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BusinessBusiness
4 January, 12:44

With regard to insurance, risk can be defined as:

A) uncertainty regarding financial gain.

B) certainty regarding financial gain.

C) uncertainty regarding loss.

D) certainty regarding loss.

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Answers (1)
  1. 4 January, 13:19
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    C) uncertainty regarding loss.

    Explanation:

    An insurance is an arrangement between the insurer and the insured in which the insured pays the insurer a fee known as premium for indemnity in case of a loss or damage to an identified property or life.

    An insurance is taken by the insured to reduce his cost in case of a loss. As such, the risk in an insurance is the uncertainty regarding a loss.

    The right option is C.
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