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Afina-wow [57]
2 years ago
9

A group of farmers agreed that if any farmer suffered a property loss, the loss would be spread over the entire group. In this w

ay, each farmer is responsible for the average loss of the group rather than the actual loss that the farmer sustained. Which characteristic of insurance is embodied in this agreement?
Business
1 answer:
mixas84 [53]2 years ago
8 0

Answer:

pooling losses

Explanation:

This agreement embodies the concept of pooling losses. In this concept, each individual loss is spread over to the entire group. In order for this arrangement to be effective, a large number of farmers are required, so whenever a farmer suffers a loss, it will be mitigated due to the pooling over the large group.

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Answer:

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Add: Electrical connections    $5,000

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Add: Safety guards                  <u>$1,500</u>

Total cost of Equipment         <u>$780,200</u>

<u></u>

Note: Repairs cost of $5,000 will not be included

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