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If the frequency of loss is low and the severity is high, generally the most appropriate risk management tool to use is: (a) risk transfer or insurance (b) risk reduction (c) risk assumption (d) risk avoidance (e) loss prevention and control. Worldwide these companies write policies that deal with specific risks, and in many cases, even underwrite exotic risks. We are providing 14 insurance solved question papers including the last year question papers with solutions. We look at the eight-step process recommended in the study for beginning the AI journey. Multiple choice Questions on Insurance and Risk Management. Examination Guide ... To explore the principles of risk management and the role of insurance within these principles. Question papers. Multiple choice Questions on Insurance and Risk Management. 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