Final answer:
Risk management is a term closely associated with the insurance industry. The statement is true.
Step-by-step explanation:
Risk management is a term closely associated with the insurance industry. The statement is true. Risk management is the process of identifying, assessing, and prioritizing risks and taking steps to minimize or mitigate them. The insurance industry plays a key role in risk management by providing coverage against various risks that individuals and businesses may face. For example, insurance policies cover risks such as illness, accidents, property damage, and liability.