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    Question

    Which of the below option best describes the process of insurance? 

    A Sharing the losses of many by a few Correct Answer Incorrect Answer
    B Sharing the losses of few by many Correct Answer Incorrect Answer
    C One sharing the losses of few Correct Answer Incorrect Answer
    D Sharing of losses through subsidy Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect 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.

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