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1. Give two advantages and one disadvantage of risk avoidance (9 marks) 3. What are the benefits of insurance to the society? (6 marks) 4.

1. Give two advantages and one disadvantage of risk avoidance (9 marks)

3. What are the benefits of insurance to the society? (6 marks)

4. Briefly explain the steps of risk management process. (6 marks)

5. Give two differences between hedging and insurance. (6 marks)

6. What is pooling? Why is it important in insurance? (6 marks)

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