Risk Management and Insurance — DU B.A. (V.S.) Insurance Management Previous Year Question Papers

2. Answer any five questions. 1. Define risk and uncertainty. Explain the various concepts, causes, degrees, classifications`, and costs of risk with suitable examples from business and financial contexts. 2. Define risk management and discuss its concept, evolution, purpose, scope,. and importance in the contemporary business environment. 3. insurance in i nature, importance, and purpose of managing business and individual risks. 4. Explainthe nature and subject matter of an insurance contract. ow does it differ from other commercial contracts? i' 5. What is' insurable risk? Discuss the characteristics that maykp certain risks insurable and illustrate with examples. 6. Evaluate tlie role of risk management in promoting economic growth. How does it contribute to stability and sustainable developlpent in an economy? 7. Explain the functions and limitations of insurance as a tool of risk management. How does insurance help in minimising financial losses? 8. Write short notes on any three of the following : (i) Concept and Types of Risk (ii) Risk and Uncertainty (iii) Insurance Repositories (iv) Risk Management in a Globalized Economy