Podcast
Questions and Answers
Which type of hazard refers to the characteristics and qualities of the subject-matter proposed for insurance?
Which type of hazard refers to the characteristics and qualities of the subject-matter proposed for insurance?
- Insurance hazard
- Moral hazard
- Physical hazard (correct)
- Social hazard
What is an example of a physical hazard mentioned in the text?
What is an example of a physical hazard mentioned in the text?
- Exercising daily
- Eating unhealthy food
- Smoking (correct)
- Reading books
In the text, what accelerates the peril in the case of a fire in an explosives manufacturing unit?
In the text, what accelerates the peril in the case of a fire in an explosives manufacturing unit?
- Explosives (correct)
- Sand
- Air
- Water
Which of the following is not classified as a physical hazard in the text?
Which of the following is not classified as a physical hazard in the text?
What type of hazards can be categorized as physical hazards or moral hazards?
What type of hazards can be categorized as physical hazards or moral hazards?
How do physical hazards affect risks in insurance, as explained in the text?
How do physical hazards affect risks in insurance, as explained in the text?
What term is generally used when a condition causes, increases, or influences the risk, resulting in a loss?
What term is generally used when a condition causes, increases, or influences the risk, resulting in a loss?
Which of the following can help reduce potential damage from a peril like fire in the case of fire insurance?
Which of the following can help reduce potential damage from a peril like fire in the case of fire insurance?
What is measured by the loss that may happen if a peril strikes?
What is measured by the loss that may happen if a peril strikes?
What is referred to as the maximum possible loss that can happen?
What is referred to as the maximum possible loss that can happen?
What type of losses include expenses for cleaning-up, removal of debris, loss of rent, production, and profits?
What type of losses include expenses for cleaning-up, removal of debris, loss of rent, production, and profits?
What is necessary to understand the risk according to the text?
What is necessary to understand the risk according to the text?
What does the text emphasize about the role of insurance in the context of fire?
What does the text emphasize about the role of insurance in the context of fire?
Why would insuring a very old building be considered more risky than insuring a new building in the context of fire, earthquake, or floods?
Why would insuring a very old building be considered more risky than insuring a new building in the context of fire, earthquake, or floods?
What is the relationship between insurance and risk based on the text?
What is the relationship between insurance and risk based on the text?
In what situation will an insurance company pay compensation according to the text?
In what situation will an insurance company pay compensation according to the text?
What does the example of insuring a tanker carrying petroleum products versus water illustrate?
What does the example of insuring a tanker carrying petroleum products versus water illustrate?
What does the text suggest about obtaining insurance?
What does the text suggest about obtaining insurance?
What are the two main considerations mentioned in the text?
What are the two main considerations mentioned in the text?
Why do makers of passenger aircrafts incur additional costs for safety measures?
Why do makers of passenger aircrafts incur additional costs for safety measures?
In Scenario-1, why do passenger aircrafts carry enough fuel to reach their destination and further?
In Scenario-1, why do passenger aircrafts carry enough fuel to reach their destination and further?
Why do factories maintain inventories of essential spares according to the text?
Why do factories maintain inventories of essential spares according to the text?
What do the objectives influence when considering costs?
What do the objectives influence when considering costs?
Why are prevention costs never considered 'too much' according to the text?
Why are prevention costs never considered 'too much' according to the text?
What risk management technique involves keeping 'Back-Up' copies to prevent interruptions in business operations?
What risk management technique involves keeping 'Back-Up' copies to prevent interruptions in business operations?
Which risk management technique aims to spread risks across different areas that may not be affected equally or at the same time?
Which risk management technique aims to spread risks across different areas that may not be affected equally or at the same time?
In risk management, what is the purpose of indemnity agreements?
In risk management, what is the purpose of indemnity agreements?
When is hedging used as a risk management technique?
When is hedging used as a risk management technique?
What must personnel involved in implementing and monitoring risk-management techniques understand?
What must personnel involved in implementing and monitoring risk-management techniques understand?
