Insurance Essays

  • Importance Of Insurance In Insurance

    3023 Words  | 13 Pages

    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

  • Pros And Cons Of Insurance In Insurance

    1060 Words  | 5 Pages

    UNDERSTANDING INSURANCE CLAIM LEAKAGE Finance experts say that having an insurance is a wise investment move. Among the benefits it can give you are: risk coverage, protection against unforeseen expense, secured future, and the list goes on. Almost anything can be insured these days: real properties, automobiles, appliances, health, life, disablity – you name them all. There are even rumors that celebrities insure some of their asset body parts! Why do people want to be insured? The answer is simple:

  • Importance Of Insurance

    1977 Words  | 8 Pages

    Insurance is the equitable transfer of risk of a loss, from one entity in exchange of money. In today’s world, it is difficult to find a person who is not fully insured. Thus, insurance is a means to manage possible risks, as no one wants to face any type of a loss. It is evident that the insurance companies are now profiting to a greater extent since everyone wants to be on a safer side and avoid risks. This has in turn helped in the economy’s development and growth. This paper will thus focus on

  • The Importance Of Insurance

    737 Words  | 3 Pages

    reason why people normally insure their property and even their loved ones. You will note that there are several insurance companies that you can choose from. It is important that you choose a good insurance company in order to insure your property or your loved ones. Insurance coverage basically covers several things. It can protect you, your family and so forth. You will note that the insurance company can help you pay medical bills, auto damages and even losses in the event of fire and other natural

  • History Of Life Insurance

    988 Words  | 4 Pages

    Insurance is a risk transfer method in which the insured transfers the cost of potential losses to another entity for a monetary payment. Also insurance is an economic device whereby an individual pays a small amount (the premium) compared to the total value at risk and transfers some of the uncertainty leading to financial losses. The history of life insurance dates back to 3000 BC. Learned scholars are of the view that the expression ‘Yogakshemam’ found in the Rig Veda refers to a sort of social

  • Essay On Marine Insurance

    984 Words  | 4 Pages

    Insurance can protect a company/ person under a certain risk by paying some money to the imsurance company to cover it, If the risk really occurs, he can get compensation from the imsurance company. The money paid to cover the insured risk is premium. Hence, insurance is a method by pooling risks of insured companies to reduce losses through compensation. Insurance is ususally classified into four main types: fire, life, accident and marine. Marine insurance was originally developed by Italian

  • Essay On Life Insurance

    980 Words  | 4 Pages

    8.0. LIFE INSURANCE Life insurance usually referred to as “life assurance’ insures the insured against the happening of certain event i.e. death through the time when it may happen is uncertain. It is a civilized world’s solution to the problems caused by death. The event insured against is usually a tragic one, one that causes damage and loss of life to the policy holder. The service takes place in tragic circumstance and it helps to relieve the impact of the tragedy, partly, not wholly to the family

  • Advantages And Disadvantages Of Insurance

    3024 Words  | 13 Pages

    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

  • Disadvantages Of Houseowner Insurance

    827 Words  | 4 Pages

    Houseowner and Householder insurance is a form of property insurance designed to protect an individual 's home from damage to the home itself or property in the home. The homeowners insurance also provides liability coverage against accidents in the home or on the property.     Houseowner insurance is essential if you own or buy a home. This type of insurance can cover you from damage to your home or apartment and legal liability. Your lender usually requires you to have it if you have a home loan

  • Importance Of Life Insurance

    857 Words  | 4 Pages

    the risk of the loss of life – “Life Insurance”. The concept of life insurance is existing in the mankind since the medieval historic age, the soldier those who loose their life in battle, their dependent were provided certain sum of money so that they can move their life. But the concept has been changed in todays world, the purpose of Insuring is not only cover of risk but also investment, tax benefit , savings etc. Insurance provides you with that unique sense of

  • Importance Of Motor Insurance

    1024 Words  | 5 Pages

    Motor Insurance Motor insurance covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism. Motor insurance offers protection to the vehicle owner against: • Damage to the vehicle • It also pays for any third party liability determined by law against the owner of the vehicle Motor insurance is mandatory in India as per the Motor Vehicles

