CH 3: Forms of Ownership

<p>Road Accident Fund (RAF)</p> Signup and view all the answers

<p>Post-retirement steady income</p> Signup and view all the answers

<p>Non-compulsory insurance</p> Signup and view all the answers

<p>Post-retirement</p> Signup and view all the answers

<p>Compulsory insurance</p> Signup and view all the answers

<p>Unemployment Insurance Fund (UIF)</p> Signup and view all the answers

<p>Coverage based on individual or business needs</p> Signup and view all the answers

<p>To mitigate financial risks related to property loss</p> Signup and view all the answers

<p>To avoid significant financial loss when claiming</p> Signup and view all the answers

<p>Financial impacts of road accidents, unemployment, and occupational injuries or diseases</p> Signup and view all the answers

<p>To align with business goals and risk management strategies</p> Signup and view all the answers

<p>To ensure compliance and strategic planning adaptability</p> Signup and view all the answers

<p>Adjusting claim payouts proportionally to lower coverage</p> Signup and view all the answers

<p>Significant financial loss</p> Signup and view all the answers

<p>It ensures businesses can respond effectively to legal changes</p> Signup and view all the answers

<p>Financial impacts related to unemployment, road accidents, and occupational injuries or diseases</p> Signup and view all the answers

<p>By aligning structures with business goals and risk management strategies</p> Signup and view all the answers

<p>To adjust claim payouts based on under-insurance</p> Signup and view all the answers

<p>They increase potential liabilities</p> Signup and view all the answers

<p>UIF</p> Signup and view all the answers

<p>It demands a proactive approach to compliance and planning</p> Signup and view all the answers

<p>By safeguarding investments</p> Signup and view all the answers

<p>To protect against financial impacts of injuries or diseases</p> Signup and view all the answers

<p>By aligning with business goals and needs</p> Signup and view all the answers

<p>To avoid financial losses during claiming</p> Signup and view all the answers

<p>The dynamic nature and need for adaptation.</p> Signup and view all the answers

<p>By providing a safety net for unforeseen adversities.</p> Signup and view all the answers

<p>Compulsory insurance is mandated by law, while non-compulsory insurance is voluntary.</p> Signup and view all the answers

<p>Health Insurance Fund (HIF)</p> Signup and view all the answers

<p>To provide a financial payout to beneficiaries upon the insured's death.</p> Signup and view all the answers

<p>To offer a steady income stream during retirement.</p> Signup and view all the answers

<p>It is mandatory by law.</p> Signup and view all the answers

<p>To provide protection against unforeseen employment-related risks.</p> Signup and view all the answers

<p>Compulsory insurance is more expensive than non-compulsory insurance.</p> Signup and view all the answers

<p>To provide protection against road-related injuries or accidents.</p> Signup and view all the answers

<p>Both compulsory and non-compulsory insurance are underpinned by laws or voluntary participation.</p> Signup and view all the answers

<p>To provide protection against unforeseen employment-related risks, specifically workplace injuries or diseases.</p> Signup and view all the answers

<p>It ensures that claim payouts are proportional to the level of under-insurance.</p> Signup and view all the answers

<p>To avoid significant financial loss due to under-insurance when claiming.</p> Signup and view all the answers

<p>To provide a spectrum of legal and operational frameworks tailored to business goals and needs.</p> Signup and view all the answers

<p>They underscore the importance of staying informed and adapting to compliance and strategic planning.</p> Signup and view all the answers

<p>They are legal frameworks established to protect individuals against financial impacts of specific events.</p> Signup and view all the answers

<p>To mitigate financial risks associated with the loss, damage, or theft of property.</p> Signup and view all the answers

<p>It represents the situation where insurance coverage is less than the value of the insured item.</p> Signup and view all the answers

<p>To protect individuals against the financial impacts of road accidents.</p> Signup and view all the answers

<p>It allows businesses and individuals to safeguard their investments and maintain operations amidst potential adversities.</p> Signup and view all the answers

<p>They provide a spectrum of legal and operational frameworks with unique implications for liability.</p> Signup and view all the answers

<p>Compulsory insurance is required by law while non-compulsory insurance is chosen based on individual or business needs.</p> Signup and view all the answers

<p>Life insurance provides steady income post-retirement, while retirement annuities offer a financial payout upon the insured's death.</p> Signup and view all the answers

<p>Offering a steady income post-retirement</p> Signup and view all the answers

<p>Ensuring protection against workplace injuries or diseases</p> Signup and view all the answers

<p>Security for assets and operations beyond legal mandates</p> Signup and view all the answers

<p>Retirement annuities provide a steady income post-retirement, while life insurance offers a financial payout upon the insured's death.</p> Signup and view all the answers

<p>Long-term financial planning tools</p> Signup and view all the answers

<p>Commitment to long-term security</p> Signup and view all the answers

<p>Compulsory insurance is required by law, while non-compulsory insurance is based on individual or business needs.</p> Signup and view all the answers

<p>Ensures protection against unforeseen employment injuries</p> Signup and view all the answers