GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ in insurance, is the splitting or spreading of risk among multiple parties.
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Coinsurance
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Reinsurance
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Blanket Bond
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Blanket Assign
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Explanation:
Detailed explanation-1: -Coinsurance is splitting or spreading risks among multiple parties. It can either be about sharing risks between the insured and insurer or between 2 or more insurers.
Detailed explanation-2: -Coinsurance is a risk-sharing agreement between the insurer and the insured under a particular insurance policy.
Detailed explanation-3: -Risk sharing, also known as “risk distribution, ‘’ means that the premiums and losses of each member of a group of policyholders are allocated within the group based on a predetermined formula.
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