Insurance and banking are two distinct financial sectors, each serving different purposes and catering to diverse customer needs. While both industries are intertwined and contribute to the overall financial well-being of individuals and businesses, they differ significantly in their operations, products, and services. 1. Purpose and Function: Insurance is a risk management tool that provides financial protection against unforeseen events or circumstances, such as accidents, natural disasters, illnesses, or property damage. By pooling the resources of a large group of policyholders, insurance companies can offer financial assistance to those who experience covered losses. Banking, on the other hand, is primarily concerned with the management of money and financial assets. Banks provide various services, such as accepting deposits, extending loans, offering investment opportunities, and facilitating transactions. Their primary goal is to help customers manage their money effectively and...