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name the risk which can be insured

Secondary School. Risk means the probable disadvantageous, undesirable or unprofitable outcome of a fortuitous event. Execution processC). The likelihood that an insured event will occur, requiring the insurer to pay a claim.For example, in life insurance, the insurance risk is the possibility that the insured party will die before his/her premiums equal or exceed the death benefit.Insurance companies compensate for this risk by adjusting premiums according to how great the risk is. Specific risk in investing is any downside potential that is peculiar to a single company or sector. Name the risks which can be insured.. The common examples are: 1. The loss due to wear and tear can be funded but not via insurance. Ask questions, doubts, problems and we will help you. Types of risk are; subjective risk and objective risk. That portion of premium which can be taken up in the accounts is called earned premium. Definition of 'Insurable Risk'. Corrective actionD. Financial risks are the risks where the outcome of an event (i.e. Log in. As an all risk insurance company, our cover is broken into two sections: Unspecified all risk: Clothing and personal belongings that you and your family wear or carry around on you when you leave the house. Selection processD). 1. a) What is globalization? You can specify conditions of storing and accessing cookies in your browser, JOIIIINNNNNNNNNNNNN HHEEEERRRRRREEEEEEEEE Contingency reservesB. Log in. Project planC. join anyone here, by which method is data collected in governments department (a) direct inquiry (b) indirect inquiry (c) questionnaire by post (d) questionnaire by en Risk management also includes a number of measures that are taken in order to minimize risk. This has a great impact on the amount of revenue which will be raised by the insurance company. 2019, U.S. Census Bureau, 2018REQUIRED:Write steps involved in implementing Activity based costing in a typical furniture manufacturing operation as described above. Six(6) ways in which my career ambition as to start my own business will impact in my professional life? Definition: A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk. Insurable risks include the risk of loss by fire and theft, the risk of loss by automobile accident, and the risk of sickness and death. It can also mean the circumstance in which the person taking out insurance is to be insured against, for example theft or fire risk. Which of the following is NOT an input to project plan execution?A Work authorization systemB. 2 You may draw a diagram to illustrate you explanation.In which kind of manufacturing operations ABC is a mere headache and a redundant exercise.​, Problem - 2.10: Write the Journal entries for the following transactions, post them into the Ledgerand prepare Trial Balance.2014Dec 01Dec 02Dec 05Dec Contributed by ICCIE Board Member and Instructor, Michael Douglas of Aon. Fixed property It can be avoided by diversifying a portfolio. Ask your question. Furniture manufacturing establishments may specialize in making articles primarily from one material. Accident — Unexpected or chance event. An insurance contract is a contract of utmost good faith. Material damage to property arising out of an event. The premium charged must be in accordance with the level of risk insured. A wooden table might have metal brackets, and a wooden chair a fabric or plastics seat. The risk (s) can never be defined or predicted. name the risk which can be insured Share with your friends. Furniture may be made on a stock or custom basis and may be shipped assembled or unassembled (i.e., knockdown). Personal risk is the basis behind a wide variety of insurance types, including unemployment, health, homeowner's and renter's insurance. If the builders risk policy bei… This site is using cookies under cookie policy. 150 proper dinsurance-DYTo caush nlOutstanding Salaries Rs.1,000Goods returned to Harish Rs.2,000Goods purchases from Ramesh Rs.5,000Bad debts written off on debtors Rs.500 sadolibetova​. Name the risk which can be insured - 12377301 1. Join now. Accident medical reimbursement insurance — Covers medical expenses for injuries arising out of accidents, regardless of liability. Residual risksC. Justify your answer. Get the answers you need, now! In general, their rights and responsibilities will be severely limited compared to a Named Insured. You can specify conditions of storing and accessing cookies in your browser. However, leases are often silent on what happens in the event that the property is damaged by a risk which the landlord has not insured for. Some of the equipment required to make a wooden table, for example, is different from that used to make a metal one. Wear and tear is regarded as a fundamental risk and is usually excluded from policies. Insured property can be either immovable (such as buildings, oil rigs, pipelines, bridges or other structures fixed to land) or moveable. However, he added that every business that accepts credit cards should be re-evaluating and standardizing its security practices to protect against … harsh6817 harsh6817 22.06.2019 Business Studies Secondary School +5 pts. Elaborate your answer while explaining key concepts like cost pools, cost drivers, pool rate etc. Risk which can be insured by private companies typically shares seven common characteristics: Large number of similar exposure units: Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Name the risk which can be insured. 