INS21

Card Set Information

Author:
QBESouthfield
ID:
2008
Filename:
INS21
Updated:
2009-12-01 14:24:15
Tags:
Chapter 1
Folders:

Description:
Insurance: What is it?
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  1. Explain why insurance is described as a transfer system.
    It transfers the costs of losses from a person, family, or business to an insurer.
  2. How do insurance buyers transfer the costs of their losses to insurance companies?
    By buying insurance.
  3. How does insurance spread the costs of losses among all insureds?
    By pooling the premiums paid by all insureds and using that money to pay losses.

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