Which of the following best describes 'Assumption of Risk'?

'Assumption of Risk' refers to the legal doctrine where an individual acknowledges and accepts the inherent risks associated with a particular activity or action. This concept is often applied in situations where someone voluntarily engages in activities that may carry potential dangers, such as sports, recreational activities, or other circumstances where risks are known and accepted.

When a person voluntarily agrees to participate in an activity that has an associated level of risk, they are essentially waiving their right to seek compensation for injuries or damages that may occur as a result of that activity. This principle is based on the understanding that individuals should take personal responsibility for the decisions they make and the risks they choose to take.

The other options address different concepts related to risk management. Taking preventative measures, transferring risk to an insurance company, and reducing risk through safety protocols do not align with the core idea of 'Assumption of Risk', which specifically involves the acceptance of the risks that come with a particular action.