81. Which of the following statements are correct?
i. In order to be insurable, a risk must be capable of statistical estimation.
ii. In insurance, only economic or financial losses can be compensated.
i. In order to be insurable, a risk must be capable of statistical estimation.
ii. In insurance, only economic or financial losses can be compensated.
82. Which of the below losses are covered under keyman insurance?
83. Of 400 houses costing each Rs.20, 000 if on an average 4 houses are damaged in fire causing a total loss of Rs80,000 what should be the annual contribution of each house owner.
84. The losses of a few are shared amongst many through the mechanism of –
85. _________ consists of collecting premiums from numerous individuals to compensate the few who may suffer losses.
86. Secondary burden of risk consists of _________ and _________ one has to bear if exposed to loss situation.
87. _________ and _________ refer to measures to reduce chance of occurrence and measures to reduce degree of losses.
88. Cost of the risk would _________ with the probability and amount of loss
89. _________ means that insurer would assess and compensate only the exact amount of loss.
90. Proximate Cause refer to the _________ cause which set in motion a chain of events producing loss.
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