insurance essay

160 Insurance Essay Topics & Research Topics on Insurance

🏆 best essay topics on insurance, ✍️ insurance essay topics for college, 👍 interesting insurance topics for presentation, 🎓 most interesting hospital research topics, 💡 simple insurance essay ideas, 🌶️ hot insurance ideas to write about.

Role of Mandatory Health Insurance
Why Health Insurance Should Cover Art and Music Therapy?
Benefits for Teachers: Social and Medical Insurance
Hull and Machinery Insurance and Protection and Indemnity Clubs
Market Analysis of Allstate Insurance Company
Insurance Data Processing and Storage: Edge Computing
Automation of Insurance Industry: Personal Reflection
Customer Loyalty Within the Insurance Industry The aim of the study will be divided into overall objective which is further divided into a number of specific objectives for comprehensive analysis.
The Health Care Insurance Supervisor: Job Description The job description covered most of the aspects of my roles as the supervisor at healthcare insurance organization.
Life Insurance: Theory and Practice Life insurance can be defined as the contract between the insurer and the person owns the policy. Some countries include some events like bills and death expenses are included in the premium policy.
Britam Insurance Company’s Sales and Marketing Management Software Britam Insurance Company has to adopt the new marketing and management software to remain at the top of the highly competitive insurance industry.
Children’s Health Insurance Program: The Role of Nurses This paper aims at discussing the nurse’s role in designing and implementing the Children’s Health Insurance Program (CHIP).
Using Mau Technique for Choosing an Insurance Package Four coverage plans were analyzed, taking into account performance reports, which show the core segments’ quality of services.
McKinsey & Company: State Farm Insurance Assessment In this paper, McKinsey & Company is to be discussed as a management consulting firm that deals in consultancy, especially at senior management levels.
Selling Life Insurance Policies: Viatical Settlements Analysis Viatical settlements allow people with a life expectancy of two or fewer years to sell their life insurance policy for a value higher than the policy’s current face value.
Allstate Insurance Company’s Diversity Goals Allstate insurance company is one of the companies in the world that are enjoying the benefits of having set diversity management as one of its strategic goals.
Anthem Insurance Companies’ Cost Benefit Analysis This paper provides a cost and benefits analysis (CBA) and the evaluation of patient safety issue from the perspective of Anthem.
Maritime Insurance: A Case Study Law Report Operations in the maritime industry are characterised by threats that may lead to financial losses. Some of them include piracy, fire, and bad weather.
Why the HIH Insurance Collapsed? This ‘historical point of view was not only in terms of the extent of losses, but also for the far-reaching effects on the Australian community.
Health Insurance for Employees Every company is responsible for the welfare of its employees and healthcare insurance certainly falls into the parameter of welfare
Business Ethics Concerns: State Farm Insurance Company The purpose of this research paper will be to discuss an ethical issues and how they affect business relations.
Limited Access to Health Insurance for Low-Income Families The purpose of this report is to consider the problem of the high uninsured rate in the US and propose a possible solution.
National Health Insurance: Debate Summary This work presents the flow of discussion about the National Health Insurance system showing its potential influence on the development of the policies and summarizes the outcomes.
Dental Plans and Dental Insurance This paper discusses how does the ADA plan save money for the patient and whether DR increases or decreases employer’s administrative burden for dental insurance.
Is Insurance a Right or a Privilege? The purpose of this article is to address the problems of the US health care system related to unequal access to health care.
Health Insurance Benefits and Cost Reduction This essay seeks to evaluate how health insurance benefits affect an organization’s strategic goal setting, as well as how organizations can ensure cost reductions.
Risk Management and Insurance Principles The risk manager should develop allocate some funds into risk insurance. This will enable the company get the necessary funds to be able to reduce losses.
Capital Mortgage Insurance Corporation’s Negotiations It is important to apply the guidelines that will enable Capital Mortgage Insurance Corporation to facilitate effective communication during the negotiation.
