Insurance IV

Commerce SSS2 Third Term

WEEK 4

Insurance IV

Performance Objectives

The student should be able to:

     1. Explain various types of risks.

     2. Discuss the Importance of insurance to business.

     3. Explain the roles of insurance brokers and agents.

Content

Types of Risk

Risks are inevitable in the daily conduct of people or businesses and insurance is about risk. However, some risks are insurable while others are not insurable.

Insurable Risks

Insurable risks are the type of risks which the insurer can make provision for or insure against because it is possible to collect, calculate and estimate the likely future losses. It holds the prospect of loss but not gain. The following are the basic types of…