Consider the following statement |
I. Insurance is denned as "the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee". |
II. Function of insurance is to provide protection from probable chances of loss. |
III. It assists in capital formation. |
Which of the statement(s) given above is/are correct? |
A) I and II
B) II and III
C) I and III
D) All of these
Correct Answer: A
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