The correct answer is: D. None of the above
Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company that provides insurance. An insured is the person or entity that buys insurance.
The emergence of insurance as a form of security is not necessitated by any particular type of family system. Insurance can be used to protect against a wide range of risks, including death, illness, injury, property damage, and liability. It can be purchased by individuals, families, businesses, and governments.
The joint family system is a type of family structure in which two or more generations of a family live together in the same household. The nuclear family system is a type of family structure in which a married couple and their children live together in the same household.
Both the joint family system and the nuclear family system can provide some level of security for their members. However, neither system is a perfect guarantee against loss or hardship. Insurance can provide additional security for individuals and families, regardless of their family structure.