Fundamentals to Insurance| 404 QUESTIONS| WITH COMPLETE SOLUTIONS
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List the 5 functions of insurance: 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Empl ... oyment opportunity Definition of insurance (3 parts) 1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain risk or peril iii) the amount of the payment is restricted to the amount required to indemnify the insured [Show More]
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