Loss Control

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.

See Also: Losses Incurred (Pure Losses); Loss Reserve; Loss Ratio; Losses and Loss-Adjustment Expenses; Loss and Loss; Loss Adjustment Expenses; Loss;

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