The job of the life insurance is to reduce the risk that comes due to the financial losses due to unexpected things.the insurance could be in different formats like life insurance which is personal in nature and you can have even the commercial stuff insured under different names of insurance.when you invest your money in any kind of asset, you need to take financial assistance from lenders and bankers.
As they are giving the money for the sake of your investment, they need protection against the money that they are giving it to you. Thus they will reduce the risk of loss of the money. Hence they insist you to take insurance to cover the possible financial losses due to unexpected situations. This gives them a kind of security to give you the loan in a comfortable manner.
Thus insurance is a kind of production for trade and commerce. You shall be clear about one thing that insurance is not going to reduce the possibility of bad things to stop. It only gives you a kind of protection in the case of batting happens when financial losses occurs. Does your business and commerce is going to be protected against the losses that could occur due to the natural reasons like fire, floods and earthquakes. As we cannot stop this natural calamities to happen we are just going to have a kind of financial protection against this kind of stuff.
Incsurance even acts like a social obligation. You are paying the money in the name of the premium to help the people who are in trouble. This gives a kind of togetherness to the people of the society and survive happily. Does it is going to give the harmony of the society on and keep the integrity of the country.
You are minimizing the loss that could occur in the name of the insurance and hence increasing the productivity of the entire nation.when the individuals of the country prospers in the country also prosper. Thus by taking a insurance you are not only protecting yourself, you are helping the country to grow better.
The the advantage that insurance is making to the people he's creating a kind of awareness around them about the kind of the risks that they could face. This will give them a clear idea about the kind of possible tough things that could happen and allows them to prepare for the things both mentally and physically. Insurance is the way of risk management and every individual is getting them self-aware of risk management.
When many of the people invested together their premiums life insurance and commercial insurance products, the insurance company has money to invest in infrastructure and roads which make your country better.The advantage of insurance is it gives a better chance to enterprises and entrepreneurs to develop their business in a better way.As the people are away from the fear of getting serious losses due to unforeseen circumstances which are not in our control, they can do business more confidently and get positive results. It even makes the life of the bankers and lenders a bit more comfortable. They can feel secure about the money that they had invested for the sake of their customers.
In other words insurance protects from losses and allows the business to grow in a better way. Does insurance is helping society for individual and business groups to make their financial life more convenient and better.
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