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1.The essence of insurance is the transfer of risk to an independent third party. Self-insurance presupposes that: A.That the risk is always transferred to re-insurance
1.The essence of insurance is the transfer of risk to an independent third party. Self-insurance presupposes that:
A.That the risk is always transferred to re-insurance company.
B.That the risk is spread between an internal service fund and the underwriters.
C.The government accepts the risk and it could be shared by a re-insurance company.
That the only true expense is the claim itself
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