Question: 1. (a) List and describe, by examples, the four basic characteristics of insurance. [40 marks] (b) Explain the term social insurance. Elaborate on the benefits

1. (a) List and describe, by examples, the four basic characteristics of insurance. [40 marks] (b) Explain the term social insurance. Elaborate on the benefits of insurance to society. [60 marks]

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

1. a. What is the definition of insurance? b. From the definition, identify four basic characteristics of insurance. 2. Explain the law of large numbers. 3. Pure risks ideally should have certain...

2. Explain the law of large numbers. 3. Pure risks ideally should have certain characteristics to be insurable by private insurers. List the six characteristics of an ideally insurable risk. 4....

ASSIGNMENT TWO 1. Explain each of the following characteristics of a typical insurance plan. a. Pooling of losses b. Payment of fortuitous losses c. Risk transfer d. Indemnification Explain the law...

1. Explain each of the following characteristics of a typical insurance plan. a. Pooling of losses b. Payment of fortuitous losses c. Risk transfer d. Indemnification 2. Explain the law of large...

1 . a . What is the definition of insurance? b . From the definition, identify four basic characteris - tics of insurance. 2 . Explain the law of large numbers. 3 . Pure risks ideally should have...

Please help me with my economic development subject, i will provide resources at the bottom part. thank you and godbless. I hope someone can help me. Question: 1. Briefly describe the various...

\f\f\fChapter 2 Service Strategy Learning Objectives After completing this chapter, you should be able to: 1. Formulate a strategic service vision. 2. Describe how a service competes using the three...

SUMMARY OF LEARNING OBJECTIVES AND KEY POINTS 1. Identify the basic elements of organizations. Organizations are made up of a series of elements: Designing jobs Grouping jobs Establishing reporting...

Let A, B be sets. Define: (a) the Cartesian product (A B) (b) the set of relations R between A and B (c) the identity relation A on the set A [3 marks] Suppose S, T are relations between A and B, and...

Hi. I am going to do research project in Managemeerial accounting. What i need is to come up with good research question from one of these two articles below. The research project is going to be very...

R&H Cube is a small tax consulting firm offering its services to both corporate and private clients. R&H has installed a standard costing system whereby its CEO can analyze variances at the...

Pattie started her business on 1 November 2021 as a trader in chairs. Her transactions during her first month were as follows (in date order): (a) She transferred $6,000 into a separate bank account...

11. This exercise will show you how to generate and display random numbers containing decimal places. Open the Random Double Solution (Random Double Solution.sln) file contained in the...

atch the compensation objectives with their meanings. Efficiency Efficiency drop zone empty. Fairness Fairness drop zone empty. Compliance Compliance drop zone empty. Improving performance and...