Question: Define insurance and an insurance policy. Identify the two basic types of insurance. Describe how insurance policies can be used to protect the business from

  • Define insurance and an insurance policy.
  • Identify the two basic types of insurance.
  • Describe how insurance policies can be used to protect the business from risks caused by certain events and from risks to their employees' personal security while on the job.
  • Define the four essential elements of a valid insurance contract: offer and acceptance, consideration, legal capacity, and purpose.
  • Identify the common terms found in insurance contracts that specify exactly what risks an insurer will cover.
  • Define catastrophe theory and how it differs from risk management principles.
  • Discuss how catastrophe theory can be utilized by your organizations to manage and recover from risks.

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