Pure risks ideally should have certain characteristics to be insurable by private insurers. List the six characteristics of an ideally insurable risk.
Answer to relevant QuestionsIdentify the approaches that insurers can use to deal with the problem of catastrophic loss exposures.Scaffold Equipment manufactures and sells scaffolds and ladders that are used by construction firms. The products are sold directly to independent retailers in the United States. The company's risk manager knows that the ...a. Explain the meaning of risk control.b. Explain the following risk-control techniques.1. Avoidance2. Loss prevention3. Loss reductionWhy do insurance brokerage mergers and acquisitions have a greater influence on corporate risk managers than do property and casualty insurance company mergers and acquisitions?a. Why is loss forecasting necessary when making a decision about whether to retain or transfer loss exposures?b. What techniques can a risk manager use to predict future losses?
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