MTHEL131 Lecture Notes - Lecture 11: Vehicle Insurance, Retail Loss Prevention, Risk Management
13 Apr 2016
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3. allow the third party to pay for the loss (risk transfer) to insurer(life, house, car) 1. speculative: chance for outcome to be profit or loss (not covered by insurance) 2. pure risk: one outcome loss (only result)(most effective strategy is risk transfer) Peril: an event that gives rise to a loss (e. g. fire, earthquake) Named perils : what"s covers and what"s are not in policy(fire, theft always) (flood not always) 1&3 deductible (higher deductible, lower premium)( deductible claim . 1. contents (lecture10 slide20): choose 1. depreciate value 2. replacement value. 1. a 2. c 4. c 5. c 7. d 9. b 10. a 13. c (with wavier of premium a person of 6 months disability, who pays the) 16. b (term-to-100) lowest premium 17. b(r&c renewable and convertible) 19. b 20. c 23. morbidity (disability) mortality (death) b 26. c. April 19th 2hrs 15multiple choices (1 mark) 16-18 short answers (15 marks totally)
