principal of insurance
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The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss
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There is no authentic record of the origin of insurance, but the various details can be deduced from the conclusion that insurance originated in the evolution of civilisation in the very ancient times. In the past, joint family system was also an insurance form, if anyone in the family died and was disabled and the person was unemployed who used to take care of his wife and children as well as of others in the family, but at present the arrangement began to need a insurance insurance.
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