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Exam (elaborations)
Fundamentals of Insurance BC questions and answers graded A+
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---16May 20242023/2024A+
- What is the major function of insurance? - ANSWERS to allow the spread of risk 
What are the five important functions of insurance? - ANSWERS 1) insurance is the 
shifting of financial responsibility for a loss 
2) payment will be made only in the event of an insured risk 
3) the amount of payment is restricted to the amount required to indemnify the insured 
4) insurance covers losses the object may be exposed to 
5) the indemnity can be in the form of money or repair/replacement 
What are the...
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