________ may be described as a social device to reduce or eliminate risk of loss to life and property.

Question

Question: ________ may be described as a social device to reduce or eliminate risk of loss to life and property.

Options:

1.  investment
2.  saving
3.  insurance
4.  loan

Answer 1

3. insurance

Insurance may be described as a social device to reduce or eliminate risk of loss to life and property.

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More info:

Insurance may be described as a social device to reduce or eliminate risk of loss to life and property.

It helps to reduce the financial consequences during adverse situations.

Insurance works on the principle of Sharing of losses, Probabilities, Large numbers, Randomnes.