What are some advantages of offering a generous package of insurance benefits?

What are some drawbacks of generous insurance benefits?

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Expert Solution

Advantages of insurance benefits:-

It provides Economic and financial protection to the insured against losses.
Covers the loss of properties due to theft and other natural calamities.
It is a cooperative device which helps to share the risk among the insured.
Provides financial protection against an unexpected risk of losses.
Maintain their living standard
Provides safeguard in terms of money
Encourages regular savings
Helps to reduce unbearable expenses
Facility of loan from an insurance company
Provides Employment oppertunities
Helps businesses to run smoothly in unfavourable events

Disadvantages:

No compensation for all losses
More time requirements for financial compensation
Absence of facilities like the bank provides
Cost of insurance benefits.

Rahul Sunny answered 2 years ago

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