Multiple choice organization of commerce and management business risks and insurance meaning, importance and principles of insurance features and principles of insurance meaning and definition of insurance kinds of insurance re-insurance and double insurance risks in business - insurable and non-insurable Insurance is based on the principle of ______________. Co-operation Democracy Equality Welfare Reveal answer Fill a bubble to check yourself A Correct answer Explanation Insurance operates on the principle of pooling risks among many people, which is a form of social co-operation to mitigate individual financial loss.