In all types of insurance one party must have such an insurable before a contract of...

In all types of insurance one party must have such an insurable before a contract of insurance can be purchased on or for another party.

		agent
		interest
		indemnity
		risk

Which of the following can be treated by the risk management process?

		static risks
		dynamic risks
		static risks and dynamic risks
		Enterprise risk

Which of the following deals with Tort Law and the concept of Negligence?

		property insurance
		business insurance
		liability insurance
		life insurance

Expert Solution

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.

keosha answered 2 years ago

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