Economics · Economy

A Social Security Insurance Scheme like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an example of an Agency Business for banks because the bank:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Invests the premium amount in high-risk securities.
2Guarantees the claim settlement.
3Facilitates the sale and premium collection for the Insurance Company, earning a commission.✓
4Underwrites the life insurance risk itself.

Correct answer

Facilitates the sale and premium collection for the Insurance Company, earning a commission.

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