Revisions of Health Insurance Portability and Accountability Act Health Insurance Portability and Accountability Act improves the accountability of health insurance. It benefits stakeholders: patients, healthcare workers, and the whole system.
The Insurance-Based Inequity Discussion Humanity continues to fight cancer, trying to prevent people’s deaths. From 1991 to 2018, the cancer death rate in the United States decreased by more than thirty percent.
Insurance Financial Advising Concepts The job of insurance financial advising is to offer clients consultation on their capital. A special plan is developed that meets the lifestyle of a particular person.
An Agent-Based Model of Flood Risk and Insurance This paper provides all essential information concerning the nature of property and liability insurance along with its core principles.
Healthcare Insurance Organizations’ Risk of Fraud Today, numerous companies are experiencing problems resisting illegal actions and suffering losses because of their consequences.
Health Maintenance Organization Insurance Health Maintenance Organization is a healthcare insurance plan that commonly confines coverage to care from physicians who work for the HMO insurance.
Expanding Medicare and Medicaid into a National Health Insurance System The paper analyzes the reasons why the national healthcare insurance program should be implemented and presents critics on how the initiative should be realized.
Health Insurance Coverage in Florida Health insurance coverage is comprehensive coverage on the means of financing an individual’s healthcare expenses.
Life Insurance Inc.’s Yes2Life Mobile Application This report presents the documented design of the Yes2Life mobile application for Life Insurance Inc. based in Brisbane Australia.
The Role of Business Ethics in Insurance Companies Business ethics remains a rather relevant issue for the insurance business, as the latter participates in programs for the implementation of corporate social responsibility.
The Emergence of Private Health Insurance The study of the issue of the emergence of private health insurance and how it arose in society has exceptional value for study.
Healthcare Insurance in the USA The healthcare policies on insurance coverage in the USA need to benefit all people. The paper discusses insurance healthcare policies as social welfare concept.
National Health Insurance in the United States In this paper, attention will be paid to the history of the U.S. healthcare system, current reimbursement methodologies, technological advancements, and costs.
Social Welfare Policy and Healthcare Insurance Healthcare insurance must be more affordable; in the modern US, low-income people, especially immigrants, are uninsured and cannot afford health insurance coverage.
Health Insurance Calculations Regarding Medicare The current paper indicates that when it comes to reimbursement, the CMS says that, on average, Medicare covers around 80% of all payments.
Importance of Life Insurance and Annuities In the case of insurance, the policyholder pays a certain amount in return for a premium upon the passing of the insured individual.
Issue of the Urgent Need for Health Insurance The paper states that the urgent need for health insurance disorients people. Failing to find quick insurance, they abandon it and put themselves at risk.
Health Costs and Insurance in Healthcare This paper provides a summary of the article on health costs “You can appeal a Medicare premium surcharge” and gives health insurance evaluation.
Disability Income Insurance: Benefits and Drawbacks Disability income insurance is a supplemental policy that protects policyholders from losing their income if they cannot work due to illness or an accident.
Discussion of Business Insurance Types Business insurance is one of the potential way of guarding business against losses due to events that may occur during the regular course of business.
Researching of Health Insurance Plans The paper analyses how health insurance impacts future job research and compares and contrasts three New York City insurance offerings.
Abolishing Out of Pocket Healthcare Insurance The paper discusses out-of-pocket healthcare. It refers to a mode of healthcare payment that entails using one’s own money to purchase health services.
Employer-Provided Health Insurance (EPHI) Model EPHI is the predominant healthcare insurance model available in the United States. It includes access to medical services, lower out-of-pocket payment, and saving time.
Business Liabilities and Insurance This essay describes the potential business liabilities related to residential rental properties, recommended types of insurance, and approaches to mitigate risks.
Tricare and Other Health Insurance Programs This paper helps to understand the main programs of Tricare in detail and in nuance required by a healthcare professional.
Primary, Secondary, and Supplementary Health Insurance A medical insurance policy covering a client as a subscriber, an employee, or a member is known as primary insurance.
