Which of the below option best describes the process of
insurance?
ASharing the losses of many by a fewCorrect AnswerIncorrect Answer
BSharing the losses of few by manyCorrect AnswerIncorrect Answer
COne sharing the losses of fewCorrect AnswerIncorrect Answer
DSharing of losses through subsidyCorrect AnswerIncorrect Answer
ENone of theseCorrect AnswerIncorrect Answer
Solution
Insurance may be considered as a process by which the losses of a few, who are unfortunate to suffer such losses, are shared amongst those exposed to similar uncertain events / situations.