Which of the following is a characteristic of insurance?

Name: Which of the following is a characteristic of insurance?
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Question

Quizplus · Accepted Answer

Insurance involves the pooling of losses, where risks are spread out among a group of insured individuals or entities. This allows the costs of losses to be shared and more predictable for each individual member of the group. Insurance does not involve avoidance of risk, payment of intentional losses, or certainty about specific losses that will occur.

Which of the Following Is a Characteristic of Insurance