Insurance is deemed by some as a social and merit good. discuss the pros and cons of insurance within the context of it being described as a social good. with that being said, whose responsibility is it to provide insurance to society? corporates, individuals or the government? substantiate your opinion to its full extent.

Insurance is a social and merit good as it makes financially risk averse people better off. It can help protect a business or a person from financial loss, liabilities or instability in the case of an owner or business partner's death. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.

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a

explanation:

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