The measures to reduce chances of occurrence of risk are known as _________.

A. Risk retention

B. Loss prevention

C. Risk transfer

D. Risk avoidance

Answer: Option B

Solution(By Examveda Team)

The measures to reduce chances of occurrence of risk are known as Loss prevention. The risk removed through risk pooling is known as insurance. Loss prevention measures trim down the chance of incidence of risk. The Insurance provides peace of brains and helps the person to plan his or her business efficiently.