Question: ( a ) Outline and explain any two justifications for the existence of insurance in an economy. ( 4 ) ( b ) Insurance is

(a) Outline and explain any two justifications for the existence of insurance in an economy. (4)
(b) Insurance is about the insurer indemnifying the insured in the event of a loss. However, life insurance
policies are different. Explain, with relevant examples how the difference comes about. (6)

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