"Insurance does not remove risk, but it compensates for the loss resulting from the risk” Justify this statement.
Answers
Answer:
What Is Insurance Loss Control?
The term insurance loss control is a set of risk management practices designed to reduce the likelihood of a claim being made against an insurance policy. Loss control involves identifying the sources of risk and is accompanied by either voluntary or required actions that a client or policyholder should undertake to reduce risk.
Explanation:
Insurance loss control is a set of risk management practices designed to reduce the likelihood of claims being made against an insurance policy.
Loss control involves identifying risks and is accompanied by voluntary or required actions a policyholder should undertake to reduce risk.
Policyholders may benefit from loss control programs through reduced premiums, while insurers can cut down their costs in the form of claim payouts.
Answer:
risk is the source of their income
Explanation:
they earn from risks that exist in the enviroment.