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Insurance is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or ______ event.
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.
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 ______.
Adverse selection can lead to higher-than-expected losses & unprofitable business for ______.
insurers
Insurance is differentiated from ______ & Gambling.
Insurance is differentiated from ______ & Gambling.
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Insurance provides social & economic ______ to society.
Insurance provides social & economic ______ to society.
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