WAEC - Insurance (2017 - No. 10)
A primary function of insurance is the?
creation of a common pool
provision of security
stimulation of business enterprises
loss prevention and control
Paskaidrojums
The main function of the insurance is to provide protection against the probable chances of loss. The time and amount of loss are uncertain and at the happening of risk, the person will suffer the loss in absence of insurance. The insurance guarantees the payment of loss and thus protects the assured from sufferings.