Explain three essentials of an insurance contract.

a) Define the term risk financing. [2 marks]

b) Explain the following methods of risk financing

i.)Retention ii.) Non-insurance Transfers iii.) Commercial Insurance [6 Marks]

c) List three scenarios where retention can be effectively used as a risk financing method.

[3 Marks]

d) Explain three essentials of an insurance contract. [6 Marks]

e) List three advantages of non insurance risk transfer. [3 Marks]


 

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