Final answer:
The League of Nations was created to promote global security and prevent future wars, but it had limitations in terms of its military power. Its benefits included diplomatic negotiations and peaceful resolutions, but its risks included being ineffective in deterring aggression.
Step-by-step explanation:
The League of Nations was created after World War I with the purpose of promoting global security and preventing future wars through collective actions of its member nations.
It aimed to facilitate good relations among countries and punish aggression.
The benefits of the League included the potential for diplomatic negotiations and peaceful resolutions to international disputes.
However, the League had several risks, such as its lack of military power to physically intervene in member countries' actions, which made it ineffective in deterring aggressive acts.