Which of the following is NOT one of the five major ways of handling risk?

Risk mitigation is indeed not one of the five primary methods of managing risk. The recognized strategies include avoidance, loss control, transfer (often through insurance), reduction, and acceptance. Each of these strategies plays a specific role in addressing potential risks.

Avoidance involves eliminating the risk entirely by choosing not to engage in the risky activity. Loss control focuses on reducing the frequency and severity of losses through safety measures or effective planning. Insurance is a common method of transferring risk from an individual or business to an insurance company, which provides financial protection in the event of a loss.

While “risk mitigation” may sound relevant and can be interpreted as synonymous with some of these strategies, it doesn't represent an officially recognized method in the same way the others do. Instead, it’s more of a general concept that encompasses various practices aimed at lessening risks rather than being classified as a standalone strategy.