QQuestionBusiness Law
QuestionBusiness Law
Insurance represents the process of risk:
A) Selection
B) Avoidance
C) Transference
D) Assumption
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Answer
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Step 1I'll solve this problem step by step, focusing on the key concepts of risk management in insurance.
Step 2: Understand the Concept of Risk Management
Risk management involves strategies for dealing with potential financial losses. In insurance, the primary goal is to handle and mitigate risk through various approaches.
Final Answer
Key Insight: Insurance is a risk management strategy where financial risk is transferred from the insured to the insurer through a contractual agreement, providing financial protection against potential losses.
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