A mechanism for reducing financial risk and spreading financial loss due to unexpected events is known as _. The document stipulating the terms of this agreement is known as a(n) _. (19-1)

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Answer 1

Textbook Question

Chapter 19, Problem 1CR

A mechanism for reducing financial risk and spreading financial loss due to unexpected events is known as _____. The document stipulating the terms of this agreement is known as a(n) _____. (19-1)

Expert Solution & Answer

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

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Answer 2

Textbook Question

Chapter 19, Problem 1CR

A mechanism for reducing financial risk and spreading financial loss due to unexpected events is known as _____. The document stipulating the terms of this agreement is known as a(n) _____. (19-1)

Expert Solution & Answer

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

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Answer 3

Textbook Question

Chapter 19, Problem 1CR

A mechanism for reducing financial risk and spreading financial loss due to unexpected events is known as _____. The document stipulating the terms of this agreement is known as a(n) _____. (19-1)

Expert Solution & Answer

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

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Answer 4

Textbook Question

Chapter 19, Problem 1CR

A mechanism for reducing financial risk and spreading financial loss due to unexpected events is known as _____. The document stipulating the terms of this agreement is known as a(n) _____. (19-1)

Expert Solution & Answer

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

Answer 8

Expert Solution & Answer

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To fill: The blanks in the statement, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as ______________.The document stipulating the term of this agreement is known as a(n) ____________.”.

Answer 12

Answer to Problem 1CR

Solution:

The correct statement is, “A mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance. The document stipulating the term of this agreement is known as a policy”.

Answer 13

Explanation of Solution

Insurance is the protection in the future economic risk. It is used to hedge against the uncertain loss.

Thus, the mechanism for reducing financial risk and spreading financial loss due to unexpected event is known as insurance.

The company which ensure to pay in the uncertain loss are known as insurer and the individual or business who buy the protection are known as insured. And, the contract between the insurer and the insured is called policy.

Thus, the document stipulating the terms is known as policy.

Answer 14

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A mechanism for reducing financial risk and spreading financial loss due to unexpected events is known as _. The document stipulating the terms of this agreement is known as a(n) _. (19-1)

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