(a) In Lake & Others NNO v Reinsurance Corp Ltd & Others1967 (3) SA 124 (W) at127 the Court referred to the following definition of an insurance contract: "A contract between an insurer and an insured, whereby the insurer undertakes in return for the payment of a price or premium to render to the insured a sum of money, or its equivalent, on the happening of a specified uncertain event in which the insured has some interest." With reference to this definition, comment on the correctness of the following statements and motivate your answers: (i) payment of an insurance premium is required before the contract can qualify as one of insurance;(2) (ii) in terms of an insurance contract proper, the insurer cannot undertake any performance other than the payment of money;(3) (iii) an insurable interest is required before a contract may be classified as one of insurance; and(3)(iv)a contract providing all risks cover cannot be classified as one of insurance as there is no "specified" uncertain event