Which of the following statements regarding insurance is correct?
A)Life insurance should be acquired when you are young when it is less expensive,even if you don't have any dependants.
B)All individuals,regardless of age and current wealth will require some type of insurance.
C)The risk of loss can be so devastating to your wealth that you cannot ever have too much insurance.
D)Young people without any wealth of dependants have no need for insurance.

Question

Quizplus · Accepted Answer

While it is recommended to acquire life insurance when you are young and it may be possible for young people without dependants to not require insurance, it is still important for all individuals, regardless of age and current wealth, to have some type of insurance. The risk of loss can be significant and unpredictable, and having insurance can provide financial protection and peace of mind. Therefore, option B is the best choice. Option A and C have some truth to them but are not universally applicable, and option D is incorrect as everyone has some financial risks and potential loss, even young people without dependants.

Which of the Following Statements Regarding Insurance Is Correct