INSURANCE :
MEANING OF INSURANCE :
An arrangement by which a company or the state undertakes to provide a mandatory of compensation for specified loss,damage,illness,or death in return for payment of a specified premium
History Of Insurance :
The history of insurance consisted
of the development of the modern business of insurance against risks,
especially regarding cargo, property,death,automobile accidents,and medical
treatment.
The industry helps to eliminate risks spreads
risks from the individual to the larger community, and provides an important
source of long-term finance for both the public and private sectors. The
insurance industry is generally profitable and provides attractive employment
opportunities for employees
FUNCTIONS OF INSURANCE
PRIMARY FUNCTIONS
SECONDARY FUNCTION
PRIMARY
FUNCTIONS
Provision of certainty of payment at the time
of los
SECONDARY FUNCTIONS:
Prevention
of Loss
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