1. How does duration (interest rate risk), liquidity and credit risk get mitigated regarding the composition of risk management investment portfolios ? What is meant by the Securitization of Risk ?....i.e. Transferring to the financial capital markets an insurable risk through the creation of a financial instrument referred to as an insurance-linked security.. ILS i.e. (exampleCAT Bonds).

2. What is meant by being a "Smart Consumer" of Insurance & Insurers "Before You Buy" ? What is meant by the "Steps In The Claim Settlement", and why is it important?

3. What is meant by the following terms / concepts ?

> Policyholders Surplus;

> Loss Reserves;

> Loss Ratio (Paid, Incurred & Combined);

> Incurred-But-Not-Reported Reserves (IBNR)

> What influences (drives) the basic cost of insurance and therefore premiums?