functions of insurance
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Insurance is a legal agreement that is prepared between an insurer and the insured. Such an agreement is used in a case where the insurer agrees to pay the insured a certain amount of money at the time of a certain mishap. The agreement must have that certain unwanted situation specific to an extent where the insured can take out the amount at the time of its happening. One can go for insurance at the time of death, theft, medical emergency, and much more.
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1 Insurance provides certainty,
2 Insurance provides protection,
3 Risk-Sharing,
4 Prevention of loss,
5 It Provides Capital,
6 It Improves Efficiency,
7 It helps Economic Progress.
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