Questions: Insurance represents the process of risk A. avoidance B. selection C. assumption D. transference

Insurance represents the process of risk A. avoidance B. selection C. assumption D. transference
Transcript text: Insurance represents the process of risk A. avoidance B. selection C. assumption D. transference
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Solution

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Answer

The answer is transference.

Explanation
Option 1: Avoidance

Avoidance refers to the act of eliminating a risk entirely, which is not the primary function of insurance.

Option 2: Selection

Selection involves choosing which risks to insure, but it does not represent the overall process of insurance.

Option 3: Assumption

Assumption means taking on the risk oneself, which is contrary to the purpose of insurance.

Option 4: Transference

Transference is the correct answer because insurance involves transferring the financial risk from the insured to the insurer. This is the fundamental principle of how insurance operates.

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