The insured need to pay premium for insurance to protect their financial loss. Therefore, insurance industry increases cost of bearing risk in society.

Name: The insured need to pay premium for insurance to protect their financial loss. Therefore, insurance industry increases cost of bearing risk in society.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The insurance industry helps to distribute and manage risk, reducing the financial burden on individuals by pooling resources and spreading risk across many policyholders.

The Insured Need to Pay Premium for Insurance to Protect