"An agreement to pay a premium to a company in return for a guarantee of financial benefits in the event of an undesired circumstance" defines
A)Social insurance
B)Private insurance
C)Private investment
D)Asset management
E)Retirement savings

Question

Quizplus · Accepted Answer

The definition given in the question describes private insurance, where an individual or organization pays a premium to an insurance company in exchange for financial protection against a potential loss or damage. Social insurance refers to government-run programs such as Social Security, while private investment and asset management involve investing in financial markets or managing one's assets. Retirement savings involve setting aside a portion of one's income for future use after retirement.

"An Agreement to Pay a Premium to a Company in Return