Insurance acts as an operational risk transfer mechanism at a price ( premium ) . After considering
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Question:
Insurance acts as an operational risk transfer mechanism at a price premium After considering the operational risks, Mr Khoza decided to take the passenger insurance policy for the passengers at R per month. During a trip, his brother's taxi had a blowout, and the taxi overturned, seriously injuring six passengers who were hospitalized, while the remaining three passengers were not injured. Medical care for the injured passengers was R and the hospitalization was R per injured passenger for five days. Two passengers were hospitalized for five additional days at R per passenger per day.
Analyze this situation in terms of the insurance contract and make recommendations on the feasibility of Mr Khoza's insurance contract.
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