Principles of Insurance
Terry places a bet on the outcome of a basketball game.
Margaret's dog is temperamental. She's afraid that it will bite a neighbor someday and she will be held responsible.
Sam transfers all of his retirement funds into a stock that he expects to rise in value.
Cindy, along with 32 others, puts $100 into an Indy 500 race pool at work. The person holding the name of the winning driver will win the entire $3,300.
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Prohibits insurance with extremely high premiums.
States that there must be a narrow spread of risk for insurance to be effective.
States that the more examples used to develop a statistic, the more reliable the statistic will be.
Requires all members of society with insurance exposures to purchase insurance.
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