Home › CBSE Class 11 (Commerce) › Business Studies › Business Services › Insurance is a device by which a likely loss is
Insurance is a device by which a likely loss is
ASpread over many persons
BBorne wholly by insurer
CRemoved completely
DPassed to government
Answer & Solution
Correct answer: A. Spread over many persons
Persons facing common risk contribute to a pool so that one person's loss is shared.
Related questions
Why might a business use a warehouse before transport?Which goods need warehouse storage to mature?Warehouses usually have loading docks accessible to which vehicles?In India a warehouse may be called what?What is a building for storing goods called?What is a definite loss in insurance?Which purchase is generally not considered insurable?Which principle makes several insurers share one loss?