IC-38 Life Practice Questions - IC-38 Insurance Agent Exam - Life (IRDAI Insurance Institute Of India) Exam

Which of the following describes the core economic concept behind insurance?

Accumulating wealth for speculative investments Pooling risks of many individuals to spread the financial loss of a few Guaranteeing that no physical damage or loss will occur Eliminating all physical hazards from a person's life

Correct Answer:

Pooling risks of many individuals to spread the financial loss of a few

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