Question

What is Mitigation. Define it briefly, with examples​

Answer 1

Hi baby

Definition: Mitigation means reducing risk of loss from the occurrence of any undesirable event. This is an important element for any insurance business so as to avoid unnecessary losses.

Description: In general, mitigation means to minimize degree of any loss or harm. In insurance contracts, various clauses and conditions are specified so as to ensure minimum losses to the insurer. The actuaries are entrusted with the responsibility of underwriting the insurance policy. They employ a variety of quantitative techniques in order to assess the risk associated with the insured and decide the appropriate premiums commensurate with the risk. The primary objective of the exercise is to mitigate the risk ingrained with the insured.

Also See: Life Assured, Non-Standard Life, Premium, Premium Paying Term, Adverse Selection, Subrogation, Paid-Up Policy

Brainiest answer please.

Answer 2

Definition:

Mitigation means reducing risk of loss from the occurrence of any undesirable event. This is an important element for any insurance business so as to avoid unnecessary losses.

Description:

In general, mitigation means to minimize degree of any loss or harm. In insurance contracts, various clauses and conditions are specified so as to ensure minimum losses to the insurer. The actuaries are entrusted with the responsibility of underwriting the insurance policy. They employ a variety of quantitative techniques in order to assess the risk associated with the insured and decide the appropriate premiums commensurate with the risk. The primary objective of the exercise is to mitigate the risk ingrained with the insured.

For example,

to protect against sea level rise and increased flooding, communities might build seawalls or relocate buildings to higher ground. Mitigation involves attempts to slow the process of global climate change, usually by lowering the level of greenhouse gases in the atmosphere.