Insurance companies collect premium against ______.
all the options are correct life policies non-life policies non-living policies
The term inflation indicates the ______ in the price level of goods or services.?
constant decrease increase decline
Which one of them is the advantage of insurance?
It consumes more time to provide financial compensation because lengthy legal formalities. It provides economic protection to the insured. 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 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?
Insurance company shows bias to the insured as it does not compensate all types of losses. It is a means of encouraging saving. It protects against the uncertainties providing adequate financial support. It provides financial compensation in case of loss or damage to the properties of the business.