The payment amount depends on the value of the loss caused by the specific insured risk, but only if the amount does not exceed this amount. In life insurance, the purpose is not to make up for economic losses suffered. The insurance company promises to pay a fixed amount when the incident occurs.
Large number of insureds
In order to spread losses immediately, smoothly and cheaply, a large number of people should be insured. The cooperation of a small number of people may also be insurance, but only in a smaller area. The cost of insurance for each member may be higher. Therefore, it may not be sold. Therefore, in order to make insurance cheaper, a large number of people or properties must be secured, because the lower the insurance cost, the lower the premium. In the past few years, it has been discovered that tariff associations or mutual fire insurance associations share losses at lower prices. In order to operate successfully, a large number of people should be insured.
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