Secondary function of insurance

Secondary Functions of Insurance Therefore, the insurance assists financially to the health organization, fire brigade, educational institutions and other organizations which are engaged in preventing the losses of the masses from death or damage.

Which of these is not a secondary function 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 are primary functions of insurance?

Provide protection : The primary purpose of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happending of the risk, but can certainly provide for the losses of risk.

What are the indirect function of insurance?

Indirect insurance, also referred to as macro insurance, is taken out by governments. When damage occurs, they receive payouts and use these financial resources to assist those in need.

What are the direct and indirect function of insurance?

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.