Present an argument for and against the social benefits and costs of insurance.

Expert Solution

Social benefits of insurance:

Insurance is a protection against the loss. So insuring a good or oneself would imply protecting against the risk of loss or harm.

In some cases, the premiums can be invested which bear rate of return and promote the economic growth.

Social cost of insurance:

The first is the premium that needs to be paid to the insurer, it is an expense that needs to be borne and it creates a big hole in the pocket.

This reduces the disposable income and the level of consumption.

Next, to make easy money, people indulge in illegal activites like fradulent claims. As a result of which, the insurance premiums overall increases or the insurers beocme stricter.

Rahul Sunny answered 1 year ago

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