Family & Relationship

How does insurance work?

Family & Relationship September 27, 2019 0 Comments

While insurance may seem like a necessity, it’s not as simple as it seems. Underwriting involves deciding on risks and setting premiums. Insurers also analyze historical loss data to assess the risks and compare that data with the amount of premiums collected. It uses statistics and probability to determine the likelihood of future claims. Insurers can determine the likelihood of…

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