Vinay doesn�t want to take insurance on himself. he feels that his family will survive with the funds available in the bank and monthly rentals received from village. this comes under risk ______
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The answer is risk retention.
Risk retention is a form of self-insurance and involves paying out of own funds for any loss that may occur at any point of time. This is done on the assumption that over a period of time, the cost of transferring the risk to an insurance company becomes much more than the cost involved in retaining the risk. The losses can occur because of reasons such as deliberate noninsurance and deductibles.
Risk retention is a form of self-insurance and involves paying out of own funds for any loss that may occur at any point of time. This is done on the assumption that over a period of time, the cost of transferring the risk to an insurance company becomes much more than the cost involved in retaining the risk. The losses can occur because of reasons such as deliberate noninsurance and deductibles.
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