BANKING AFFAIRS

Detailed explanation-1: -The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance.

Detailed explanation-2: -General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft.

Detailed explanation-3: -There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. As an individual, you will be covered under the Life insurance policy. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy.

Detailed explanation-4: -Answer: Lending funds is not a function of insurance. Among the given options option (c) lending funds is the correct answer.

Detailed explanation-5: -National Insurance Company Limited is India’s Oldest General Insurance Company. It was incorporated in Kolkata, West Bengal on December 5, 1906 to fulfil the nationalist aspiration for Swaraj.