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Pure risks have 2 outcomes
Speculative risks are ideal for insurance cover
Risk can be referred to as the peril insured or item insured.
Peril means that which influences a loss.
Individuals are only risk averse; companies are different.
Coinsurance is one way of sharing a risk
Dual Insurance is found in marine insurance.
Hazards are only physical and found in property insurance.
One benefit of insurance is to provide peace of mind to policy holders
Special Perils is a main class of insurance