Discuss the ideal requirements of an insurable risk.

You are required to answer the following questions.
1. Insurers only insure pure risks, however not all pure risks are insurable. Discuss the ideal requirements of an insurable risk.
4 marks
2. The general insurance industry is characterised by cyclical market conditions, alternating between hard and soft market conditions. Explain what is meant by this?
4 marks
3. In respect of the taxation implications of insurance products, answer the following questions:
(a) Explain the taxation implications of trauma insurance.
(b) In what situations are premiums for key-person insurance not tax deductible?
(c) Explain the circumstances in which the 10-year rule for an insurance policy will be restarted.
(d) Discuss the effects of arranging life insurance under a superannuation plan.
4 x 2 = 8 marks
4. Explain the function of rate making in life insurance.
4 marks

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