Explain the three major forms of non insurance risk transfer.

a) Define the term risk. [2 Marks]

b) In non-insurance transfer, the risk is transferred to a party other than an insurance company.

Explain the three major forms of non insurance risk transfer. [6 Marks]

c) List three advantages of an insurance cover. [3 Marks]

d) Explain the following phases of the risk identification process;

i.)Initial risk identification ii.)Continuous risk identification [4 Marks]

e) List five responses that can be initiated within an organization to manage risk. [5 Marks]

f) Explain the partnership model in risk management. [5 Marks]

g) Briefly explain four benefits of good risk management within an organization.

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