answersLogoWhite

0

One essential element of insurance is to shift the risk of loss of the insured item from the client to the insurer. Other essential elements include the insurer being open to a significant loss, distributing the risk over a number of policies held by the insurer, and the premium paid by the client to the insurer.

User Avatar

Wiki User

10y ago

Still curious? Ask our experts.

Chat with our AI personalities

JordanJordan
Looking for a career mentor? I've seen my fair share of shake-ups.
Chat with Jordan
MaxineMaxine
I respect you enough to keep it real.
Chat with Maxine
BlakeBlake
As your older brother, I've been where you are—maybe not exactly, but close enough.
Chat with Blake

Add your answer:

Earn +20 pts
Q: What are the essential elements of Insurance?
Write your answer...
Submit
Still have questions?
magnify glass
imp