What Is The Importance Of Insurance?


16 Answers

Connor Sephton Profile
Connor Sephton answered
Insurance is vitally important to protect your assets, valuables and even yourself in case an unexpected incident should occur. If all of your prized possessions should be destroyed in a fire within your property, your home insurance would ensure that you had the money to receive like-for-like replacements. Most of the time, consumers will pay for their insurance by searching for a policy through an insurance broker or on the Internet. When considering whether insurance would be important to you, ask yourself this: Would you be able to buy a new car if your current vehicle was destroyed? Alternatively, if you were to pass away in an accident, would your savings cover the mortgage and your funeral costs?

Insurance isn’t just important for you, but it is important for others. If you do have a car crash and it is your fault, other drivers on the road will be able to claim back the cost of repairing the vehicle you damaged on your insurance. This isn’t only an expense to them, but increases the cost of insurance for everybody. You could also think about it in another way: If you were hit by another driver and they were uninsured, is it fair for you to pay for damage that you didn’t cause?

In conclusion, protecting yourself and your family when you travel, stay at home and drive in your car is important. There’s also the ability to protect your pets if they fall ill, allowing you to be spared of the high vet costs you could face. Through doing your research and only getting the level of insurance you require, getting a comprehensive policy won’t be as expensive as you may have originally thought.
shahid tauqeer Profile
shahid tauqeer answered
We may have our life, body or property insured. The insurance company makes good our loses as we pay the insurance premium regularly. Insurance is clearly of great advantage and importance. Firstly, insurance, like banking, promotes savings. When we are insured we have to pay premium.

Secondly, insurance promotes investment. The insurance company can easily invest its funds in industry, agriculture and commerce. When we insured a person or his heirs get the insurance back, they can invest it in some business or industry. All this helps national economy to grow.

Thirdly, the insured person can get loans against the security of insurance policy from insurance company or from banks.
Fourthly, insurance as we all know, protect against dangers to life and property. If a person has got his life insured, his family will get enough money on his death. If he had an insurance policy for a shop, he can get compensation for fire, theft etc. He can get his goods insured while dispatching them by train, by truck, by air or by ship.

Insurance guarantees a happy family life in future. In advance countries we have education, health and employment insurance. The government mostly arranges insurance for education of needy students, health care for sick and allowances for unemployed. This is called social insurance. With rapid economic development of education, we shall have a rise in income of people. Then they will be able to contribute to social insurance easily.
Anonymous Profile
Anonymous answered
Insurance gives financial security to us, even if want to help our family and dear ones after th e death, insurance is the best idea to do that. In present days, one must insure his own life an family, s life.
Sadia Batool Profile
Sadia Batool answered
Insurance, in rule and economics, is a form of menace management primarily used to hedge adjacent to the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of an impending loss, from one person to another, in exchange for a first-rate. Insurer, in economics, is the company that sells the insurance. Insurance speed is a matter used to determine the amount, called the premium, to be emotional for a certain amount of insurance coverage. Risk organization, the put into practice of appraises and scheming risk, has evolved as a discrete field of learn and practice.

An insurance policy should not contain provisions that allow one side or the other to unilaterally null and void the contract in exchange for promote. Provisions that void the contract for failure to act upon or for racket or material misrepresentation are normal and satisfactory.
Anonymous Profile
Anonymous answered
Insurance gives confidence to individuals as well as to the organizations to invest their capital wIthout the fear for possible dangers
Nikhil Kar Profile
Nikhil Kar answered
Marine insurance is necessary for firms or businesses involved in sea business. A marine insurance policy can save the firm from huge financial losses in case of unforeseen accidents caused by nature or man. Similarly marine insurance together with a cargo Insurance policy covers your goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air.
nitesh tanwar Profile
nitesh tanwar answered
Financial security is far from being stable in our times. It doesn't matter how big our monthly budget is, or how many savings we have, there always are situations beyond our possibilities and we can never be completely secured. This is why we need to take all the safety measures we can to secure our financial state, and the best way to do so is insurance. Insurance is the best defensive measure for financial stability.

There are many types of insurances, we can basically insure anything we posses. Most common insurances are for cars, houses, personal health, business insurances and liability. Some insurance as we all know are required from the law, you can't drive a car if you don't have liability insurance for example.

Auto insurance is as much about protecting yourself as it as about protecting your car: You can do a lot of damage with a 3,000-pound SUV traveling at 65 miles an hour, and you're far more likely to be involved in a car accident than you are to lose your home in a fire. Car insurance protects you from personal liability should you be in an accident. Aside from the legal requirements, this is the main reason you want car insurance. If you are in an accident and you are at fault you can be held personally responsible for the costs of medical bills if a person is injured and major monetary awards if a person is killed. These costs can all but ruin most families.
Anonymous Profile
Anonymous answered
Insurance is compensation to the risks which occurs in our life in near future, it is also help full in the development of the country economy by the lumpsum investment in the different projects on which the insurer company earn a huge amount of interest .
Anonymous Profile
Anonymous answered

person's health and well being are unpredictable. You could feel
perfectly healthy one day and the next become ill or injured and need
serious medical care. Without health insurance you will not have access
to good healthcare and will be bombarded with medical bills that are
beyond what you could ever imagine.

Jitendra Patel Profile
Jitendra Patel answered

The most important coverage has to be your state's minimum liability and property damage coverage. More than anything else you need to maintain car insurance to keep yourself legal to drive

If want to more about that in details pleasevisit this post about Insurance

Iryna Che Profile
Iryna Che answered

The choice of an insurance company that you can entrust your risks is no less important than the choice of a bank that you can entrust your money to. I think this information will be useful to many - insurance coverage: Tips, definitions, articles Choosing an insurance company only on the basis of low rates is not the right decision. Often, reduced rates are offered by fly-by-night firms and fraudsters, you can pay, and in the event of an insured event, nothing will be received.

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