Hourly or Specific Days Insurance Policy Coverage The essay overviews the emergence of usage-based insurance policies, how they changed the situation for insurance companies and how competitive this type of market is.
Life Insurance: Types, Value of Money Life insurance can be defined as the contract between the insurer and the person who owns the policy. Some countries include some events included in the premium policy.
Cancer Insurance Evaluation An evaluation of what cancer insurance is, what it covers, how it works, the best providers, and how it differs from health insurance can facilitate a better sense of the policy.
Dentistry, Insurance, and Children With Special Healthcare Needs This paper aims to discuss the importance of insurance in healthcare for children with special healthcare needs and provide suggestions for organized dentistry for children.
The Insurance Industry in Saudi Arabia The Saudi government has taken measures to ensure that the country’s insurance industry is robust and up to international standards.
Health Insurance Portability and Accountability Act HIPAA provides a solid framework for ensuring PHI security across the US healthcare system. It is partially inadequate to the current situation.
Insurance Services by The UnitedHealth Group The goal of the UnitedHealth Group is to help employees to have reliable insurance packages that would include all essential services, including a 401k plan.
State Children’s Health Insurance Program The SCHIP is a program between the federal and state governments that provides comprehensive health care coverage to uninsured children from financially-challenged families.
Indemnity Dental Insurance and Its Benefits The major benefit of indemnity insurance is that it gives the patients an opportunity to receive the service of the dentist of their choice.
Indemnity Dental Insurance: Pros and Cons The carrier processes payments to the plan member or to the dentist only after the insurance entity receives and reviews the dentist’s bill.
Insurance Comparison: Dental Plans and Benefits Dental practitioners must demonstrate an adequate understanding of the existing Dental Plans and types of Dental Benefits.
Health Insurance Myth and Misconceptions in Nursing This paper discusses the article “Myths and misconceptions about US health insurance” about the failure to understand the complicated process of health insurance.
Property Casualty Insurance This discussion assesses the property casualty insurance where such vices as accidents to the employees and loss of funds due to negligence can arise.
Healthcare Insurance: Effects of Adverse Selection People will go for insurance plans where they pay the minimal amount of premiums but get the maximum cover. This type of reasoning is referred to as adverse selection.
Moral Hazard in Healthcare Insurance Moral hazard in health insurance refers to the additional medical care that an individual gets on the basis of higher insurance coverage.
The Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act is one of the most important acts, which aims at creating proper insurance for people and abuse in health care.
Acquiring Cheaper Healthcare Insurances The importance of healthcare insurance lies in its ability to provide peace of mind to individuals who avail of them.
Health Care Economics Analysis: The Price of Health Insurance The price of health insurance is defined by the economic textbook as the fee for loading or the surplus after subtracting the premium from the expected payout.
For Humana Incorporation: Health Care Insurance and Financial Status Humana Incorporation is both an urban and rural organization because it markets its insurance plans and health care services to potential patients and customers across the country.
The Policy for the Travel Insurance and Legal Concepts Travel or Flight Accident Insurance Policy is a popular cover offered by this firm. In the event that one is involved in a flight accident, this policy offers as much as $100,000.
Risk Management: Various Insurance Types The paper introduces the concepts of risk and insurance, considers different types of insurances and liability policies, and makes respective conclusions.
Homeowners Insurance Policy The paper will discuss the contractual components of a home insurance policy together with its general contents and coverage.
USHCS Perspective: A Structured Analysis of Children’s Health Insurance This paper provides a structured analysis of the Maryland Children’s Health Insurance by providing an insight into the organization’s overview.
Medical Insurance Cover for Vulnerable Age Groups Medical experts have confirmed that early screening and detection of women among this age group is necessary in order to avert health crises before reaching a severe stage
Rationale Strategy: PetSafe Pet Insurance This paper discusses emails of PetSafe Pet Insurance. Discusses the strategy of the company to involve new clients.
