The Financial Definition of insurance:
A) is that insurance is a contract in which one party agrees to compensate another party for losses covered by the contract
B) is that insurance is a financial agreement that transfers the risk of insured losses to a risk pool by an insurer
C) differs from state to state
D) is that it is any pool for which the insurance mechanism works

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The Answer of The Financial Definition of insurance:
A) is that insurance is a contract in which one party agrees to compensate another party for losses covered by the contract
B) is that insurance is a financial agreement that transfers the risk of insured losses to a risk pool by an insurer
C) differs from state to state
D) is that it is any pool for which the insurance mechanism works

The Financial Definition of Insurance