Question

what is the meaning of viability of insurance for individuals

Answer 1

Insurance refers to transfer risk from one person to other. i. e from the person who doesn't want to bear risk and to a person who wants to bear it and get a commission for their work

Viability, simply refers to the capacity to live and grow Thus viability of insurance for individual means provide the individuals a capacity so that they easily bear risk..

Answer 2

The viability of insurance is providing people with schemes for protecting them financially and taking care of any risk and uncertainties during their lifetime

Explanation:

• The viability of insurance refers to financial claims which are part of the insurance schemes. The person takes the insurance scheme for protecting themselves from the risk of high medical costs during treatment in the hospital
• There are viable insurance schemes for protecting their vehicles from damage during accidents, or protecting their property from damage during fire. There are many viable insurance schemes  for people to protect from high costs that they incur during any uncertainty
• The insurance schemes needs to viable enough to protect them from incurring high costs and other administrative costs. The insurance companies have come out with many viable schemes for the benefit of the people

To know more about insurance schemes

The recently launched 'PMFBY' is a -; 1) Life Insurance Scheme; 2) Accident Insurance Scheme; 3) Health Insurance Scheme; 4) Crop Insurance Scheme

https://brainly.in/question/7242720