AVOIDANCE of risk may be accomplished by removing a hazard, engaging in an alternative activity, or otherwise ending a specific exposure.
REDUCTION of risk reduces the probability or severity of a possible loss.
RETENTION of risk occurs when the client or prospect assumes a risk without purchasing insurance, or through the use of deductibles.
TRANSFER of risk is an option that includes, but is not limited to, insurance.
SHARING of risks is actually a variation of the retention concept.