a.Private insurers provide social and economic benefits to society. Explain the following benefits of insur- ance...

a.Private insurers provide social and economic benefits to society. Explain the following benefits of insur- ance to society. (1) Indemnification for loss (2) Enhancement of credit (3) Source of funds for capital accumulation b. Explain the major costs of insurance to society

Expert Solution

1. A. indemnification of loss is one of the benefits which are provided by insurance to the society as private insurance will be indemnified for various kinds of loss by providing the societal members with insurance and transferring their risk on to themselves so private insurance will be bearing the cost in case of any adverse event which was insured

B. Enhancement of credit will be also so done by the private insurance as they will be encouraging a culture of more credit and they will also make the credit availability 4 various sections of society

C. private insurance are also a mode of investment for various individuals and they are providing with various Mutual Funds are they are also providing with proper opportunities for investment into their own stock

2. Major cost of insurance to the society will be including the land and labour along with the human capital which is provided by society to insurance player and it will also be providing these private insurance player with many other of the resources and other information technologies, so, private insurance are always leveraging upon various resources of the society.

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