Coverage against unexpected events is called?

Assessment: JAMB UTME - Commerce - 2004 Subject: Commerce

Question 1 Report

Coverage against unexpected events is called?
Answer Details
Coverage against unexpected events is called insurance. Insurance is a contract between an individual or an entity and an insurance company in which the individual or entity pays a premium to the insurance company in exchange for the promise of financial protection in the event of a covered loss or damage. In other words, insurance is a means of protection against unforeseen financial losses.
Read lesson note on Economic Groupings (WAEC)
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