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Distinguish Between the Following: Insurable Risk and Non-insurable Risk - Economics

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Distinguish Between

Distinguish between the following:

Insurable risk and non-insurable risk

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Solution

Insurable risk
Non-insurable risk
It refers to the risk that is insured by various insurance companies.
It refers to the risk that is not insured by any insurance company.
This includes risks against fire, risks against sea perils etc.
This includes risks arising out of changes in government policies, changes in the demand for a product etc.
Concept: Factors of Production - Organisation
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 7 Factors of Production
Exercise | Q 1.3 | Page 61

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