TRUE FALSE QUESTIONS 1- R13 retention deserves serious consideration when the maximum loss potential is small The most important consideration in determining how to deal with a given risk is the potential severity of the loss and one's ability to bear it Insurance should be considered as a last resort in risk management ,and should be used only When both the potential severity and the probability of loss are high .the most appropriate techniques for dealing with the exposures are avoidance and reduction According to the risk management philosophy. the cause of a loss is more important than its effect In general ,The risk manager of organization should be someone outside the firm The choice of a particular technique to be used in dealing with a given risk should be based on the probability and potential severity of the loss 8- The probability that a loss may or may not occur is the most important factor in deciding what should be done about a risk 9- In the last analysis for risk manager, there are only 2 approaches to dealing with risk : retention and transfer. 10- Risk management and insurance management are synonymous terms