Welcome to Auto Insurance World blog which covers mainly information on car insurance news, tips, options and advice.
To kick off this blog, let's talk a bit for a moment on the concept of insurance.
The most fundamental concept of insurance is to provide "shelter" to a property (vehicle, house etc) , things and the human life against all expected losses. The procedure of insuring something may be complex in nature but the basic concept revolves around proper risk management.
Basically, the insurance contract is signed between two parties, the insurer and the insured. The insurance company is known as the insurer as it provides safety shelter to the insured against a premium sum of money, decided between both parties.
There is always a possible likelihood of loss to our precious things due to an unfortunate incidentor event, which we may be unable to avoid. It also includes human life, which is beyond all doubts, the most precious thing. Such occurrence causes us huge loss and may even be almost unbearable for us. In these situations, insurance seems to be a highly profitable and supporting way to mitigate the intensity of our calamity.
Though insurance does not claim for the total recovery of such losses but it does prove to be a blessing in avoiding big losses and help us maintain ourselves after what we have faced. On account of so many advantages of insurance, it is no wonder why the practice is very common in all countries. It can be said that over the years, insurance has made a tremendous progress throughout the world.
Insurance companies have created maximum possibilities of risk management with regards to all the precious property we hold dear to, the loss of which may have a devastating effect on us. In most developed countries, it is often necessary to have life insurance to cover the risks to human life. Already, developed countries would have in place, the minimum government policies and basic social benefits that will help in medical subsidies. That said, it is also compulsory to buy auto insurance before you can drive a vehicle on the road and there are minimum requirements depending on your location.
Hence, regarding expensive property such as vehicles, homes, jewellery etc, insurance provides some sort of security to them as a mishap will not cause them a heavy damage. Against a small insurance premium, to be paid monthly, quarterly or annually, you can ensure maximum security of your life and valuable belongings/property.
This essentially is the fundamental concept of insurance.
Feel free to add comments to my posts.
To kick off this blog, let's talk a bit for a moment on the concept of insurance.
The most fundamental concept of insurance is to provide "shelter" to a property (vehicle, house etc) , things and the human life against all expected losses. The procedure of insuring something may be complex in nature but the basic concept revolves around proper risk management.
Basically, the insurance contract is signed between two parties, the insurer and the insured. The insurance company is known as the insurer as it provides safety shelter to the insured against a premium sum of money, decided between both parties.
There is always a possible likelihood of loss to our precious things due to an unfortunate incidentor event, which we may be unable to avoid. It also includes human life, which is beyond all doubts, the most precious thing. Such occurrence causes us huge loss and may even be almost unbearable for us. In these situations, insurance seems to be a highly profitable and supporting way to mitigate the intensity of our calamity.
Though insurance does not claim for the total recovery of such losses but it does prove to be a blessing in avoiding big losses and help us maintain ourselves after what we have faced. On account of so many advantages of insurance, it is no wonder why the practice is very common in all countries. It can be said that over the years, insurance has made a tremendous progress throughout the world.
Insurance companies have created maximum possibilities of risk management with regards to all the precious property we hold dear to, the loss of which may have a devastating effect on us. In most developed countries, it is often necessary to have life insurance to cover the risks to human life. Already, developed countries would have in place, the minimum government policies and basic social benefits that will help in medical subsidies. That said, it is also compulsory to buy auto insurance before you can drive a vehicle on the road and there are minimum requirements depending on your location.
Hence, regarding expensive property such as vehicles, homes, jewellery etc, insurance provides some sort of security to them as a mishap will not cause them a heavy damage. Against a small insurance premium, to be paid monthly, quarterly or annually, you can ensure maximum security of your life and valuable belongings/property.
This essentially is the fundamental concept of insurance.
Feel free to add comments to my posts.
