1. The decision not to buy flood insurance for a property that resides outside a

Question

1.

The decision not to buy flood insurance for a property that resides outside an established flood zone is known as __________.

loss control

2.

Buying an alarm system as an option on your new car is an example of ____________.

risk retention

3.

The financial product used for transferring and reducing risk by having a large number of people share in the financial losses suffered by members of the group is called __________.

4.

____________ is insurance against the risk of incurring medical expenses.

Health insurance

5.

Preventive health care and catching medical problems early is encouraged by __________.

Explanation / Answer

1) risk retention

reason: the risk remains with the person

2)loss control

reason: the loss is limited

3)insurance

reason: the risk is shared

4)Health Insurance

5) Health maintenance organisations (HMOs)

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