a) Explain the concept of deductible and state two reasons why a policyholder would adopt this when buying a policy.

b) Discuss the role of an Actuary and how they can utilize their actuarial function in the different industries. c) Explain the importance of financial security systems

d) Explain the concept of economic risk and state using examples how firms can mitigate or avoid such risks e) Explain the difference between moral hazard and adverse selection and how it is applicable in the insurance industry