Historically, money has not always been of uniform quality. For example, diamonds were often used as a form of money, but every diamond is different. What problem occurs when money is not of a uniform quality?

People will hoard high-quality money and spend low-quality money. As a result, the money used in transactions will be of inferior quality.

Explanation:

Since in the question it is given that the money is not always been of the same quality or uniform quality. Just take an example - like diamond most often used as a money form but if we compare the diamonds so it is different

The problem in the case when money does not have the same quality is of inferior goods as many people want to buy high quality money while other people spend on cheaper quality money

Hence, the first option is correct

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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