Which of the following is not a of insurance?Risk sharingAssist in capital formationLending of fundsNone of the above (2024)

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A

Risk sharing

B

Lending of funds

D

Assist in capital formation

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Solution

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Insurance is a means of protection from financial loss. It is a form of risk management primarily hedged against any uncertain future loss. The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance. It is a function of banks.

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Which of the following is not a of insurance?Risk sharingAssist in capital formationLending of fundsNone of the above (2024)
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