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Why do people enter pooling arrangements? Given their benefits, why don't most people simply form their own pooling of losses arrangements rather than involve insurance

Why do people enter pooling arrangements? Given their benefits, why don't most people simply form their own pooling of losses arrangements rather than involve insurance companies? Discuss.

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People enter pooling arrangements such as insurance policies for several reasons 1 Risk Transfer Pooling arrangements allow individuals or businesses to transfer the financial risks associated with po... blur-text-image

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