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...School of management studies unit insurance sbaa conceptual framework concept perils and risks classification need for nature working types importance role fundamental principles differentiation guarantee wager disclosure moral hazards definition peril is an term event that could cause damage to property items or belongings insured examples different in home are fire hail flooding earthquake theft etc policies typically divided into all named these may have costs cover meaning risk simple words danger hazard chance loss amount covered by person object the happening which not planned but eventually happens with financial consequences resulting there saying higher more profit non measured monetary terms pure a only at best break even situation mostly emanating from it required know complex sub also insight can be cannot we look this subject following manner speculative particular post going three classifications where outcome i e giving birth losses assessed proper money value given thos...