4. Describe the major categories of potential loss exposures that a risk manager should consider and identify. 5. a. Explain the meaning of risk control. b. Explain the following risk-control techniques. 1. Avoidance 2. Loss prevention 3. Loss reduction 4. Duplication 5. Separation 6. Diversification 6. a. Explain the meaning of risk financing. b. Explain the following risk-financing techniques. 1. Retention 2. Noninsurance transfers 3. Insurance 7. Explain the advantages and disadvantages of retention as a risk-financing technique. 8. a. What are the reasons for creating a captive insurer? b. What is the difference between a single parent captive and a group captive? 9. a. What is self-insurance? b. What is a risk retention group? 10. Use a risk management matrix to illustrate how to choose risk management techniques depending on loss exposures.