Distinguish between the following:
3. Insurable risk and non-insurable risk
Insurable risk
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Non-insurable risk
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It refers to the risk that is insured by various insurance companies.
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It refers to the risk that is not insured by any insurance company.
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This includes risks against fire, risks against sea perils etc.
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This includes risks arising out of changes in government policies, changes in the demand for a product etc.
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