Why Do Individuals Buy Insurance Plans

1. What problem occurred after Hurricane Katrina that has prevented rebuilding? The private insurance companies were not going to insure the area close to the coast. That loss of money prevented the people from rebuilding their homes.
2. Why is disclosure important when taking out insurance? You have to have that in order for the company to give you the proper amount of money that you need.
3. Who invented the insurance fund? What was the insurance that they invented for? The Scottish invented the first insurance fund for widows of those killed in war. They also insured the wives and families of soldiers that went to war so that if they were killed the family would not be thrown out.
4. How did the idea of welfare develop? What areas were covered in state welfare?

What other methods can people use to protect themselves from unexpected disasters? Prepare for any situation no matter how extraneous it may seem.
8. Why do individuals buy insurance policies? Individuals buy them to make sure that they, their family, and their possessions are protected against any kind of disaster.
9. What are some of the advantages and disadvantages with insurance? In some areas that an individual would like to live insurance may not cover them or may cover them but the cost may be too high for them to pay. Those are disadvantages. Some advantages are that if something goes wrong they will pay you money to repair or replace the item.
10. The video discusses government sponsored programs in some countries to provide for individuals when the unexpected happens, such as providing unemployment benefits, health insurance, and so on. Do you think governments should provide insurance programs to individuals? Why or why not? I think that the government should offer insurance to every person. Every person has at least a few things that are of importance to them and they not have the means to protect that item. That is why the government should at least offer a minimum insurance