risks areb classifioed in various ways. one classification is based on the
extent of the damage likely to be caused. crirical or catastrophic risks
are those which may lead to the bankrupcty of the owner. it would happen
if the loss is total, like in a tsunami, wiping out everything. it can also
happen if the deceased person was heavily in debt. important risks may
not spell doom, but may upset family or business finances badly, requiring
a lot of time to recover. the adverse effects of an economic recession is
one such, less damaging are unimportant risks, like temporay illness or accidents.
anoter classification is between financial and non-financial risks
referred to in an earlier paragraph, insurance is concerned with only
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