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P. 1
IRM (Unit -1)

IRM (Unit -1)

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Published by: 9415507292 on Apr 18, 2010
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10/25/2011

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INSURANCEINSURANCE
&&
RISKRISKMANAGEMENT MANAGEMENT 
 
RISKRISK
Risk is the uncertainty associated with the end ofRisk is the uncertainty associated with the end ofa period value of an investment.a period value of an investment.Risk is the uncertainty of a financial loss.Risk is the uncertainty of a financial loss.Every risk involves the loss of one or other kind.Every risk involves the loss of one or other kind.The risk cannot be averted but loss occurring dueThe risk cannot be averted but loss occurring dueto certain risk can be distributed amongst theto certain risk can be distributed amongst theagreed persons.agreed persons.
 
INSURANCEINSURANCE
Insurance is defined as a cooperative device toInsurance is defined as a cooperative device tospread the loss caused by a particular risk overspread the loss caused by a particular risk overa number of persons who are exposed to it anda number of persons who are exposed to it andwho agree to ensure themselves against thatwho agree to ensure themselves against thatrisk.risk.The function of insurance is to spread the lossThe function of insurance is to spread the lossover a large number of persons who are agree toover a large number of persons who are agree tococo--operate each other at the time of loss.operate each other at the time of loss. The insurance is also defined as ¶a social device toThe insurance is also defined as ¶a social device toaccumulate funds to meet the uncertain lossesaccumulate funds to meet the uncertain lossesarising through a certain risk to a personarising through a certain risk to a personinsured against the risk.·insured against the risk.·

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