Summary of the Basis of Insurance
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Before undertaking the study of insurance, it is necessary to have an understanding of some of the basic terms used in that study.Certain definitions are essential: (1) Riskuncertainty concerning loss; (2) degree of riskthe accuracy with which a given loss can be predicted; (3) chance of lossthe probable number of times in any given number of exposures that loss will occur; (4) perilthat which can cause loss; (5) ...Summary of the Basis of Insurance
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Nov 10 2008