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What are the various elements of insurance?

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What are the various elements of insurance?

My question is from Insurance subject matter

The question was asked in unit test.

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The correct answer is: These elements are a definable risk, a fortuitous event, an insurable interest, risk shifting, and risk distribution. In addition, there is a very important legal difference between a reserve and an insurance company.

The title of my answer can be Elements of Insurance | Expert Commentary | IRMI.com

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