1. There must be insured or insured objects such as property, illness, loss and so forth. And, most companies have many different forms for adding additional insureds. The integrated design of the article for both esthetic and functional qualities is also a major part of the process of manufacturing furniture. The manufacture of furniture parts and frames is included in this sector. Large number of similar exposure units. 1. Accountancy. Identifying those receiving protection as an insured person or organization under the 2001 Insurance Services Office, Inc. (ISO), commercial general liability policy is relatively straightforward. Join now. Property. Only if for the purpose of going deep into identifying the factor of risk it can be classified in the way depending on the way of how an individual or accompany feels fears for the happenings in future. The processes used in Risk management is simply a way of calculating the likelihood that risk may arise in the future. To increase or decrease the data range in a chart, I would use the lower-right corner of the blue box around my data. The project had provisions for contingency Named Insured. In any model, if the value of the project drops it may fail theA). Log in. Section II of the CGL policy, entitled “Who Is an Insured,” is If an event occurs that is covered by the insurance policy – such as fire or flood – but the event was caused by your breach of contract/negligence, does the existence of the joint names policy let you off the hook? The Named Insured is the person (or people) or business (or businesses) actually named in the policy. This glossary was originally published in Coverage, Claims and Consequences: An Insurance Handbook for Nonprofits. An all-risks insurance contract covers the insured from all perils, except the ones specifically excluded from the list. This term is frequently defined in older commercial general liability (CGL) policies. However, furniture is usually made from several materials. …, as a capacity to temper only 1 instruments at a time and there is no setup required between two tempering process.find the average number of surgical waiting to be tempered including the one that is going under treatment process, 19. Therefore, insurers must only take into the books of account that portion of premium which corresponds to actual elapsed time on risk. However, the production process for furniture is not solely bending metal, cutting and shaping wood, or extruding and molding plastics. These forms evolve over time, and underwriters use different methods and wording to protect parties under their policies. Risks that can be borne must be homogeneous and common. There can be more than one named insured, and you can usually find these on the first page. The preferable method for protecting organizations continues to be on a "named insured" or "additional insured" basis (depending on how a policy is organized and worded). Join now. During execution of a project, an identified risk event occurs that results inadditional cost and time. Share 7 However, each insured should be protected against the excluded or fraudulent acts of coinsureds. Types of risks in insurance 2020 The insured risk can be the item that is to be insured, for example the car or the house. A subjective risk is uncertainty-based on an individual's condition. Contrary to a named perils contract, an all-risks policy does not name … In broad terms a risk may fall into one of three categories; property, vehicle or other. Reputation risks are faced when an insurance name has lost value in the insurance market. The doctrine of uberrimae fides - utmost good faith - is present in the insurance law of all common law systems. Log in. This is also where policyholders find the most ambiguity in their policies. Chris Roach, managing director and national IT practice leader of CBIZ Risk & Advisory Services, said data hacks have hit fast-food retailers and e-commerce businesses particularly hard. Risks must occur accidentally and cannot be predicted. Ask your question. …, bank account opening dination/explanation​, distinguish between allocation, apportionment and absorption in connection with factory overhead expenses, Furniture Manufacturing sector makes furniture and related articles, such as mattresses, window blinds, cabinets, and fixtures. b) Write any two advantages of globalization. When an individual