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Social and Economic Impacts of Insurance Quiz
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Social and Economic Impacts of Insurance Quiz

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@PrestigiousHarpy

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Questions and Answers

What is one of the major social and economic benefits of insurance?

  • Decrease in job opportunities
  • Increase in fraudulent activities
  • Reduction of investment funds
  • Enhancement of credit (correct)

    • Which of the following is a major social cost associated with insurance?

  • Indemnification for loss
  • Loss prevention
  • Cost of doing business (correct)
  • Reduction of worry and fear

    • What is one characteristic of an insurance plan or arrangement based on the provided definition?

  • Risk multiplication
  • Payment for intentional losses
  • Pooling of gains
  • Payment of fortuitous losses (correct)

    • Which aspect is NOT considered as one of the major social costs of insurance?

    <p>Enhancement of credit</p> Signup and view all the answers

    What benefit does insurance provide through 'Source of investment funds'?

    <p>Facilitation of investing capital</p> Signup and view all the answers

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