Sharing: several parties split the loss. A reciprocal insurance exchange, in which members insure one another, is an example.

Transfer: keep doing the activity but shift the financial risk to someone else. Buying insurance is the classic transfer.

Avoidance: simply don't do it. Afraid of a plane crash? Don't fly. Passive, but effective.

Retention: carry the risk yourself. Deductibles, copays and self-insurance are all forms of retention.

Reduction: lower the chance or size of a loss, for example by installing smoke detectors.