What describes the elimination of a hazard?

The elimination of a hazard is effectively described by risk avoidance. This concept entails taking steps to remove a specific risk or hazard entirely, thereby preventing any chance of loss associated with that particular risk. For instance, if a business identifies a potential safety hazard within its operations, it may choose to modify its processes or install safety equipment to eliminate that risk altogether.

In contrast, risk retention involves accepting the risk and its potential consequences without taking significant measures to avoid it. Risk transference refers to shifting the financial burden of loss to another party, commonly seen in insurance agreements. Risk pooling means combining resources from multiple parties to distribute potential losses, but it does not eliminate the hazard itself. Each of these alternatives addresses risk in different ways, making risk avoidance the most accurate descriptor for the complete elimination of a hazard.