INSURANCE: Types of Insurable Risks

 

Not all risks can be insured.

Insurable risk must meet the following characteristics:

Losses are definitive (definitive)

such as: death, sickness, disability, and old age, including identifiable conditions, such as destroyed buildings, submerged ships, fallen planes, and others

Losses occur due to accidental factors

such as: suffering from late stage critical illness, accident, or natural disaster

Loss are convincing

such as: someone who can no longer work because of a work accident, the machine does not work anymore because it is severely damaged

Objects insured can be assessed and converted to the value of money

The risk should be natural

occurred by accident and not planned beforehand

The risks that occur do not violate the public interest

Insurance premiums charged are fair

The insurer must have an insurable interest

 

Also Read:

INSURANCE: Basic Principles of Insurance

INSURANCE: Planning an Insurance Program

INSURANCE: Insurance Functions and Purposes

INSURANCE: What is Insurance?

INSURANCE: Term In Insurance

Leave a Reply

Your email address will not be published. Required fields are marked *

Releated

Members Of The United Nations (UN)

Below is the list of Members of The United Nations (UN)   Country Year of Joining Afghanistan 1946 Albania 1955 Algeria 1962 Andorra 1993 Angola 1976 Antigua and Barbuda 1981 Argentina 1945 Armenia 1992 Australia 1945 Austria 1955 Azerbaijan 1992 Bahamas 1973 Bahrain 1971 Bangladesh 1974 Barbados 1966 Belarus 1945 Belgium 1945 Belize 1981 Benin […]