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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

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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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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.

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