Question

List at least five types of insurance and/or risk we discussed in this unit that pertain to businesses. Then explain why or how businesses use each of them.

Answer 1

Answer:

Broadly, there are 8 types of insurance, namely:

Life Insurance

Motor insurance

Health insurance

Travel insurance

Property insurance

Mobile insurance

Cycle insurance

Bite-size insurance

Explanation:

risk in insurance life

Insurance is all about risk. This is the likelihood that an insured event (in this case, death) should occur throughout the duration of the policy term. The higher your risk, the more you will likely pay in life insurance premium — that's the amount the policyholder agrees to pay in exchange for coverage