Business Studies

State the following statement is True or False:
Insurance is one of the important ancillary services. 


ANSWER

True


SOLUTION
A. TRUE
Life is full of uncertainties and thus the chances of occurrence of an event causing losses are quite uncertain. There are risks of death and disability for human life; fire and burglary risk for property; perils of the sea for shipment of goods, etc. These causes a great loss to the people. Insurance thus spreads this risk over a number of persons who are exposed to it and compensates the people suffering from these losses. Thus, it is an important ancillary service.
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TRUE/FALSE Medium Published on 18th 08, 2020
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