All of the Following Are Benefits to Society That Result

question 7

Multiple Choice

All of the following are benefits to society that result from insurance EXCEPT

• A)less worry and fear.
• B)elimination of moral hazard.
• C)indemnification for loss.
• D)loss prevention.

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Definitions:

Federal Reserve Bank

The Federal Reserve Bank is the central banking system of the United States, which oversees the nation's monetary policy and regulates its financial institutions.

Free Markets

Economic systems in which prices for goods and services are determined by the open market and consumers, with minimal government intervention.

Economic Competition

A condition in markets where businesses or sellers independently strive for the consumers' patronage to achieve a particular business objective, such as profits or market share.

Deregulation

The process of removing or reducing state regulations, typically in the economic sphere, to encourage free-market competition.