Definition of "Utility"

Jeffery   Wolfson  real estate agent
Jeffery Wolfson , Real Estate Agent EXP Realty

Quality of being useful. Risk diminishes maximum utility in society because resources gravitate to activities, businesses, and investments that are least risky. By absorbing or protecting against some risks, insurance increases utility. When individuals know they will have some cushion against loss, their assets can be spread out over a greater range of activities and enterprises.

 

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