Question

Which of the following statements are the secondary functions of insurance?

Answer 1

Answer:

Here's Your Answer

Explanation:

◆Secondary Functions of Insurance

Prevention of loss. ...

It Provides Capital. ...

It Improves Efficiency. ...

It helps Economic Progress.

Hope it's helps you..

Answer 2

Answer:

1. Insurance Prevent Losses 2. Provides Capital and Help in Economic Progress 3. Ensure Welfare of Society

Explanation:

• Insurance Prevent Losses - Insurance plays important role in preventing losses, it provides certainty and prevent losses.  Insurance provides certainties towards risks in entrepreneurship so that entrepreneurs canconcentrate on Innovative and profitable techniques of the production.

• Provides Capital and Help in Economic Progress -  As we know insurance plays important role in human life. Insurance helps in Economic Progress of Insured. It provides capital and helps in commercial prosperity.  It develops the trade and commerce of the nation.

• Ensure Welfare of Society - Insurance serves the sociological purpose, Insurance indirectly helps Nation and contribute its progress. Insurance provides security and minimizes worries of losses or damage, destruction, and death. It helps in commercial prosperity.  It develops the trade and commerce of the nation. It is one of the important source of investment.  Insurance gives Confidence in the general public.

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