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Q: What is the concept of pooling of risk with reference to reinsurance short term insurance as well as long term insurance?
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What is pooling of risk with reference to re-insurance and short-term insurance?

this refers to the payment of premiums into a fund or pool to pay for the losses that occur


What is the basic concept of risk pooling?

The basic concept of risk pooling is to ascertain the mortality rate,financial background, literary parameter of the insured while issuing life policy to a person.


How does life insurance differ from other types of insurance?

Life insurance is not based on risk pooling.


What is the explanation for the concept of risk pooling?

What is the basis for the concept of risk pooling? The basis for the concept of risk pooling is to share or reduce risks that no single member could absorb on their own. Hence, risk pooling reduces a person or fim's exposure to financial loss by spreading the risk among many members or companies. Actuarial concepts used in risk pooling include: A. statistical variation.B. the law of averages.C. the law of large numbers.D. the laws of probability.


Difference between pooling of risk in shortterm and longterm insurance?

terms period


What are the basic principles of life insurance?

There are, in fact, a wide variety of "basic" principles of life insurance. Some of these principles include risk management, risk pooling, and human life value.


What does CEC stand for on ships names?

CEC stands for Cooperative Engagement Capability, which is a newer concept in pooling shipboard sensor inputs and resources aboard Navy vessels.


What is pooling substation?

The Substation which comes power from the power plant know as pooling substation.


What are importance of insurance?

Insurance is a cost-sharing mechanism designed to limit peope's financial risks to sudden, severe and unanticipated losses. The idea behind insurance is that, by pooling premiums paid in, people and corporations can either avoid or reduce losses that would result if no insurnance was in place.


What are the importance of insurance?

Insurance is a cost-sharing mechanism designed to limit peope's financial risks to sudden, severe and unanticipated losses. The idea behind insurance is that, by pooling premiums paid in, people and corporations can either avoid or reduce losses that would result if no insurnance was in place.


What was a common activity of the grange?

pooling resources to buy equipment pooling resources to buy equipment


What is is blood pooling?

blood pooling is when the circulation of blood is minimal or non-existant in a part of the body.