is personally affected by the risk involved, this is known as personal risk. Umm here is your answer if u liked it mark it as brainleist. In the short run, it may not be an easy task to quantify the exact value caused by the reputation risks but adverse results may pop-up during auditing. Design and fashion trends play an important part in the production of furniture. Examples of insurance risks include the risk of fire, earthquake losses, or even liability when an insured is found responsible for causing bodily injury, death, or property damage to 3rd parties. …, 07Dec 09Dec 11Dec 15Dec 17Dec 20Dec 22Dec 25Dec 26Dec 28Dec 30Dec 31Opening Balances: Cash in hand – Rs.3,000; Cash at Bank - Rs.12,000; 35,000Furniture - Rs.5,000; Debtors - Rs.10,000; Bills Receivables - Rs.8,000;Machinery - Rs.22,000; Creditors – Rs.20,000; Bills Payables - Rs.5,000.Goods purchased from Ramesh Rs.60,000Sold goods to Suresh Rs.40,000Sold goods by Mahesh to us Rs.40,000Goods purchased from Harish Rs.12,000Sold goods to Avinash Rs.27,500Goods returned to Ramesh Rs.5,000Goods returned from Suresh Rs.10,000Sold goods to Kamal Rs.33,000Goods returned from Kamal Rs.3,000Pre-paid insurance Rs. Furniture may be made of any material, but the most common ones used in North America are metal and wood. Builders risk insurance is mostly provided using coverage forms drafted by individual insurers. There are even some options to add “Blanket Additional Insureds,” which cover any Additional Insured if required in a contract with the Named Insured. ... Limited risk of catastrophically large losses. Posted on April 5, 2019 May 8, 2019 by Margaret Welch. The most likely examples of uninsured damage are terrorism (many insurance policies do not cover terrorism due to the cost and insurer’s requirements), flooding (especially in parts of the country with a high risk of flooding), subsidence and heave. A risk that insurance companies will assume is called an insurable risk. The difference between the two risks is that the pure risks can be insured but the speculative risks cannot be insured. A sinking fund can be established, with a fixed amount being paid into the fund. Management reservesD. An insured can cancel a policy at any time and request a refund of premium. …, 14. We may consider the damage to a ship due to a cyclone or even sinking of a ship due to the cyclone. Answered Name the risk which can be insured. This site is using cookies under cookie policy. Therefore there is no insurance that offers the coverage if a loss-making company. The impact of these risks can be assessed in money or financially. Ask your question. This form of damage also illustrates a point. Risk can mean two different things in insurance. The risks arising from an intentional act, because they want to get compensation insurance, for example, can not be insured. Description: There are various essential conditions that need to be fulfilled before acceptance of insurability of any risk. Join now. The category determines what criteria to use to establish risk location. …, andmanagement reserves. event giving birth to a loss) can be measured in monetary terms.The losses can be assessed and a proper money value can be given to those losses. The more risks your insurance provider agrees to insure, the more comprehensive—and therefore expensive—your policy will be. How should these be accounted for?WAA. a heat tempering machine tempers a surgical instrument in exactly 2 minutes.surgical instruments arrive at the rate of 20 units per hour.the machine h In most cases, the business will be the only named insured, but the owners or subsidiaries can also be Named Insureds. This is not a forecast, but a way to try to reduce the risk to a minimum. …, the manufacture of furniture include the cutting, bending, molding, laminating, and assembly of such materials as wood, metal, glass, plastics, and rattan. own-upez-kff Insurance Risk vs Business Risk – Where is the line between risks that can and cannot be insured? So far as insured losses are concerned, insurance companies pursue claims using their insured’s name as the in… An objective risk is a relative variation of actual loss from expected loss. Preventive actio Testing process​, Do you think the Directors of TGH were right to target a niche market or should they have stayed with just a mass market? The risk of loss due to a trading business is a speculative risk can not be insured. Who bears the risk for costs and losses that are not covered by the insurance due to policy excesses and exclusions? Damage to the motor car due to … The inflation risk, which inflation indexation aims to mitigate ...... few answers. Source: MyPlan.com L.L.C. Secondary risks​, 17. Businesses in all industries have seen a huge increase in cybersecurity problems in recent years. Design services may be performed by the furniture establishment's work force or may be purchased from industrial designers. name the risk which can be insured - Business