Narsee Monjee Assignments April 2022 Explain the classific

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Insurance & Risk Management

1. Insurance is a mechanism of transferring the risk. In accordance with the Insurance and Risk Management, please explain the given statement, giving the example for the same. (10 Marks)

2. In the current pandemic situation, every individual should have an adequate health insurance over and above the health insurance given by the employer. Share the benefits of having adequate health insurance with reference to the given statement. (10 Marks)

3. Er. Ramnath is a renowned architect, and he runs his architectural firm at the heart of the city. He is doing quite big projects. In one of the projects, due to the misconduct of his contractor, who used to construct the projects as per Er. Ramnath s directions, got collapsed. The owner s total loss was around Rs. 1.00 Cr and other expenses were around Rs. 30.00 Lacs. The local authority has asked Er Ramnath to pay these expenses.

a. Which insurance will help Er. Ramnath to overcome from this financial burden? (5 Marks)

b. Explain the classification of Risk Covered in this insurance product. (5 Marks)

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