IC38 GENERAL INSURANCE AGENT EXAM - Study Notes
Page 9 Of 68
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Primary Burden of Risk - If an individual undergoes a Kidney transplant surgery, the medical cost of the same is known and compensated.
Secondary Burden of risk
- Physical and mental strain caused by fear and anxiety
Secondary Burden of Risk - Setting aside reserves as a provision for meeting potential losses in the future
Risk avoidance
is not performing any activity that may carry risk. Risk avoidance is a negative way to handle risk
Risk retention
- to bear the risk and its effects by oneself. This is known as self-insurance.
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