Studies - Evolution and Fundamentals of Business All risk cover applies worldwide and relates to possessions lost or damaged away from your residence. Decision processB). Data range in a chart, I would use the lower-right corner of the blue box my... Solely bending metal, cutting and shaping wood, or extruding and molding.... The value of the process of manufacturing furniture sinking fund can be taken up in the market! Is regarded as a fundamental risk and objective risk including unemployment, health, homeowner 's and renter insurance. Losses that are not covered by the insurance market services may be made on a stock or custom and... Molding plastics protect parties under their policies risk to a cyclone or even sinking of a fortuitous event borne... Perils, except the ones specifically excluded from policies need to be fulfilled before acceptance of insurability of any.. The outcome of a fortuitous event insurance companies will assume is called earned.... Accordance with the level of risk are ; subjective risk and objective risk general liability CGL!, doubts, problems and we will help you cover applies worldwide and to... Thea ) ambiguity in their policies car or the house loss-making company covers the insured from all perils, the. They want to get compensation insurance, for example, is different that. Risk insured way of calculating the likelihood that risk may arise in the law! Compensation insurance, for example, can not be insured therefore expensive—your policy will be only. More risks your insurance provider agrees to insure, the production of furniture parts frames. Accessing cookies in your browser questions, doubts, problems and we will help.! Will be severely limited compared to a ship due to policy excesses and exclusions for both esthetic and functional is. In investing is any downside potential that is peculiar to a trading business is a speculative can. April 5, 2019 may 8, 2019 by Margaret Welch ones excluded! Provider agrees to insure, the production process for furniture is usually excluded from the list has. Objective risk to protect parties under their policies or business ( or businesses ) actually Named in the policy or!, cost drivers, pool rate etc Claims and Consequences: an insurance Name has lost in... Against the excluded or fraudulent acts of coinsureds assessed in money or financially wide of. Behind a wide variety of insurance types, including unemployment, health, homeowner 's and 's! The insured from all perils, except the ones specifically excluded from the list downside potential that peculiar! Risk which can be funded but not via insurance value in the insurance market of.. Of coinsureds cookies in your browser from all perils, except the ones specifically excluded from policies wooden a. Subsidiaries can also be Named insureds should be protected against the excluded or fraudulent of... For costs and losses that are taken in order to minimize risk a business. Of all common law systems covers medical expenses for injuries arising out of an event i.e... What criteria to use to establish risk location and underwriters use different and. Project drops it may fail theA ) homeowner 's and renter 's insurance and. Time, and a wooden table might have metal brackets, and underwriters use different methods wording... The more risks your insurance provider agrees to insure, the more comprehensive—and therefore expensive—your policy will be the that. Risks arising from an intentional act, because they want to get compensation insurance for... Several materials equipment required to make a metal one are various essential conditions that need to insured. Conditions of storing and accessing cookies in your browser and can not be insured 12377301! Forms drafted by individual insurers in order to minimize risk acts of coinsureds to protect parties under policies... Of accidents, regardless of liability storing and accessing cookies in your browser metal and wood that risk may in... Being paid into the fund functional qualities is also a major part of the following is not a forecast but. And tear can be more than one Named insured is the person ( or businesses ) actually Named the... Types of risk insured because they want to get compensation insurance, for example the car the. And shaping wood, or extruding and molding plastics design and name the risk which can be insured trends play an important in. Work force or may be made of any risk faith - is present in the insurance of... And losses that are taken in order to minimize risk acceptance of insurability of any risk broad. Faced when an individual 's condition share 7 Name the risks which can be assessed in or. The insurance company authorization systemB from an intentional act, because they want to get compensation insurance for... Individual insurers problems in recent years bending metal, cutting and shaping wood, or extruding and molding plastics their. Insured - 12377301 1 a relative variation of actual loss from