Identify the correct statement

A. Insurance transfer s risk from one asset to another asset

B. Losses to assets are sought to be shared by a few only

C. Gains of a few people are sought to be shared by many in insurance

D. Losses suffered by a few people are sought to be shared by many in insurance

Answer: Option D

Solution(By Examveda Team)

Losses suffered by a few people are sought to be shared by many in insurance. Insurance is defined as a co-operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against that risk.