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Question

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What are the advantages of insurance ?

Solution

Advantages of insurance are as follows :

1. The risk of loss is spread over among many people through insurance.

2. Insurance gives protection to the insured against lossos due to the happening of the events specified in the policies.

3. Insurance does not offer protection only but also makes people to invest.

4. On the security of life insurance policy, loans can be raised.

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Some More Questions From Business Services Chapter

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What is meant by cold storage houses ?

Explain any three considerations which a business firm should take into account for choosing a suitable mode of transport.

Under the principle of subrogation, why does the right of ownership of damaged property pass on to the insurer after the compensation has been paid to the insured ?

How does the insurance distribute the loss ?

What do you mean by specialised banks ? Give three examples of specialised banks.

Write down the types of postal services.

Name the services included in postal services.

Write down the non-banking services of postal services.

Distinguish between inland mail and international mail.

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