Economic system in which an individual rather than government owns the factors of production.

It is Capitalism

Explanation:

Capitalism is an economic system that is controlled by private ownership of factors of production by individual especially in the industrial sector. This kind of economic system rely on the enforcement of private property rights which provide capital or money for investment and the productive use of these capital. Examples of countries that practice capitalism are United States, Canada, Germany, Chile, Japan, South Korea, Bangladesh e.t.c

both focus ón people who behave in a risky way and çause accídeñ both explaín how to púrchase insurance añd cover the costs of premium. both describe what happened when consumers fail to pay their premíums in time

the above statement/question is (true);