About this document
Overview of Insurance Functions by Canaan is a document available to read on EtoBox.
Insurance involves transferring risk from an individual to a group. Members of the group pay premiums that are pooled and used to cover losses experienced by unfortunate few. This allows people to exchange an unknown potential loss for a known premium payment, transferring their economic risk to an insurance company. Key functions of insurance include risk pooling and sharing, providing predictability of losses, and giving peace of mind to individuals and society.
- Author
- Canaan
- Language
- EN