MLchartDataset catalogue

Product recall

Term · Insurance and risk management · MLC-T-INS-002698

The process of retrieving a defective or unsafe product from the market, either voluntarily by the manufacturer or by order of a regulatory agency. This action is taken to prevent further harm to consumers and to mitigate potential liability. Product recall insurance can cover the costs associated with notifying customers, shipping, storage, disposal, and business interruption.

Table 1. Record
IdentifierMLC-T-INS-002698
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002698",
  "term": "Product recall",
  "field": "Insurance and risk management",
  "definition": "The process of retrieving a defective or unsafe product from the market, either voluntarily by the manufacturer or by order of a regulatory agency. This action is taken to prevent further harm to consumers and to mitigate potential liability. Product recall insurance can cover the costs associated with notifying customers, shipping, storage, disposal, and business interruption.",
  "url": "https://mlchart.com/terminology/insurance/product-recall/"
}

Record 2,720 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.