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RISK FUNDAMENTALS
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2. Risk Prevention
3. Risk Retention 4. Risk Reduction 5. Risk Transfer- through Insurance contracts or other means.
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INSURANCE PRIORITIES Essential Coverage Mandated by Law, Banks & Financial institutions Other high Priority Area-Business affected due to Fire, Acts of God or any other catastrophic event which may lead to business go bankrupt, loss of business income etc.
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INSURANCE PRIORITIES Important Coverage May not cause bankruptcy or mandated by Law but that the individual or business cannot easily pay from their liquid assets. Credit Risk -Non payment due insolvency , unwillingness or inability to pay.
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INSURANCE PRIORITIES Non Essential Coverage Those which can be absorbed and may not cause financial harm.
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UNINSURABLE RISKS
Speculative risk
Indefinable Risk Incalculable
Intentional/willful acts
Catastrophic- War, Nuclear, Radioactive etc.
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INSURANCE CONTRACTS
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10. Mediclaim policy 11. Group Personal Accident. 12. Fidelity Guarantee 13. Money polices- Cash in transit
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