NASCLA Chapter 4 Exam Questions 2024.

NASCLA Chapter 4 Exam Questions 2024. Risk management - correct answer Involves assessing all areas of your business from operations to administrative functions. Benefits of good risk management lowers business and liability insurance, reduces risk of being sued, improves chances of prevailing in a lawsuit. Ways to reduce risk - correct answer Provisions added to contracts, safety programs or operating procedures, insurance coverage and bonding. Insurance - correct answer A protective measure in which coverage is obtained for a specific risk (or set of risks)through a contract. One person indemnifies another against specified loss in return for premiums paid. Indemnity - correct answer A way to transfer risk and exemption from loss incurred by any course of action. (Insurance payout)