Take Test Chapter 3 Review Questions- F0S 3n 2/17/2018 the courts have defined t
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Take Test Chapter 3 Review Questions- F0S 3n 2/17/2018 the courts have defined the term war broadly. losses from war are potentially catastrophic. O insuring war creates an adverse seloction problem. O none of the above 1 pointsSave Answer QUESTION 12 Although insurance may be defined in various ways, the two fundamental characteristics of the insurance mechanism are O premiums and policies O transfer and sharing. O combination and sharing. loss prevention and transfer 1 points Save Answer QUESTION 13 There are two basic approaches to the interpretation of we are primarily concerned with probability. In insurance the subjective interpretation. the apriori interpretation. O the relative frequency interpretation. the Bayesian interpretation. QUESTION 14 1 points Save Answer Social insurance is distinguished from private or voluntary insurance primarily in that social insurance O is provided by the govemment. O is compulsory. attempts to redistribute income in favor of certain classes and is usually compulsory. O is financed primanily out of the govemment's general revenues. QUESTION 15 1 points Save Answer Click Save and Submit to save and submit. Click Save All Answers to save all answers.Explanation / Answer
12 . D loss prevention and transfer
Insurance is a device to share the financial losses which might befall on an individual or his family on the happening of a specified event.The most important feature of every insurance plan is the co-operation of large number of persons who, in effect, agree to share the financial loss arising due to a particular risk which is insured. Such a group of persons may be brought together voluntarily or through publicity or through solicitation of the agents.
13 A the subjective interpretation
Subjective probability is a probability derived from an individual's personal judgment about whether a specific outcome is likely to occur,just like while making an insurance we weigh if somethings bad is likely to occur It contains no formal calculations and only reflects the subject's opinions and past experience. Subjective probabilities differ from person to person, and they contains a high degree of personal bias and so does the things for which different people cover insurance for.
C Attempts to redistributecincome in favour of certain classes and usually compulsory
The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. It a Form of compensation provided and controlled by a government for elderly, disable, or unemployed people. Acceptance in a social insurance program is not guaranteed and individuals seeking to be covered have to meet certain requirements
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