The main function of insurance is that eliminates the uncertainty of an unexpected and sudden financial loss. Instead of this uncertainty, it provides the certainty of regular payment i.e. Insurance does not reduce the risk of loss or damage that a company may suffer.
The main function of insurance is that eliminates the uncertainty of an unexpected and sudden financial loss. Instead of this uncertainty, it provides the certainty of regular payment i.e. Insurance does not reduce the risk of loss or damage that a company may suffer.Tags: Introduction For Global Warming ThesisAp Lit Style Analysis EssayHow To Assign Ip Address In WindowsDedication Of Thesis To ParentsIs There A Website Where Pay Someone To Do My Papers?Need Help Writing EssayCritical Thinking As Level Ucas PointsDefending Your Thesis Graduate SchoolBusiness Plan ChaptersAvoiding You In Essays
So the insured will not be able to make a profit from the damaged property or sell it.In case the loss is due to more than one such peril, the one that is most effective in causing the damage is the cause to be considered.Q: Write a few lines on the Indian Insurance Sector.They all pay their premiums and if one of them suffers financial losses, then the payout comes from this fund. In a lot of cases getting some form of insurance is actually required by the law of the land.Like for example when goods are in freight, or when you open a public space getting fire insurance may be a mandatory requirement.This principle applies if there are more than one insurers.In such a case, the insurer can ask the other insurers to contribute their share of the compensation.Basically, all the policyholder pool their risks together.Any loss that they suffer will be paid out of their premiums which they pay.If the insured claims full insurance from one insurer he losses his right to claim any amount from the other insurers.This principle states that the property is insured only against the incidents that are mentioned in the policy.