IC38 LIFE INSURANCE AGENT EXAM - Study Notes
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Risk financing refers to the provision of funds to meet losses that may occur
Risk retention through self-financing involves self-payment for any losses as they occur. this is known as
self-insurance
Risk transfer involves transferring the responsibility for losses to another party say an INSURER.
Insurance Refers to protection against an event that might happen where as Assurance Refers to protection against an event that will happen
Insurance Provides cover against a risk whereas Assurance Covers an event that is definite. Assurance policies are associated with life cover
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