Examveda
Examveda

Retention of risk may be done conveniently by

A. Large corporations

B. Small companies

C. Single individuals

D. None of the three

Answer: Option A

Solution(By Examveda Team)

Retention of risk may be done conveniently by large corporations. The business would be responsible for all costs and damages that occur as the result of a crisis, accident or other unforeseen incident that results in loss. Retention refers to the assumption of risk of loss or damages.

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Related Questions on Insurance

Pick out the correct statement.

A. Extension of premium paying period is normally allowed as an alteration in a policy

B. Increase in sum assured will be welcomed as a preferred alteration in a policy

C. Splitting of a policy into two or more is allowed as an alteration

D. Notice is not always necessary in an assignment to be given by the assured to the insurer