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.

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.

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.

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

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.

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

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

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

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

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