Heart-Healthy Insurance Information Security Policy The earlier versions of the security management system are now less effective. The paper is a recommendation that may help in ensuring that the company’s data is well protected.
Insurance Plans in States: Colorado, New York, Florida Instead of making fast decisions, it is better to address a local insurance company and investigate the conditions under which care services are provided.
Medical Records and Health Insurance and Portability Act Health Insurance and Portability Act (HIPAA) 1996 was passed with an aim of protecting privacy of medical records.
Healthcare Insurance Development and Importance This paper offers an overview of the formation and development of health insurance in the United States, a description of its current situation and possible prospects.
Quality Improvement and the Need for Healthcare Insurance Essay has illustrated the magnitude of the need for healthcare insurance for the citizens of the United States, both young and old.
Government and Private Health Insurance According to the Census Bureau, government insurance plans have 38% of Americans in comparison to 67% of people who get private health insurance services.
The Issues of Insurance of Health Income inequalities and lack of insurance lead to poor health conditions. Health coverage is primarily useful because it compensates for all the medical expenses to the hospital.
The United States’ Universal Health Insurance The majority of American citizens pay for and receive healthcare through private organizations, in other countries, a significant part of medicine is provided by the public sector.
Medicaid Insurance Issues Analysis Although physicians are able to reject Medicaid insurance, they are ethically obliged to contribute to the Medicaid program improvement.
Health Insurance in the US The US health insurance system contains multiple organizations that work to reduce the burden of the increasing costs of health services in the country.
Insurance Issues in the Medical Center In this paper, the insurance issues of the medical center are discussed, addressing the target audience of the institution – the patients from different backgrounds.
Health Insurance: Overview of Insurance Plans in USA In this article, the author looks at the various insurance plans available in the US, their coverage, and target populations.
Specialty Drugs Costs and Insurance Modern medicine has moved firmly towards preventive practices to maintain public health indicators, but that is not enough.
Prepaid Insurance or Payment Adjustments Prepaid insurance is a kind of prepayment that stands for the installments made for the expenses which have not been procured yet.
Health Promotion Role in Reducing Health Insurance Costs Health promotion is crucial as it ensures that people understand the risks of their lifestyle and the know-how to avoid them.
Small Businesses’ Dilemma of Providing Health Insurance Plans for Their Employees No legislation exists that demands small employers to offer health insurance. Having a health insurance cover for employees provides several benefits to the company.
Healthcare Economics: How Private Insurance Works Healthcare and economics can be defined as issues related to the allocation of healthcare services to a human being.
Medical Insurance: Health Care Reform The United States is said to have reached a stage where the status of health care is precarious, primarily because of it is simply not sustainable anymore.
Credit Life and Credit Disability Insurance Credit insurance and credit disability insurance are services provided by several insurance companies. Credit life makes an effort to cover the remaining loan when one dies.
Australian Insurance Market Segment Analysis The report elaborates a specific market segment of Australian motor car insurance via an understanding of its customers.
Health Insurance Crimes in the United States There need to be more stringent regulations in the way Medicare claims are filed and met, a concerted effort from the part of patients, physicians, insurers, and the government.
Human Resource in Healthcare: Health Insurance It is perceived that large differences exist in employer sponsored insurance coverage between young adults and their older counterparts
Health Insurance Exchange: Economic Perspective A health insurance exchange or marketplace is defined as an area where residents may identify the conditions for having health insurance.
Debate on Abortion Insurance in South Dakota The Healthcare Insurance Ban health policy in South Dakota is a public health concern and a direct violation of federal law.
Health Insurance Abortion Ban in South Dakota The policymakers of South Dakota should strive to ensure that the Health Insurance Abortion ban is more inclusive by considering rape and incest-related pregnancies.
Health Insurances and Florida’s State Strategies Introducing opportunities for health insurance is a critical part of any benefits package in the contemporary workplace environment.
Sociology: Economic Class and Health Insurance The paper explores the hypothesis that higher economic class people are more likely to have comprehensive health insurance.
