Insurance Advice - Section A Insurance Advice - Answer 1 Pure risk: This type of risk takes place in a condition when there is a just a chance of only loss or perfectly no loss. Example of pure risky situations are destruction of property, loss of income because of sickness, etc. Speculative risk: The type of risk that lead to a situation of either loss or profit is called speculative risk. These includes financial and commercial …
Insurance Advice - Section A Answer 1 a) The legislations that regulate the insurance industry are as follows: Insurance Act, 1973: Major aim of the Act is to provide protection to the interest of policyholders. This act was formulated to enlarge the safety of customers and support the prudential supervision and by establishing different provisions to safeguard policyholders’ interest in case, the company is being winding up (Kapla…
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