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provision as well as awareness for the future,
helps in tax exemption.
2. Economic Aspects – Provides safety against risk,
forms basis of credit, encourage loss prevention
methods, promotes foreign trade, helps in
development of big industries, provides protection
to employees which in turn increases efficiency.
3. Social Aspects - There is stability in family life,
develops employment opportunity, encourages
alertness.
4. National Aspects – Increases the national savings,
helps in developing opportunities, develops the
money market, earns foreign exchange, and
capitalizes the savings.
Common Terms in Insurance
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