Insurance companies, pension and provident funds and unit trusts are all examples of
Answer Details
Insurance companies, pension and provident funds, and unit trusts are all examples of non-bank financial institutions.
Non-bank financial institutions are financial organizations that offer banking-like services, such as savings, loans, and investments, but are not technically classified as banks. These institutions are often specialized in a particular type of financial service or product, such as insurance or retirement savings.
Insurance companies provide protection against financial losses due to unforeseen events, such as accidents, illnesses, or natural disasters. Pension and provident funds are retirement savings schemes that are set up to provide financial support to individuals after they retire from their jobs. Unit trusts are investment funds that allow individuals to pool their money together to invest in a diverse range of assets, such as stocks, bonds, and real estate.
Overall, non-bank financial institutions play an important role in the economy by providing a variety of financial services and products to individuals and businesses. These institutions often have different regulations and requirements than traditional banks, and can offer unique benefits and advantages to their customers.