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24-10-2022
Business

Answered

to be workable, insurance must have which of the following characteristics? group of answer choices a. pooling of losses b. payment only for random losses c. risk transfer d. indemnification e. all of the above

Answer :

SanofarAfrin SanofarAfrin

31-10-2022

Option (e) is the best choice. Insurance must possess all of the qualities outlined in the options in order to be practical.

What functions and significance does insurance serve?

Out of the wealth that has been collected, insurance makes beneficial investments. Insurance also makes loss prevention, financial stability, and the promotion of trade and business activity possible, all of which support long-term economic growth and development. The ability of an economy to grow sustainably depends on insurance.

What guidelines govern insurance?

There are six fundamental rules that must be followed in the insurance industry: insurable interest, utmost good faith, proximate cause, indemnification, subrogation, and contribution.

What does insurance cover?

If the insured event occurs, the insurer must pay the insured's expenditures for restoring the situation to its original state in order to make up for any property or health harm the insured is responsible for.

Learn more about insurance: https://brainly.com/question/989103

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