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Question 3
Which of the following situations might insurance be best for?
OA bad event DOESN'T occur often and DOES cost a lot when it does happen
A bad event DOES occur often and DOES cost a lot when it happens
A bad event DOES occur often and DOESN'T cost much when it happens
OA bad event DOESN'T occur often and DOESN'T cost much when it happens
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Answer :

GinnyAnswer

Final answer:

Insurance is most beneficial for rare events with high costs, offering financial protection against such occurrences.


Explanation:

Insurance is best suited for situations where a bad event doesn't occur often but costs a lot when it does happen. This is because insurance helps mitigate the financial impact of rare but high-cost events, providing protection against significant losses.


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