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AINS 24 | 351 Question with Correct Answers 100% Verified

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AINS 24 | 351 Question with Correct Answers 100% Verified Major roles of insurance - Risk management to deal with loss exposures; transfer system of financial loss from insured to insurer; business sufficient to pay claims and provide profit; contract between insured and insurer What are risk management techniques? - Loss prevention; loss reduction; risk transfer; loss avoidance Define Insurance Policy - A contract that states the rights and duties of both the insured and the insurer regarding the transfer and costs of losses. Define Exposure Units - Assets that are insured by an insurance company.

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