Q. What are hazards in the context of insurance?

View solution

Q. What is represented by the term "risk" in insurance?

View solution

Q. How is an asset defined in the context of insurance?

View solution

Q. Which elements are involved in the process of insurance?

View solution

Q. Which one of the following does not represent an insurable risk?

View solution

Q. What is the final criterion for insurability related to public policy and morality?

View solution

Q. What is the economic feasibility criterion for insurability?

View solution

Q. What type of event must a loss be associated with to be considered insurable?

View solution

Q. Why is it important for a loss to be definite and measurable for insurance to make sense?

View solution

Q. What is the fundamental requirement for a risk to be considered insurable according to the law of large numbers?

View solution

Q. What happens if the pools of risks and premium pools created by insurance companies are not sufficient to meet their liabilities towards paying claims?

View solution

Q. In the context of insurance, why is it important for insurers to have a large number of insured individuals?

View solution

Q. What is the minimum solvency ratio mandated by IRDAI in India for insurance companies?

View solution

Q. Why can insurers be more certain about their predictions regarding losses?

View solution

Q. What principle states that the larger the size of the pool of risks, the actual average of losses would be closer to the estimated or expected average loss?

View solution

Q. How does the principle of risk pooling work in insurance?

View solution

Q. What mathematical principle makes insurance possible?

View solution

Q. What is a legal hazard in insurance?

View solution

Q. Which of the following is an example of a moral hazard?

View solution

Q. What is a physical hazard in the context of insurance?

View solution