blog, 23.02.2024 15:37
Understanding Adverse Selection
Literal Meaning:
Adverse selection refers to the scenario where one party has more information than another in a transaction, leading to a disadvantageous outcome for the less informed party.
Contextual Meaning:
In the insurance industry, adverse selection occurs when high-risk individuals are more likely to purchase insurance, leading to higher costs for insurers.
Synonyms:
Unfavorable selection, asymmetric information
Irony:
The irony of adverse selection is that those who need insurance the most are the ones who end up paying the highest premiums due to their higher risk profile.
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