Multiple choice

The insurance is: (a) A cooperative device to spread the risk; (b) the system to spread the risk over a number of persons who are insured against the risk; (c) the principle to share the loss of the each member of the society on the basis of probability of loss to their risk; (Which statement is true?)

  1. (a) only

  2. (b) only

  3. (a), (b) and (c) all

  4. (a) and (b) only
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The insurance is: (a) A cooperative device to spread the risk; (b) the system to spread the risk over a number of persons who are insured against the risk; (c) the principle to share the loss of the each member of the society on the basis of probability of loss to their risk; and (d) the method to provide security against losses to the insured

Keep practicing — related questions