(a) Uninsurable risks are risks that are not economically insurable because the risks involved cannot be easily easily estimated for the purpose of fixing the premium.
Examples id of uninsurable risks are:
(i) Gambling
(ii) Loss of profit through maladministration or competition
(iii) Changes in fashion
(iv) Act of God such as earthquakes, hurricane, natural disasters etc
(b)(1) Hull insurance; is an insurance contract covering damages or loss to the ships engine and the ship itself, that is, the whole body of the ship.
(ii) Fidelity Guarantee; type of insurance is effected by companies against possible loss of cash by their cashier or other employees handling the company's cash. This also covers fraud on the part of dishonest workers.
(iii) An Underwriter; is an insurer who undertakes to cover a fraction of risk. He will be called upon to pay that part if the risk occurs. In other words, an underwriter in finance agrees to underwrite new issues so that he will buy the remaining shares that were not purchased after the issue.
(iv) Premium is the amount paid by the insured to the insurer. It can be paid in bulk or in several installments.