MLchartDataset catalogue

Loss reduction

Term · Insurance and risk management · MLC-T-INS-002087

Measures taken to decrease the severity of losses once an event has occurred, aiming to minimize the financial impact and extent of damage. This differs from loss prevention, which seeks to avoid the event entirely. Examples include installing sprinkler systems to limit fire damage or having emergency response plans to mitigate the aftermath of an accident.

Table 1. Record
IdentifierMLC-T-INS-002087
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002087",
  "term": "Loss reduction",
  "field": "Insurance and risk management",
  "definition": "Measures taken to decrease the severity of losses once an event has occurred, aiming to minimize the financial impact and extent of damage. This differs from loss prevention, which seeks to avoid the event entirely. Examples include installing sprinkler systems to limit fire damage or having emergency response plans to mitigate the aftermath of an accident.",
  "url": "https://mlchart.com/terminology/insurance/loss-reduction/"
}

Record 2,022 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.