Conditions for insuring risk - (3) Loss must be fortuitous or accidental. (4) Sharing of losses of the few by many
Conditions for insuring risk - (5) Economic feasibility & Public Policy
Caveat emptor / buyer be aware / Buyer Beware - the buyer is expected to be careful while purchasing the goods and seller is not liable for any defects in goods sold by her / him
Prospectus - It is a formal legal document used by insurance companies that provides details about the product
Agents report - The agent is the primary underwriter
MODELEXAM® 
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