Which of the following is correct?
Statement A – Insurance reduces burdens
Statement B – Insurance is a system of mutual support.
Statement C – Insurance the only method to manage risks.

A. A is correct

B. B is correct

C. A, B & C correct

D. A & B correct

Answer: Option D

Solution(By Examveda Team)

Insurance reduces burdens and Insurance is a system of mutual support. Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.