risk pooling premium actuarially fair insurance premium deductible third party payer moral bazard

Personal Finance
13th Edition
ISBN:9781337669214
Author:GARMAN
Publisher:GARMAN
Chapter10: Managing Property And Liability Risk
Section10.1: Risk And Risk Management
Problem 4CC
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Explain how insurance works (the theory of
insurance), including explaining the
following terms:
risk pooling
premium
actuarially fair insurance premium
deductible
third party payer
moral hazard
Transcribed Image Text:Explain how insurance works (the theory of insurance), including explaining the following terms: risk pooling premium actuarially fair insurance premium deductible third party payer moral hazard
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