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Identifying risk. Some loss is inevitable, and there is a cost to risk even if a loss does not occur. (Photo: Shutterstock)

Last month we discussed the principles of risk management and why it is important for adjusters and adjusting firms or departments to establish systems of risk control and financing. Some loss is inevitable; risk has cost even when no actual loss occurs. We spend money on various ways to prevent or pay for loss, and despite that expenditure, no loss may occur. However, unanticipated loss could far exceed what we might have anticipated.

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