Insurance is a mechanism of?
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Insurance is the pooling of fortuitous losses by transfer of such risks to insurers, who agree to indemnify insured connected with the risk.
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NATURE AND OPERATION OF INSURANCE MECHANISM. Insurance may be described as a social device whereby a large group of individuals or companies through a system of equitable contribution may reduce or eliminate certain measurable risks of economic cost resulting from the accidental occurrence of disastrous events.
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