34 Social -- Insurance

"Not all insurance companies are true firms." Justify.

1 Answers

Of course, all of them are not in the true firms since there is the problems of cheating. They don't have social co-operation and are not legalized as well. They charge more money as premium to the client.

Insurance the best way to remain safe from financial loss. How?

Insurance is a means of protection from financial loss.Therefore, insurance is the best way to remain safefrom financial loss.

Write two ways to keep away from insurance frauds.

The twoways to keepaway from insurance frauds are:
- Providing details about all the facts.
-Proper security system should be established.

What is an insurance fraud?

The distortion of facts about the insured is calledthe insurance fraud.

What is an insurance policy?

An insurance policy is a contract betweenthe insurer andinsured which determines the claims which the insureris legally required to pay.

Think about the advantages of insurance and make short list.

The advantages of insurance are:
-It provides safety and security providing financial support.
-Premium that insurancegenerates canbe invested ingovt. securitiesandstock.
-Life insurance provides mode of investment.

List the principles of insurance.

The principles of insurance are:
-Nature of contract.
- Faith.
-Insurable interest.
-Indemnity.
-Subrogation.
-Double insurance.
-Proximate cause.

How can you help your parents to remain safe from insurance frauds?

We can help our parents to remain safe from insurance frauds by:
-Suggesting them to provide all the facts about theinsurance to theinsurer.
-Proper documentation.
- Checkup of validity.
-Proper payment in time.
-Recognizethe way to deposit the installments.

"Faith is most in insurance". Explain.

Insurance is the means of protection from financial loss.The insurer and insured should have faith over eachother. As a client, it is the duty of the insured todiscloseall the facts to the insurance company. Anyfraudson distortion of facts can resultsin cancellation ofthe contract. So, faith ismost in insurance.

Make the list of advantages of insurance.

The advantages of insurance are:
-It provides safety and security enabling financialsupport.
-Premiumthat insurance generates can be used ingovt. securities and stock.
-Life insurance provides mode of investment.
-It enables to mitigate loss, financial stability,promotes trade and accelerateseconomic growth.
-Medical insurance provides medical support to the insured.

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