Answer to Question #166075 in Management for Prabhdeep

Question #166075

Subject :insurance management

1.describe in detail various risk management alternatives?( please answer in 200 to 250 words in points)

2.discuss in detail the rights which an insurer can exercise at the time of claim settlement of fire insurance ?(please answer in 200 to 250 words in detail)

Expert's answer
  1. Some people just try to Avoid risk wherever possible. Metaphorically, people that keep their money under their mattress are avoiding risks of letting others hold their savings. While it is understandable that people want to avoid risks, extreme risk avoidance can have extreme impacts, like significant losses in income potential and even introducing the decision maker to new and potentially greater risks. Someone who does not like risk might want to Transfer his or her risks to someone else. This is often a better option than risk avoidance if there is an appropriate market to transfer the risk to. There are many formal modes for transferring risks, such as crop insurance and the futures market. 
  2. Right to avoid the contract.

Right of control over the property.

Right of entering the property.

Right of subrogation.

Right to salvage.

Right of reinstatement.

Right of contribution.

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