Question

The concept of insurance involves a transfer of; a) liability
b) needs
c) ownership
d) risk

Answer 1

Answer:

• d .........risk......

Answer 2

The correct answer is D

Explanation:

• The concept of the insurance is that an entity select to spend small amounts of money which is periodic against the possibility of the huge or big unexpected loss.

• Under this concept, all the policy holder pool their combined risk and if any loss they suffer or face will be paid through premiums which the policy holders pay.

• Therefore, this concept comprise the transfer of the risk to the insurance company.

You can learn more from here about the insurance:

https://brainly.in/question/7268704

You can learn more from here about the types of insurance:

https://brainly.in/question/11790900

basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.