Insurance Essay For NICL, OICL Exams 2015 | Precis Writing | Importance Of Insurance

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Insurance

Insurance Essay For NICL, OICL Exams
A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of anindividual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional.


Types of Insurances:

• Fire and Property Damage business
• Marine, Aviation and Transport business
• Motor Third Party Compulsory business
• Liability business
• Workers’ Compensation business
• Credit and Surety ship business
• Accident & Health business
• Agriculture Insurance including Crop Insurance
• Miscellaneous business

Reasons of Insurance:

Sometimes in life it is not possible to avoid the losses. For example People may become ill. They may die of illness or accidents or their homes or other property mayundergo damage or theft. So in all these cases and they have to face the loss of incomeor savings. So insurance is a manner of financially insuring that if such an incidentcomes about then the loss does not affect the present well being of the person.

Importance of Insurance:

A well-developed and efficiently working insurance sector can play an important rolein the economic and social development of a country by reducing uncertainty for economic agents, and pooling long-term financial resources. The insurance industryalso contributes in the development of other financial institutions and markets, thusindirectly facilitates economic progress in a country.
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