to estimate the distance a vehicle can travel per gallon of fuel.

Pooled Estimator

A statistical method used to estimate the mean of two or more groups by assuming that they have the same variance.

Weighted Average

An average where each data point contributes to the final average in proportion to its importance or frequency.

Pooled Sample Variance

An estimate of the variance of two or more populations under the assumption that they have the same variance, calculated by pooling the variances of these samples.