Advantages And Disadvantages Of Insurance
CHAPTER 1
INTRODUCTION
INSURANCE
Insurance means equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a risk management form primarily used to hedge against the risk of uncertain loss.
An insurer is selling the insurance; the insured is the person buying the insurance policy.
The money to be charged for a certain amount of insurance coverage is called the premium.
The insured receives a contract which is called the insurance policy, it details with the conditions and circumstances under which the insured will be financially compensated.
WHY DO WE NEED INSURANCE?
Insurance is a risk managing process. When we buy insurance then we transfer the cost of a potential loss to the insurance company in exchange for the premium. Insurance companies invest the funds securely, so that it grows, and pay at the time of a claim.
Insurance helps you:
• Own house, as mortgage lenders need to know that your house is protected.
• Vehicle Accidents, as few people could afford the repairs, medical costs and legal expenses associated with collisions and injuries without coverage.
• Maintain current standard of living, if someone become disabled or have a critical illness
• Cover medical costs like prescription drugs, dental ,vision and other health-related items
• Provide to family at the event of a death
• Run small business by managing the risks of ownership
• Take vacations without thinking about
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