Question

When the insured knows more about their circumstances than the insurer, there is

Answer 1

When the insured party knows more about his or her circumstances than the insurer, then there is: B. All of these.

What is an insurance company?

An insurance company is a business firm that is establish to collect premium from all of the insured for losses which may or may not occur, so they can easily use this cash to compensate or indemnify for losses incurred by those having high risk.

In Economics, when the insured party knows more about his or her circumstances than the insurer, then there is:

• Adverse selection

• Propitious selection

• Moral hazard

• Asymmetric information

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