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What is the purpose of insurance pooling?
  • a)
    To secure better insurance rates and coverage plans
  • b)
    To increase the number of policyholders
  • c)
    To prevent losses from occurring
  • d)
    To provide coverage for catastrophic events
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
What is the purpose of insurance pooling?a)To secure better insurance ...
Insurance pooling is the practice of a group of small firms joining together to secure better insurance rates and coverage plans. By leveraging their combined buying power, these businesses can negotiate more favorable terms with insurance companies, resulting in lower premiums and improved coverage options.
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What is the purpose of insurance pooling?a)To secure better insurance rates and coverage plansb)To increase the number of policyholdersc)To prevent losses from occurringd)To provide coverage for catastrophic eventsCorrect answer is option 'A'. Can you explain this answer?
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