Briefly explain the following characteristics of insurance: a. Pooling of losses b. Payment only for random losses

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Briefly explain the following characteristics of insurance:

a. Pooling of losses

b. Payment only for random losses

c. Risk transfer

d. Indemnification

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Gapenskis Understanding Healthcare Financial Management

ISBN: 9781640551091

8th Edition

Authors: George H. Pink, Paula H. Song

Question Posted: Dec 27, 2023 06:53 AM

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Briefly explain the following characteristics of insurance: a. Pooling of losses b. Payment only for random losses

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a Pooling of Losses Definition Insurance involves the pooling of losses a mechanism where a large group of individuals or entities collectively contribute premiums to create a common fund This fund is ...View the full answer

Gapenskis Understanding Healthcare Financial Management

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