In: Operations Management
agent |
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interest |
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indemnity |
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risk |
static risks |
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dynamic risks |
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static risks and dynamic risks |
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Enterprise risk |
property insurance |
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business insurance |
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liability insurance |
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life insurance |
Answer 1 : Agent
Note : In case of risk, indemnity, interest insurance can be purchased before hand due to chances of financial loss while the person is not subject to financial loss hence a insurance cannot be purchased before a contract.
Answer 2 : Static risks and dynamic risks
Note : In the risk management most of the risks are static while other are dynamic as risks here are somewhat predictable, insurable while other occurs suddenly.
Answer 3 : Liability insurance
Note : As negligence is related to the failure of action taken by a person which can be dangerous or harmful for others hence it is covered by liability insurance in tort law.