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What are the similarities between insurance and risk management?

In: Insurance, Risk Management, Similarities Between [Edit categories]

Answer:

"Risk management" might be considered to be the umbrella topic. Managing risk can be accomplished by risk avoidance, taking measures to reduce or ameliorate risk, or risk transfer. Insurance is the fundamental form of risk transfer because the financial impact of an untoward event (the risk) is transferred to a third party (the insurer) in return for the payment of a premium.

First answer by ID0701278211. Last edit by Anacanapanastan. Contributor trust: 200 [recommend contributor ]. Question popularity: 7 [recommend question].

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