Question: Question 3 Briefly define the term Risk Control. (2 marks) Outline the major risk control techniques used for managing risk. (6 marks) Briefly define the

Question 3

  1. Briefly define the term Risk Control. (2 marks)
  2. Outline the major risk control techniques used for managing risk. (6 marks)
  3. Briefly define the term Risk Financing. (2 marks)
  4. Outline the major risk financing techniques used for managing risk. (6 marks)
  5. Briefly define Insurance. (2 marks)
  6. Identify FOUR (4) basic characteristics of insurance. (6 marks)
  7. Private insurers provide social and economic benefits to society. Explain the following benefits of insurance to society:
  8. indemnification for loss
  9. enhancement of credit
  10. source of funds for capital investment and accumulation (6 marks)

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