What are the similarities between insurance and risk management

Answers:2   |   LastUpdateAt:2012-08-07 13:25:45  

Question
Nelly
Asked at 2011-12-12 12:33:20
What are the similarities between insurance and risk management
Answer1DaRk Dai Lo Answered at 2011-12-12 18:23:59
" Risk management " can be considered as the general theme. Risk management can be achieved by avoidance of risk, measures to reduce or mitigate risk, or risk transfer. Insurance is the basic form of risk transfer because the financial impact of an adverse event (risk ) is transferred to a third party ( the insurer) on payment of a premium.
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