Handling Risk 2020

Lesson Progress:

Since everyone has risk, the need to handle risk is universal. In various time and places, people have developed a variety of methods for meeting this need. You can remember these methods with the acronym, STARR:

  • Sharing — Giving and receiving help within your community
  • Transfer — Getting insurance
  • Avoidance — Refraining from doing an activity or doing something that may come with a risk
  • Reduction — Taking care to lessen the likelihood of incurring a loss
  • Retention — Keeping the consequences of incurring a loss upon yourself

The next slides will explain each one in more detail.