Which of the following is classified as a nondepository institution? A) Credit union. B) Insurance company. C) Commercial bank. D) Savings and loan.

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24-11-2022
Business

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Which of the following is classified as a nondepository institution? A) Credit union. B) Insurance company. C) Commercial bank. D) Savings and loan.

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ArpitaK ArpitaK · Answer 1 · 2022-11-29T01:53:41+01:00

Insurance company is classified as a non-depository institution. There are other smaller non-depository institutions like pawn shops and venture capital companies, although their contributions to the economy are significantly less.

Insurance companies, pension funds, securities companies, government-sponsored businesses, and financial institutions are examples of non-depository institutions.

Insurance firms shield their clients from the financial hardship brought on by unanticipated occurrences like accidents or early demise. To cover the greater claims to those who suffered losses, they aggregate the little premiums of the insured. While the losses are unpredictable in terms of time and magnitude, the premium payments are predictable. An insurance business may make money by utilizing statistics to properly predict the cost of claims over a broad group and by investing its excess funds for higher returns, which helps to keep premiums low and competitive.

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