To be properly classed as "insurance," an arrangement must have all but one of the following elements:
A) it must cover accidental losses,
B) it must be described by a legal contract between the parties,
C) an insurable interest must exist among those insured,
D) it contemplates the prediction and distribution of losses among members of the insured group,
E) all of the these are necessary elements of insurance.

Question

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The Answer of To be properly classed as "insurance," an arrangement must have all but one of the following elements:
A) it must cover accidental losses,
B) it must be described by a legal contract between the parties,
C) an insurable interest must exist among those insured,
D) it contemplates the prediction and distribution of losses among members of the insured group,
E) all of the these are necessary elements of insurance.

To Be Properly Classed as "Insurance," an Arrangement Must Have