Question
Differentiate between insurable risks and non-insurable risks.
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S. No.
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Basis
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Insurable risks
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Non-insurable risks
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1.
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Meaning
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Those risks which can be covered up by some type of insurance policy are called insurable risk.
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Those risks which cannot be covered up by some type of insurance policy are called non-insurable risk.
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2.
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Business Risks
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Business risks are not insurable risks.
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Business risks are non insurable risks.
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3.
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Example
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Risk of damage due to fire, accident, theft, etc.
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Risk of damage due to change in technology or change in government policy, etc.
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