Insurance companies collect premium against ______.
non-life policies non-living policies life policies all the options are correct
The term inflation indicates the ______ in the price level of goods or services.?
constant decline decrease increase
Which one of them is the advantage of insurance?
It intentionally tries to compensate as less as possible to the sufferer with the aim of maximizing profit rather than maximizing well-being of the insured. It provides economic protection to the insured. It consumes more time to provide financial compensation because lengthy legal formalities. It does not provide enough financial facilities like the bank does. So, people prefer to save in the bank rather than in insurance.
Which one of them is the disadvantage of insurance?
It is a means of encouraging saving. Insurance company shows bias to the insured as it does not compensate all types of losses. It provides financial compensation in case of loss or damage to the properties of the business. It protects against the uncertainties providing adequate financial support.