All insurance policies are based on the concept of sharing risk. This means that if any loss affects one or more individuals, that loss will be shared among many people. Therefore, it will not be an unreasonable burden for everyone.
All Insurance is based on a principle called
Correct Answer
Division of risk
Explanation
It is determined by the amount of risk that the insurer considers the insured’s insurance coverage to be. The higher the risk (lousy health, location the home is located), the more premium cost.
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