  • Utica National Insurance Case

    1668 Words  | 7 Pages

    Through this case study, various risks to Utica National Insurance Group (Utica) have been identified as well as various questions raised in order for Guy Carpenter to better understand and service the prospective client. Utica was founded in 1914 and is an award-winning, nationally recognized mutual organization that provides personal and commercial insurance products and services. Over 2,200 independent insurance agents sell the company’s products across the country and Utica is the second largest

  • Subrogation In The Marine Insurance Industry

    3266 Words  | 14 Pages

    MARITIME INSURANCE Marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed against marine losses, that is to say, the losses incident to marine adventure (Marine Insurance Act 1906, S.1). Indemnity is provided against the majority of losses which can occur during transit. The marine insurance market comprises insurance companies, Lloyds underwriters and private underwriters and in practice, each insurer pools the premiums

  • Adriana Insurance Case Study

    952 Words  | 4 Pages

    Adriana’s Insurance Adriana’s Insurance Overviews The name of the company is the name of the founder of the company herself Adriana Gallardo. There are over 50 offices of The Adriana’s Insurance over the California State with the founder residing herself in the office at Glendora California. Established for money than 2 decades, The Company is also looking forward to establish other of its branch offices as well in other states of the country. The company has already had their license of selling

  • Essay On Car Insurance In Kenya

    1030 Words  | 5 Pages

    How Comprehensive Car Insurance Works in Kenya A person can insure almost anything these days: be it a flight to Mombasa, rental property, or a valuable phone. You can even take an insurance cover for your legs or arms if so inclined. For most car owners Kenya, the third party cover is usually the most crucial type of coverage and in it is also required by law. However, this coverage is only limited to damage and physical injuries as a result of an accident. For those who use their vehicles often

  • Cargo Insurance Case Analysis

    945 Words  | 4 Pages

    Cargo Insurance - Review of Essential Standards Why would it be advisable for you to spend additional sum to pay for cargo insurance? The short answer is: on account of with that "additional" sum, you will be compensated on the off chance that your cargo gets lost or harmed. In any case, let us characterize cargo insurance in more specialized way. Cargo insurance for the most part covers the lost or harm, aggregate or incomplete, of the products that is the subject of the insurance scope if such

  • Advantages Of Whole Life Insurance

    1240 Words  | 5 Pages

    survive. Whole Life Insurance is Guaranteed Almost all life policies that are sold offers a guarantee. What is guaranteed is the premiums as well as a minimum amount of rate of interest based on the cash value accumulation portion on most policies. In relation to the minimum amount of

  • Persuasive Essay On Auto Insurance

    1015 Words  | 5 Pages

    Regret Having Auto Insurance Auto insurance is an important form of insurance for anyone to have. Auto insurance compensates individuals in the event of auto accidents, allowing them to pay for the cost of auto repairs. Choosing auto insurance can sometimes be difficult, especially with the amount of insurers available. Use the following advice when choosing auto insurance. When considering what options you want to include with your auto insurance, be sure to see if towing insurance is something that

  • Third Party Insurance Disadvantages

    3650 Words  | 15 Pages

    COMPULSORY THIRD PARTY MOTOR INSURANCE INTRODUCTION This Chapter introduces the key aspects of compulsory third part motor insurance as distinct from other forms of insurance. It also seeks to trace the emergence of the third party rule, that is, the ability of a third party to sue upon an insurance contract to which h/she is not a party to. The Chapter also discusses the nature of compulsory third party insurance and concludes with a discussion on whether or not third party insurance can be regarded as

  • Takaful Insurance Case Study

    2995 Words  | 12 Pages

    1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY The Arabic word for insurance is tamein which means to reassure or guarantee through indemnification of losses. As a concept, insurance does not oppose the Islamic principles since it is principally a system of mutual help. Nevertheless, conventional insurance use voidable (fasid) contracts called policies through which individuals or firms receive indemnification against losses. It is prohibited because it involves the elements of gharar (ambiguity), maysir