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This question belongs to Commerce Insurance

Insurance

?

Which of the following statements is true?

A) Insurance is a method of sharing the losses of a ‘few’ by ‘many’ B) Insurance is a method of transferring the risk of an individual to another individual C) Insurance is a method of sharing the losses of a ‘many’ by a few D) Insurance is a method of transferring the gains of a few to the many

Answer & Solution

Correct Answer: Option A

Insurance pays when there is loss of asset. Insurance is a method of sharing the losses of a 'few' by 'many'. property to assess the risk for rating purposes.

Question posted by Examveda

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