Q 1. Identify the major risks faced by business.2. Briefly explain each of the following risk control techniques for managing risk. a. Avoidance b. Loss prevention c. Loss reduction 3. Briefly explain each of the following risk financing techniques for managing risk a. Retention b. Noninsurance transfer c. Insurance 4. What are the two major differences between insurance and hedging?5. Explain the basic characteristics of social insurance programs.
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