SCI BCP Practice Questions - Basic Insurance Concepts And Principles (BCP) Examination Exam

Which of the following best describes how insurance works as a financial mechanism?

It eliminates the chance that a loss will happen It transfers the financial consequences of risk from the individual to a pool It guarantees that policyholders will profit It removes the need for any risk management

Correct Answer:

It transfers the financial consequences of risk from the individual to a pool

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