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Questions and Answers
What is the primary focus of risk transfer?
What is the primary focus of risk transfer?
- Sharing risks with multiple parties
- Assuming all liabilities personally
- Shifting financial risks to another party (correct)
- Avoiding risks altogether
What is the common method of transferring risk mentioned in the text?
What is the common method of transferring risk mentioned in the text?
- Risk avoidance
- Purchasing insurance (correct)
- Risk retention
- Self-insuring
What is the fee charged by insurance companies for accepting risks?
What is the fee charged by insurance companies for accepting risks?
- Co-payment
- Insurance premium (correct)
- Deductible
- Out-of-pocket maximum
In the given example, what does Mr. Peter's insurance cover for his motorbike primarily represent?
In the given example, what does Mr. Peter's insurance cover for his motorbike primarily represent?
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What is the duration of Mr. Peter's insurance cover for his motorbike, as per the example provided?
What is the duration of Mr. Peter's insurance cover for his motorbike, as per the example provided?
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