loss (noun, loss, \ lɒːs \) control (noun, con-trol, \ kənˈtroʊl \)
Definition: is a multi-aspect approach that is aimed at decreasing the frequency and degree of losses suffered by a business by using human resources, technological and engineering advancements, and risk management practices. Loss control deals with the identification of risk sources and the development and implementation of actions required to reduce those risks for the benefit of insurance companies and the organization’s policyholders. An example of an implemented loss control mechanism is the installation of fire-preventing sprinklers in a factory or office building.
In a Sentence:
- Thanks to our loss control system, we’ve managed to substantially decrease the risks of being required to pay out insurance claims to our workers.
- Even though Frank’s firm has strict insurance policies, it still dedicates a lot of resources to loss control to protect its employees.
- The Secure Providence insurance company required its client firms to undertake a series of specific actions regarding loss control before it offered them its services.
Synonyms and related words: loss of market, loss ratio, capacity control, statistical control, stock control