Insurance
-:- Transfer of risk from a person or business to an insurer
Risk
-:- Uncertainty / Possibility of a loss
Exposure
-:- Risks for which the insurance company would be liable
Peril
-:- A cause of loss. House burns down, peril is the fire
Direct
-:- Physical loss
2 | P a g ...
✓ -:- The larger the group, the more accurately future losses can be
predicted
CANHAM
✓ -:- Elements of an insurable risk
C - Calculable
A - Affordable
N - Non-catasrophic
H - Homogenous
A - Accidental
M - Measurable
Adverse selection
4|P a g e | G r a d e A + | 2 0 2 0 2 5
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