__________ is a social device for eliminating or reducing the loss of society from certain risk.
A. Premium
B. Policy
C. Insurance
D. Contract
Answer: Option C
Solution(By Examveda Team)
Insurance is a social device for eliminating or reducing the loss of society from certain risk. Insurance is a social device for division of financial losses which may fall on an individual or his family on the happening of some unforeseen events. When insured, the loss arising out of the events are shared by all the insured in the form of premium. Therefore the risk is transferred from one individual to a group.Related Questions on Business and Commerce
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D. Selling and buying of goods
Which of the following is not an economic activity?
A. A doctor practicing
B. A lawyer practicing law
C. A professional cricketer playing cricket
D. A student playing cricket
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A. Cattle breeding
B. Forest cultivation
C. Hunting
D. Flour mills
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B. Flour Mills
C. Fruit canning
D. Mining
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