What is the importance of insurance in society.
Role of Insurance: Insurance plays a crucial role in society for several reasons: 1. Risk Management: Insurance helps individuals and businesses mitigate financial risks associated with unexpected events, such as accidents, illnesses, natural disasters, or theft. 2. Financial Stability: It provides a safety net, ensuring that policyholders have financial support when they face unexpected expenses, preventing financial ruin. 3. Investment and Savings: Certain types of insurance, like life insurance and retirement annuities, can serve as long-term savings and investment vehicles, helping people plan for their future financial security. 4. Economic Stability: Insurance contributes to economic stability by minimizing the impact of large-scale disasters on businesses and communities, facilitating recovery and continuity. 5. Legal...