The Legal Regulations of Compulsory Motor Vehicle Insurance in Zimbabwe

Abstract

Is the uncertainty contingent upon the happening of an unwelcome event. The happening of the event may result in economic loss of one form or another to a person or organisation exposed to risk. Central to the concept of insurance is the idea of risk-distribution and risk-transfer. While there are a number of ,other methods for the management of risk, such as risk avoidance and risk retention, insurance, i.e. risk-distribution and risk- transfer, is the most popular risk management technique. What is distributed and transferred is not the physical risk, but the economic consequences of that risk.