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FIN 428 Week 2 Insurance Viewpoints
Define insurance from the viewpoint of the individual and of society.
Write a 30- to 45-word response for each of the following questions:
- Identify and explain the two essential features in the operation of insurance.
- Explain how the law of large numbers supports the operation of the insurance mechanism.
- Identify and explain the desirable elements of an insurable risk.
- Explain what is meant by adverse selection and why it is a problem for insurers.
- Explain the economic contributions of insurance.
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