Question

which among the following is not a function of insurance

Answer 1

Answer:

Lending funds is not a function of insurance. Among the given options option (c) lending funds is the correct answer. Explanation: The main functions of insurance are : Protection, Risk sharing , Asset in capital formation, Providing certainty.

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Answer 2

Answer:

Lending funds is not a function of insurance.

Among the given options option (c) lending funds is the correct answer.

Explanation:

The main functions of insurance are : Protection,  Risk sharing , Asset in  capital formation,  Providing certainty.  

There are two parties in the insurance contract insurer and insured. It is a system which secure the life and property from expected risk.

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Here are some more questions from this chapter :  

Which of the following is not applicable in life insurance contract?  

a. Conditional contract  

b. Unilateral contract  

c. Indemnity contract