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 Form 2 business studies revision questions and answers set 3

Outline any four benefits of “pooling of risks” to insurance company

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Answer Text:
-Enables an insurance company to create a common pool of funds
-Enables insurance company to compensate those who suffer losses when risk occur
-Enables an insurance company to spread risks
over a large number of insured people
-Surplus funds can be invested
-Enables company to meet operating costs