What Is the Purpose of Self-Insurance

question 6

Multiple Choice

What is the purpose of self-insurance?

• A) Eliminate the risk
• B) Provide a means for covering losses
• C) Create high insurance costs
• D) Develop a new policy to be purchased by the insured

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Definitions:

Conservatism

A political and social philosophy that promotes retaining traditional social institutions and values, emphasizing stability, law, and order.

U.S. Economy

The economic system of the United States, characterized by a mixed economy with capitalist and regulatory elements.

Prosperity

A state of flourishing, success, or good fortune, often related to economic well-being.

Mechanization

The process of changing from working largely or exclusively by hand or with animals to doing that work with machinery.