IGNOU ECO 1 2017 2018 - Insurance is nothing but risk transfer

Question

Insurance is nothing but risk transfer

07 Mar 2018

Answer :

Word Count : 299

Insurance is a methods forsecurityfrom money related misfortune. It is a type of hazard administration essentially used to support against the danger of an unexpected, questionable misfortune. An element which gives Insurance is known as a safety net provideç insurance agency, or Insurance transporter. A man or element who purchases Insurance is known as a safeguarded or policyholder. The Insurance exchange includes the safeguarded accepting an ensured and known moderately little misfortune as installment to the back up plan in return for the guarantor’s guarantee to remunerate the protected ¡n

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