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The most important reason for the existence of insurance business is to?

Commerce
JAMB 2009

The most important reason for the existence of insurance business is to?

  • A. prevent the occurrence of any loss
  • B. spread losses to all covered participants
  • C. provide for the replacement of facilities
  • D. encourage individuals to save
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Correct Answer: Option B
Explanation

Insurance companies exist to provide financial protection from losses that can occur during normal business operations.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts