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4 Cards in this Set
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- Back
- 3rd side (hint)
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Insurance |
Is a contract in which one party(insurance company) agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. |
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What does insurance do? |
Transfer risk of loss from an individual or business entity to an insurance company. What |
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Risk |
Is the uncertainty or chance of a loss occurring. |
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Types of risks |
Pure Risk and Speculative Risk |
There are only 2 types |
