Question

define banking and insurance​

Answer 1

Answer:

(I) Banking – Banking is defined as the business activity of accepting and safeguard money owned by other individuals entitles, and then lending out his money in order to conduct economic activities such as making profit and simply covering operating expenses. Investment banks gear their services towards corperate clients.

(ii) Insurance – Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, Insurance carrier or underwriter.