Engaging in risk profile to weigh various insurance option is part of: Risk Management and reduction of risk. It is put in place in order to Control Risk.
What is Risk Management?
Risk management is the process of identifying, accessing, evaluating and controlling potential threats to an individual, organization, property or a group of people.
Risk management must be taken in order to identify and control risk. In everyday day to day activity, there are potential threats or harms and these threats must be identified and controlled so as not to lose properties or lives.
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