Which of the following is not a characteristic of insurance?
The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance.
What is insurance explain the characteristics of insurance?
Insurance coverage can be defined as a contract in the form of a financial protection policy. This policy covers the monetary risks of an individual due to unpredictable contingencies. The insured is the policyholder whereas the insurer is the insurance-providing company/the insurance carrier/the underwriter.
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- which of the following is not a characteristic of insurance
- which of the following is a characteristic of an insurance contract
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- which of the following is not a characteristic of social insurance