Page 10 - Life Assurance
P. 10
5- The possible loss must not be
catastrophic:
When large numbers of people are
subject to the same kind of losses at the same
time, it is an obvious deviation from the principle
that the losses of the few are borne by the
contributions of the many who do not suffer
loss. Thus it is usual to exclude political and war
risks from most insurance policies, although
these risks may sometimes be shouldered by
the state.
10 Lif11/life/life08
catastrophic:
When large numbers of people are
subject to the same kind of losses at the same
time, it is an obvious deviation from the principle
that the losses of the few are borne by the
contributions of the many who do not suffer
loss. Thus it is usual to exclude political and war
risks from most insurance policies, although
these risks may sometimes be shouldered by
the state.
10 Lif11/life/life08
