Institutions deals in financial functions and protects corporations and individuals against accidents, theft and death are considered as

A. penalty companies

B. insurance companies

C. events dealers

D. protecting companies

Answer: Option B

Solution(By Examveda Team)

Institutions deals in financial functions and protects corporations and individuals against accidents, theft and death are considered as insurance companies. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.