Prabin Kalikote

The advantages of insurance are:
        - It provides safety and security enabling financial support.
        - Premium that insurance generates can be used in govt. securities and stock.
        - Life insurance provides mode of investment.
        - It enables to mitigate loss, financial stability, promotes trade and accelerates economic growth.
     ...

Insurance is the means of protection from financial loss. The insurer and insured should have faith over each other. As a client, it is the duty of the insured to disclose all the facts to the insurance company. Any frauds on distortion of facts can results in cancellation of the contract. So, faith is most in insurance.

We can help our parents to remain safe from insurance frauds by:
        - Suggesting them to provide all the facts about the insurance to the insurer.
        - Proper documentation.
        - Checkup of validity.
        - Proper payment in time.
        - Recognize the 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 insurance generates can be invested in govt. securities and stock.
        - Life insurance provides mode of investment.

An insurance policy is a contract between the insurer and insured which determines the claims which the insurer is legally required to pay.

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.

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

The two ways to keep away 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 safe from financial loss.