Loss Prevention And Reduction
Definition of "Loss prevention and reduction"
Risk management control procedure that emphasizes safety management. Its purpose is to reduce the frequency and severity of potential losses. Business firms apply this procedure by posting safety signs, holding safety meetings, and providing cash awards for employees with the best safety records.
Popular Insurance Terms
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Number of bits a modem can receive or send per second. ...
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Relationship of the frequency of deaths of individual members of a group to the entire group membership over a particular time period. ...
Person who commits a tort, a type of wrongful act, that causes injury or damage. ...
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Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...
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