Differentiate between Pure risk and Speculative risk
Pure Risk: There are only two possibilities; something bad happening or nothing happening. It is unlikely that any measurable benefit will arise from a pure…
Business
Different types of Hazards
A risk is the chance of loss, and peril is the direct cause of the loss. If a house burns down, then fire is the…
Ceding Company
Ceding company is an insurance company that transfers the insurance portfolio to a reinsurer. So, it is an insurance company that passes the part or…
Different types of Insurable Risk
Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. The process of insurance has been evolved to safeguard…
Retrocession
Reinsurance is a type of insurance wherein part of the risk taken by an insurance company is taken on by another insurance company. When one…
“Pure risks are always insurable”- Explain.
“Pure risks are always insurable” A situation where there is a chance of either loss or no loss, but no chime of gain; for example…
Assess the elements of an Insurance Risk
Assess the elements of an Insurance Risk Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. The process…
Role of Risk Management in Business
Role of Risk Management in Business Risk management utilizes the right tools, methods, and processes to manage risk. The risk is defined as the probability…
Methods that an insurance company uses to handle risk
Methods that an insurance company uses to handle risk – Risk management is a continuous process where management takes some measure to minimize the level…
What are the methods of handling pure risk?
Pure Risk includes fire, earthquake, theft etc. In case of fire risk, through improved security measures the impact of fire risk can be reduced. Because…
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