Which of the following statements is incorrect? A. Insurance provides a payment to the insured under...

Which of the following statements is incorrect?

A.        Insurance provides a payment to the insured under conditions specified by the insurance policy contract.
B.         Individuals who are less exposed to specific conditions that cause financial damage are more likely to purchase insurance against those conditions.
C.         Insurance can cause the insured to take more risks because they are protected.
D.        Insurance companies employ underwriters to calculate the risk of specific insurance policies.

Expert Solution

Individuals who are less exposed to specific conditions that cause financial damage are more likely to purchase insurance against those conditions.

Option A is correct

Option C is correct because of moral hazard problem

Option D is correct because underwriters are needed to calculate risk and premium

jeff jeffy answered 2 years ago

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