______is the planning that is undertaken to reduce the risk of loss from known and unknown events. In the context of insurance, it involves transferring certain risks from the insured to the insurance company.

A) Allocation of risk
B) Risk classification
C) Risk management
D) Pooling of risk

Risk Management

Planning that is undertaken to reduce the risk of loss from known and unknown events. In the context of insurance, risk management involves transferring certain risks from the insured to the insurance company.

Loss

The state of being deprived of or of being without something that one has had or expected to have.

Risk of Loss

The legal responsibility for the damage, destruction, or loss of property, which can transfer from seller to buyer according to the terms of a contract.