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In: Economics

What types of insurance would seem to be profitable to provideto those in extreme poverty....

What types of insurance would seem to be profitable to provide to those in extreme poverty. When these are available – why do the poor not use them much? What does this suggest as a role for aid?

Solutions

Expert Solution

  • The following type of insurance would seem to be profitable to provide to those who are in extreme poverty:
  1. Health insurance: so that it can save the medical cost for the poor people
  2. Education insurance: so that the poor can study and can get job to earn money through which they can pay for their expenditures and also can pay for the insurance.
  3. Any other insurance which can help them to improve their economic condition.
  • When these insurance are available the poor do not use them much because either they don’t have any information about them or they don’t have proper knowledge to understand the benefit of insurance for them.
  • The role for aid: government should make sure to provide them proper information about insurance available for them. It is need to make them understand the profits of insurance. Government should provide free of cost insurance to the poor people for their economic upliftment.

Rahul Sunny answered 2 years ago
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