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Barbara would like to buy a house. She will pay 2 5 % down and mortgage 7 5 % from a bank. The home will
Barbara would like to buy a house. She will pay down and mortgage from a bank. The home will serve as collateral for the loan. The bank will not lend Barbara the money unless the home is insured. Using insurance to secure the collateral for a loan illustrates which of the following benefits of insurance to society?
a
incentives for loss prevention
b
reduction of fear and worry
c
source of investment funds
d
enhancement of credit
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