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IF1 Chapter 1 questions with 100% correct answers
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IF1 Chapter 1 questions with 100% correct answers
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IF1 Chapter 1 questions with 100%correct answers
Definition of insurance? - correct answer ✔✔Risk transfer mechanism, insured transfers risk to the
insurer for the cost of a premium.
Name the three stages in the risk management process? - correct answer ✔✔Risk identification, risk
analysis and risk control.
What 3 things feature in Risk control? - correct answer ✔✔Physical control measures, financial control
measures and developing good risk culture.
What four things does a risk have to be to be insurable? - correct answer ✔✔Fortuitous, have a financial
interest, have homogenous exposure and abide to public law.
What is pure risk? - correct answer ✔✔Possibility of loss but no gain.
What is speculative risk and why is it uninsurable? - correct answer ✔✔Idea of making a gain - as
insurance you cannot gain more than what you started with.
What is particular risk? - correct answer ✔✔Localised and personal in their cause and effect
What is fundamental risk and is it insurable? - correct answer ✔✔Social, economic, natural and political
risk - No
What is a peril? - correct answer ✔✔The cause of the loss.
What is a hazard? - correct answer ✔✔Something that influences the operation of a peril.
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