Explain the Problems That Necessitate Insurance Management,and Three Methods Insurance

question 48

Essay

Explain the problems that necessitate insurance management,and three methods insurance companies use to address these problems.Identify the problem that each practice addresses.

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Definitions:

Money Income

It refers to the total amount of monetary earnings received by an individual or household, including wages, salaries, and other forms of financial income.

Revenues

The sum of money a business acquires from selling goods or offering services over a certain time frame.

Households

Economic units that represent all individuals living in a single dwelling, sharing income and expenses; primary consumers in the economy.

Centrally Planned Economies

Economic models in which all decisions about what to produce and how to distribute goods and services are made by the government or a central body.