What are the three main types of risks in project management?

Avoidable risks, strategic risks, and unavoidable risks.

Fill in the blank: Risk management involves the identification, analysis, and ___ of uncertainty in investment decisions.

Mitigation

True or False: Strategic risks are always negative and should be avoided at all costs.

False. Strategic risks can be taken on in pursuit of favorable returns.

What was a significant outcome of the Malhotra Committee's recommendations in 1994?

It led to reforms that improved the functionality of the Indian insurance sector.

Fill in the blank: The principle of insurance can be traced back to ancient civilizations around ___ BC.

3000

What is the primary function of insurance?

To provide protection against future risks, accidents, and uncertainties.

True or False: Insurance policies do not require any form of deductible.

False. Most insurance policies include a deductible that the insured must cover.

How does the law of large numbers apply to insurance?

It states that as the number of insurance policies increases, the variance of expected losses decreases, making predictions more accurate.

What major event in 1956 changed the landscape of life insurance in India?

The nationalization of the life insurance business and the formation of the Life Insurance Corporation of India (LIC).

Fill in the blank: Unavoidable risks include events such as ___ and political turmoil.

Natural disasters

What is the significance of the Insurance Regulatory and Development Authority (IRDA) established in 2000?

Its goal is to protect policyholders' interests and promote the growth of the insurance sector in India.