Question

explain the functions of insurance?

Answer 1

Explanation:

So, insurance functions are; 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.

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Answer 2

Answer:

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Explanation:

The most important function of insurance is to spread the risk over a number of persons who are insured against the risk, share the loss of each member of the society on the basis of the probability of loss to their risk and provide security against losses to the insured.