September 18, 2006 3:13am CST
importance of insurance in our lives
1 person likes this
2 responses
@prasad1961 (5603)
• India
27 Oct 06
The business of Insurance is related to the protection of the economic values of assets. The asset is valuable to the owner, coz he expects to get some benefits from it. The benefit is income/comfort. Every asset is expected to last for certain period. After that the benefit may not be available. Thus to make sure of his income/comfort he needs Insurance. This is a mechanism that helps to reduce the effect of such adverse situations. It works on sharing of losses. In order to compensate the loss not fully but upto the economic value of loss, the principle of Insurance works. This is most Important where entire family is dependent on one earning person.
@turneg10 (37)
• United States
27 Oct 06
Insurance is really important, cuz if not then my father would have had to pay 100,000 BUCKS instead of the like 2,000 he did when he got REALLY sick! I love insurance also because they give me such a great rate on my car insurance. Do you have good insurance?