Strategies for Reducing Loss Probability

C

The correct answer to the question is B. Loss Control.

Loss control refers to activities or measures that are taken to reduce the probability that a loss will occur. These measures can be implemented in a variety of ways and can be applied to various types of risk.

Risk avoidance, on the other hand, refers to a strategy of completely avoiding a particular risk by not engaging in the activity that poses the risk. This is not the same as loss control, as it does not involve any measures or activities to reduce the probability of loss.

Loss prevention refers to measures taken after a loss has occurred to minimize the damage caused by the loss. This is also different from loss control, which involves activities taken before a loss occurs to prevent or reduce the likelihood of the loss.

Insurance policies, while they can help to mitigate the financial impact of a loss, do not necessarily reduce the probability that a loss will occur. They are a form of risk transfer, where the financial burden of a loss is shifted from the insured to the insurer.

In summary, loss control is the activity that reduces the probability that a loss will occur, making it the correct answer to the question.