Question

what are the function of insurance​

Answer 1

Answer:

what are the function of insurance

The function of insurance is to safeguard against financial loss by having the "losses of the few" paid by "contributions of the many" that are exposed to the same risk. Insurance companies invest premium dollars collected annually in a wide range of investments

Answer 2

Answer:

Functions of Insurance :

1.primary functions

. Insurance distributes risks

. Insurance provides certainty

. Insurance provides security

2.Secondary functions

. It increases efficiency

. It provides capital

. It helps in loss reduction

. It helps in judgingbthe viability of major projects

3.Other functions

. Encourages savings

. Credit facility

. Expansion of foreign trade

. Increases goodwill and self confidence

. It checks inflation

. Social security