Which tools are used by most individuals for handling the loss exposure of physical damage to their vehicles caused by collisions?
I. Avoidance
II. Control
III. Retention
IV. Insurance
A) II and IV only
B) I, II, and III only
C) II, III and IV only
D) I, II, III, and IV

Question

Which tools are used by most individuals for handling the loss exposure of physical damage to their vehicles caused by collisions? 
I. Avoidance
II. Control
III. Retention
IV. Insurance
A) II and IV only
B) I, II, and III only
C) II, III and IV only
D) I, II, III, and IV

Quizplus · Accepted Answer

Insurance is commonly used to transfer the financial risk of vehicle damage to an insurance company, while control measures (like safe driving practices) are used to minimize the risk of accidents. Retention might apply in cases where individuals choose to self-insure or absorb the cost of minor damages.

Which Tools Are Used by Most Individuals for Handling the Loss