Question

1. Describe benefits of insurance ​

Answer 1

Explanation:

Insurance companies collect premiums up front, invest those premiums in a variety of investment vehicles, and pay claims if they occur. The last benefit of insurance is reducing social burden. Insurance helps reduce the burden of uncompensated accident victims and the uncertainty of society.

Answer 2

Answer:

In the days after the 9/11 attacks, there were many worries about insurance coverage. Acts of war are not covered by insurance. Was terrorism an act of war? The big question was, How would the 9/11 attacks be classified? Fortunately, the insurance industry decided the attacks were not an act of war.

However, after 9/11, some insurers began excluding terrorism. But the federal government stepped in and required coverage in the name of keeping commerce moving. In this case, insurance likely prevented many businesses from avoiding terrorist-targeted operations, such as refineries and chemical haulers.

2.) Lenders Require Insurance

This reason is tied to No. 1. Lenders require that you have insurance. Think about it: Mortgage lenders want proof of insurance before you buy or build a new building. In short, to get the money your business needs to keep going, it’s likely you enjoy the benefits of insurance. Without insurance, your winning business model can't get the funding it needs to take its first step, or your established business model can't get the funding to evolve .

Explanation:

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