Insurance is a risk-sharing measures of a person or a few people of both communities who have the ability to run the risk of the same kind, by each person in the community to contribute a certain amount into a common fund and from the general fund that offset damage to members of the community do suffer damage caused by such risks.
risk management is the process of approaching risks scientifically and systematically in order to identify, control control, prevent and mitigate the damage, loss, the adverse effects of risks.
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