Saturday, November 21, 2009

Characteristics of Insurable Risks

 

house_piggy_bank

1] Large number of insureds

2] Accidental Loss

3] Definite Loss (in terms of Time & Amount)

4] The Loss must create a Financial Burden

5] Affordable Insurance (cost of Insurance is generally a small fraction of the item’s value)

6] Particular Risk (Does not affect the entire community)

7] Pure Risk

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