Insurance & Risk Quiz

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Questions and Answers

Insurance is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or ______ event.

contingent

Insurance is the pooling of ______ losses by transfer of such risks to insurers, who agree to indemnify insureds for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk.

fortuitous

Adverse selection can lead to higher-than-expected losses & unprofitable business for ______.

insurers

Insurance is differentiated from ______ & Gambling.

<p>Hedging</p> Signup and view all the answers

Insurance provides social & economic ______ to society.

<p>benefits</p> Signup and view all the answers

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