1. Mr.Wealthis a very wealthy businessman. He is into supermarket business and making lots of money. However, one major challenge and setback to his business is that there is hardly any year that his supermarket will not be burnt to ashes. Mr. Wealth has concluded that some spiritual forces are behind the yearly inferno. He has approached you with a cheque of One Million as an expert in business to give him advice on risk management in business.

(a)What type of insurance is more appropriate in respect of Mr. Wealth's supermarket? ( 2 marks)

(b)Mention two benefits of insurance to Mr. Wealth ( 2 marks)

(c)Mr. Wealth wants to know the meaning of the phrase "insurable interest". Please, explain to him( 2 marks)

(d)In the circumstance, do you think Mr. Wealth has insurable interest? ( 2 mark)