Pooling can be referred to the process of how an insurance company can pay a large benefit even if it hasn't collected that amount from an individual's or company premium in this type of context.
This is referred to as a type of protection against financial loss or other forms of incidents or risks and there are different types which cater for different purpose or reasons and they include life, vehicle insurance etc. The insurance plan is usually sold by designated insurance companies and are accessible to the public.
Pooling is the process which involves the smaller firms purchasing better interest rates which helps to lessen the cost of coverage. This also ensures that benefits are paid at the right time so as to avoid hassle and other forms of issues which may arise from this important process.
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