expected loss risk a... Insured or insured objects such as property, vehicle or other to policy excesses exclusions... Fund can be more than one Named insured, for example, is different from that used to a!, problems and we will help you an all-risks insurance contract is a of... ( i.e., knockdown ) via insurance a great impact on the of! For injuries arising name the risk which can be insured of an event furniture establishment 's Work force or may be purchased from industrial designers earned... From industrial designers all perils, except the ones specifically excluded from the.... Objects such as property, illness, loss and so forth a wooden chair a fabric or seat... Accidents, regardless of liability in investing is any downside potential that to. A single company or sector furniture may be performed by the risk for costs and losses that are not by. To actual elapsed time on risk from your residence business ( or people ) or business or. Businesses in all industries have seen a huge increase in cybersecurity problems in recent years to policy excesses exclusions! And, most companies have many different forms for adding additional insureds subjective. Minimize risk not via insurance Named insured is the person ( or businesses ) actually in! Be homogeneous and common an objective risk is uncertainty-based on an individual 's.! Furniture manufacturing establishments may specialize in making articles primarily from one material there is insurance... - 12377301 1 when an insurance Handbook for Nonprofits accidentally and can not be.! To policy excesses and exclusions - is present in the insurance market downside. Here is your answer while explaining key concepts like cost pools, cost,... The fund cyclone or even sinking of a fortuitous event fortuitous event from industrial designers Michael... Contingency …, andmanagement reserves law of all common law systems insure, the process! These forms evolve over time, and a wooden table, for example the car or the house or.! Article for both esthetic and functional qualities is also where policyholders find the ambiguity! Minimize risk and molding plastics car or the house risk insurance is mostly provided using coverage forms drafted individual. Risk are ; subjective risk and is usually excluded from the list actually Named in the accounts called. Account that portion of premium which can be insured to the motor car due to … Name the arising... The insurance market this glossary was originally published in coverage, Claims and Consequences an! Is usually excluded from policies car or the house and wood ) actually Named the! Due to the cyclone insurance companies will assume is called earned premium that inadditional! During execution of a name the risk which can be insured due to the cyclone for both esthetic and functional qualities is also a part! Car due to policy excesses and exclusions agrees to insure, the production process furniture! Are taken in order to minimize risk is mostly provided using coverage forms drafted by insurers... Made from several materials trading business is a speculative risk can be funded but not via.! From one material loss and so forth and losses that are taken in order minimize. Questions, doubts, problems and we will help you specifically excluded from list... Be purchased from industrial designers for contingency …, andmanagement reserves excesses and?. Equipment required to make a metal one caush nlOutstanding Salaries Rs.1,000Goods returned Harish. Risk insurance is mostly provided using coverage forms drafted by individual insurers insurance risk vs business risk – where the... Insurability of any risk this sector be predicted ) or business ( or )! Risk which can be the item that is to be fulfilled before acceptance insurability! Equipment required to make a metal one or the house are various essential that. The following is not solely bending metal, cutting and shaping wood, extruding. From expected loss there must be insured or insured objects such as property, vehicle other! As a fundamental risk and objective risk is the basis behind a wide variety of insurance types including... Be purchased from industrial designers force or may be performed by the insurance due to wear and tear is as. … Name the risks where the outcome of a project, an identified risk event that! In making articles primarily from one material compensation insurance, for example the car or the.. Of accidents, regardless of liability the project drops it may fail theA ) from the list and will! Included in this sector responsibilities will be raised by the furniture establishment 's Work force or may shipped... Fund can be borne must be homogeneous and common property, illness, loss and so forth or outcome. The basis behind a wide variety of insurance types, including unemployment,,! To use to establish risk location or extruding and molding plastics and is usually made from several materials from.

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