Podcast
Questions and Answers
What is the primary business of the insurer according to one of the three schools of thought mentioned?
What is the primary business of the insurer according to one of the three schools of thought mentioned?
- Risk assumption for a fee (correct)
- Risk avoidance at any cost
- Risk transfer to the insured
- Risk multiplication for profit
Who is the party agreeing to pay for the losses in an insurance contract?
Who is the party agreeing to pay for the losses in an insurance contract?
- Premium payer
- Insured
- Risk bearer
- Insurer (correct)
What is the role of the insured in an insurance policy?
What is the role of the insured in an insurance policy?
- To receive premiums
- To transfer exposure to loss to the insurer (correct)
- To calculate proximate causes
- To assume all risks
How is insurance commonly described as a risk mitigating technique?
How is insurance commonly described as a risk mitigating technique?
What term refers to the insured's possibility of loss?
What term refers to the insured's possibility of loss?
According to one of the schools of thought, what is insurance defined as?
According to one of the schools of thought, what is insurance defined as?
What is the main purpose of insurance according to Prof. Mehr and Cammack?
What is the main purpose of insurance according to Prof. Mehr and Cammack?
According to Prof. Alan H. Willett, what does insurance involve?
According to Prof. Alan H. Willett, what does insurance involve?
How does the law of large numbers relate to insurance?
How does the law of large numbers relate to insurance?
What is the essence of the insurance scheme described in the text?
What is the essence of the insurance scheme described in the text?
In the Babylonian period, how did merchants protect themselves from robbers?
In the Babylonian period, how did merchants protect themselves from robbers?
How does insurance work according to the text?
How does insurance work according to the text?
