Question

explain the function of insurance ?​

Answer 1

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• The system to spread the risk over several persons who are insured against the risk; The principle to share the loss of each member of the society based on the probability of loss to their risk; and. The method to provide security against losses to the insured.

Answer 2

Answer:-

The function of insurance are:-

1. insurance provide certainly .insurance provides certainly payment at the uncertainty of loss.
2. insurance provide protection
3. risk sharing
4. prevention of loss
5. Itz improve efficiency
6. itz help economic progress

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