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Define the following terms as used in business studies (i) Annuity (ii) Proposer (iii) Speculative risk (iv) Grace period

Define the following terms as used in business studies
(i) Annuity
(ii) Proposer
(iii) Speculative risk
(iv) Grace period

Answers

(i) Annuity
Is an agreed amount of money that an insurer agrees to pay to the insured annually until the latter‘s death
(ii) Proposer
This is a person wishing to take out an insurance cover (Prospective insured)
(iii) Speculative risk
This is a risk that when it occurs may result in loss or a profit
(iv) Grace period
This is the time allowed between the date of signing of the contract and the date of the payment of the first premium.

sharon kalunda answered the question on September 2, 2019 at 11:14

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