ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A pool is a group of insurers or reinsurers through which particular types of risks (often of a substandard nature) are underwritten, with premiums, losses, and expenses shared in agreed ratios.

Detailed explanation-2: -Insurance operations: marketing, underwriting, and administration. Insurance operations: actuarial analysis and investments. Insurance operations: reinsurance, legal and regulatory issues, claims adjusting, and management.

Detailed explanation-3: -Then we examine in greater detail the three most important types of insurance: property, liability, and life.

Detailed explanation-4: -There are essentially four classes of approach to risk pooling, considered in turn: no risk pool, unitary risk pool, fragmented risk pool, and integrated risk pools.