Which statement best describes how insurance works?
A. Insurance lowers the individual effects of financial loss by spreading the risk to a larger group.

B. Insurance companies collect and hold a customer's premiums and pay claims from that money in the event that the customer has a loss.

C. Insurance companies borrow money from banks when they have to pay claims to policyholders.

D. Insurance companies change the coverage types offered on policies based on an individual's loss history.

Question

nathankobie nathankobie

27-06-2022
Business

contestada

Which statement best describes how insurance works?
A. Insurance lowers the individual effects of financial loss by spreading the risk to a larger group.

B. Insurance companies collect and hold a customer's premiums and pay claims from that money in the event that the customer has a loss.

C. Insurance companies borrow money from banks when they have to pay claims to policyholders.

D. Insurance companies change the coverage types offered on policies based on an individual's loss history.

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mboluwape mboluwape · Answer 1 · 2022-06-27T17:52:02+02:00

Insurance companies collect and hold a customer's premiums and pay claims from that money in the event that the customer has a loss.

What is insurance?

Insurance involves securing an item against accident or any damages.

An individual can insure properties such as Land, building or Life by paying certain amount of money which serves a premium.

Therefore, insurance companies collect and hold a customer's premiums and pay claims from that money in the event that the customer has a loss.

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