The word Tukki means Big bird.
<u>Answer:
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The practice of reducing the insurance premium in order to make the coverage more affordable is known as 'loss control'.
<u>Explanation:
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- In some cases, an insurance cannot be claimed as it is modified and agreed on certain terms and conditions. In such cases, the one who holds the policy has to possibly face a loss.
- In order to reduce such loss that may possibly occur from the policy, the policyholders choose to do loss control by choosing to reduce the benefit, which in turn decreases the amount of premium to be paid.
To maximize the outcome as well to minimize the production cost
