Insurance is Available to Cover Both: Fundamental. Risk and Particular Risk. Medical. Life. Commercial. Agricultural. 3. Insurance Agents (General) Question ...
What are fundamental and particular risks?
Fundamental risk affects a large number of people or even all of the population. Particular risk involves losses that are personal in origin and effect. It affects an individual or a small number of people. For example, a traffic accident occurs and two pedestrians suffer severe injuries.
What are the two types of risk in insurance?
Risk Types — a number of different ways in which risks are categorized. A few categories that are commonly used are market risk, credit risk, operational risk, strategic risk, liquidity risk, and event risk.
What are the 4 types of risk in insurance?
Most pure risks can be divided into three categories: personal risks that affect the income-earning power of the insured person, property risks, and liability risks that cover losses resulting from social interactions.