What term refers to actions taken to minimize the chance of loss?

The correct term that refers to actions taken to minimize the chance of loss is "loss control." This concept encompasses a variety of strategies and measures implemented to reduce the frequency and severity of potential losses. Loss control can include preventative measures such as safety training, installing security systems, and conducting regular risk assessments.

By actively engaging in loss control, individuals and businesses can effectively lower their risk exposure and ultimately decrease the likelihood of filing insurance claims. This proactive approach not only helps protect assets but can also lead to lower insurance premiums over time, as insurers recognize the reduced risk associated with effective loss control practices.

The other options do not accurately represent the idea of minimizing loss. Firewalls pertain to cybersecurity and protecting data systems, claim prevention is more about reducing the claims process rather than the risks that lead to claims, and insurance evaluation generally refers to the assessment of coverage needs or the performance of an insurance policy rather than strategies to prevent loss.