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22 March, 01:26

What are some of the advantages and disadvantages with insurance?

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  1. 22 March, 01:29
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    Advantages

    1. It is a guide against the risk insured against

    2. The insured is compensated when losses occur

    3. It is a form of savings

    4. Insurance document could serve as collateral for loans

    Disadvantages

    1. Insurance cost could be an additional cost burden

    2. It does not cover all kinds of losses

    3. Difficulty in filling and receiving compensation from an insurance company when losses are sustained
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