ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economic
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speculative
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emotional
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all of the above
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Detailed explanation-1: -Economic loss may be caused by a natural disaster, such as a hurricane, or by the negligence of another party. Pure economic loss is usually defined as financial loss that excludes property damage. In cases of pure economic loss, the only thing that is lost is money.
Detailed explanation-2: -Sudden cataclysmic disasters such as earthquakes, tsunamis, hurricanes and floods cause devastation on impact. Slow-onset disasters such as droughts inflict persistent damage over time. The loss of life in recent events alone is staggering. Some 250, 000 were killed across several countries in the 2004 tsunami.
Detailed explanation-3: -Broadly categorized, the types of losses of concern to risk managers include personnel loss, property loss, time element loss, and legal liability loss.
Detailed explanation-4: -Causes of loss are the perils that can bring about or trigger loss or damage.