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Meaning / Definition of

Loss Control

Categories: Insurance, Statistics and Risk Management,

All methods taken to reduce the frequency and/or severity of losses including exposure avoidance, loss prevention, loss reduction, segregation of exposure units and noninsurance transfer of risk. A combination of risk control techniques with risk financing techniques forms the nucleus of a risk management program. The use of appropriate insurance, avoidance of risk, loss control, risk retention, self insuring, and other techniques that minimize the risks of a business, individual, or organization.

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Definition / Meaning of

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Categories: Insurance, Personnel Management, Statistics and Risk Management, Business and Management,

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