Which of the following best describes the function of insurance quizlet?
WHICH OF THE FOLLOWING BEST DESCRIBES THE FUNCTION OF INSURANCE? IT SPREADS FINANCIAL RISK OVER A LARGE GROUP TO MINIMIZE THE LOSS TO ANY ONE INDIVIDUAL.
What is the description of insurance?
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
What is an insurer quizlet?
Insurers. another name for insurance companies. Two most common types: stock and mutual ins co's. stock insurance companies. owned by stockholders who purchase shares of stock as an investment.
What best describes the function of insurance?
The function of insurance is to safeguard against financial loss by having the losses of few paid by the contributions of many who are exposed to the same risk.
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