check for me tos correct or no

Part I: True or False: (2.5 marks, 0.5 each) (ILO's: A1, A2) 1. Insurance is a risk treatment method that is best used for losses that happen frequently, and of which the severity is low. (T/F) 2. An insurance contact is aleatory, which means that the values exchanged between the insured and insurer are not equal. (T/F) 3. During an insurance hard market condition, a Company's Risk Manager would prefer to obtain more insurance coverages and renegotiate existing terms. (T/F) 4. A business firm is allowed to insure the life of its CEO if a pecuniary interest is proven to the insurer. (T/F) 5. Using retention as a risk treatment method is suitable if losses are unpredictable and have a high impact (T/F)