Which of the Following Best Defines Insurance? ​

Multiple Choice

Which of the following best defines insurance? ​

A) It is a contract whereby a party transfers his right to receive interest to a third-party such as an agent.
B) It is a contract whereby a party transfers a risk of physical injury to the risk bearer for a fee.
C) It is a contract whereby a party transfers his right to a claim for a particular fee.
D) It is a contract whereby a party transfers a risk of financial loss to a risk bearer for a fee.