a) What do you mean by insurance? Write down the several characteristics or of insurance.

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Marks 10 a) What do you mean by insurance? Write down the several characteristics or of insurance. b) Narrate utmost good faith. Briefly explain the role of insurance policy from the perspective of business and society, 20 10 2() 20 a) What do you mean by material fact? Discuss the facts that need not be disclosed by the insured to the insurer? b) Write down short notes on: I. Excess II. Sum Assured Underwriter Liability III. IV. a) 10 Briefly discuss the term "consequential loss. Distinguish between risk and uncertainty. b) Point out the disadvantages of insurance. Why is insurance business not gambling? 10 c) 10 15 a) Narrate the six techniques associate with risk management with appropriate examples. b) What is dynamic risk? Differentiate speculative risk from pure risk. 15