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Risk retention involves... Select one: a. assuming the cost of an uninsurable risk b. the possibility of loss or gain C. self-insuring in the event of incurring uninsurable risk d. stopping the activity that involves risk of loss e. buying insurance

Risk retention involves... Select one: a. assuming the cost of an uninsurable risk b. the possibility of loss or gain C. self-insuring in the event of incurring uninsurable risk d. stopping the activity that involves risk of loss e. buying insurance

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter9: Decision Making Under Uncertainty
Section: Chapter Questions
Problem 75P
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**Understanding Risk Retention** Risk retention involves... **Select one:** - a. assuming the cost of an uninsurable risk - b. the possibility of loss or gain - c. self-insuring in the event of incurring uninsurable risk - d. stopping the activity that involves risk of loss - e. buying insurance In this context, risk retention refers to the practice of a company or individual retaining the financial responsibility for certain risks instead of transferring that risk to an insurance company. It typically involves setting aside funds to cover potential losses. This approach can be part of a broader risk management strategy. We are interested in identifying which option best represents this concept.
Transcribed Image Text:**Understanding Risk Retention** Risk retention involves... **Select one:** - a. assuming the cost of an uninsurable risk - b. the possibility of loss or gain - c. self-insuring in the event of incurring uninsurable risk - d. stopping the activity that involves risk of loss - e. buying insurance In this context, risk retention refers to the practice of a company or individual retaining the financial responsibility for certain risks instead of transferring that risk to an insurance company. It typically involves setting aside funds to cover potential losses. This approach can be part of a broader risk management strategy. We are interested in identifying which option best represents this concept.
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