The Legal Regulations of Compulsory Motor Vehicle Insurance in Zimbabwe
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Is the uncertainty contingent upon the happening of an unwelcome event. The happening of the event may result in economic loss of one form or another to a person or organisation exposed to risk. Central to the concept of insurance is the idea of risk-distribution and risk-transfer. While there are a number of ,other methods for the management of risk, such as risk avoidance and risk retention, insurance, i.e. risk-distribution and risk- transfer, is the most popular risk management technique. What is distributed and transferred is not the physical risk, but the economic consequences of that risk.