The State Children’s Health Insurance Program Having conducted a thorough analysis of the shortcomings of the SCHIP, I came to the conclusion that the program has good potential, even though it should be revised.
Health Insurance for Children With Special Needs The health gaps affecting CSHCN are products of two major factors – low levels of health literacy (social impediments to health care access) and poor government policies.
Lloyd’s Company Solvency: Unique Insurance Strategy It is crucial for Lloyd’s to develop its information management approach and work on the means to promote a better cohesion between its members.
Health Insurance: Prisoner’s Dilemma By becoming part of the universal health insurance, the prison would no longer have to negotiate for specific healthcare items at increased cost and limited choices.
Anthem Insurance Companies’ Process Improvement Anthem is an insurance company that prioritizes the value of plans it provides to clients and accountability in its work.
The Federal Insurance Contributions Act: Economic Burden Payroll tax, such as the Federal Insurance Contributions Act (FICA), is a form of tax imposed on the wages that employees receive from a given firm.
General Worldwide Insurance Company Information Technology Generali Worldwide Insurance Company recognizes the need for the effective and safe use of information technology for furthering its governance, risk, and compliance functions.
Florida Health Care Insurance This work includes information on health insurance, general health statistics of the population in Florida, and the state’s position on health care reform.
Anthem Insurance Companies’ Risk Management The organization in question is an insurer Anthem that has to provide reimbursements to medical establishments for their services.
National Health Insurance and Its Disadvantages National health insurance (NHI) invariably becomes a reason for heated debates since the beginning of its history in 1912.
Website Health Insurance in Florida This paper analyzes the question of what does the website reveals about health insurance and health care reform in the state of Florida.
National Health Insurance: Contrarguments In this paper, the arguments of the opponents that were presented to advocate for national healthcare insurance (NHI) are going to be countered.
Florida Abortion Policies and Health Insurance Health plans that are provided in the Florida state’s health exchange by ACA may only cover abortion in the cases when the life of the woman is at risk.
Old Age, Survivors, and Disability Insurance Benefits The Old Age, Survivors, and Disability Insurance benefits (OASDI) is one of the Social Security programs that every American is entitled to as their social right.
Safety of Healthcare Information: The Health Insurance Portability and Accountability Act The general provisions of HIPAA establish the definitions for key terms, for example, PHI, health insurance coverage, group health plan, and covered entities.
Health Care Reform and Insurance in Florida The lack of sufficient health insurance in Florida coverage is one of the critical issues that prevent it from being considered healthy.
Healthcare Public Financing and Insurance In the United States of America, there is a large portion of the population that does not have health insurance. This tendency occurs because health insurance is quite expensive.
Robinson Insurance Agency’ Leadership Assessment Robinson Agency faces the challenges of selection, transition, and replacement associated with the human resources because of the necessity to select persons who have great leadership potential.
Medicaid Versus No Health Insurance In many ways, at the moment, the opinions on Medicaid became very radicalized. People sometimes claim that studies showed too little difference between treatment received
Healthcare Insurances in Florida Access to health insurance is one of the most critical issues of concern in the modern US health care system. This work discusses the health care insurances in Florida.
Obamacare and Universal Medical Insurance Coverage It is paramount to provide universal health care insurance if the U.S. population is to have a better health level, and, consequently, a higher quality of life.
Health Insurance Policy’s Impact on Nursing The federal policy that has a significant impact on the role of the advanced practice registered nurse is the Health Insurance Portability and Accountability Act (HIPAA).
Medical Insurance among the Citizens: Statistical Research Healthy People 2020 is the project that comprises numerous recommendations related to health care and health promotion among Americans.
Health Promotion: Health Insurance Costs Reducing Health promotion is targeted towards increasing the control over the health of the target audiences as well as the improvement of their health.
Insurance Management: Burglary and Thrift Exposure In order to prevent the shop owner from suffering major financial losses in the case of a raid, such a method as noninsurance transfer can be suggested.
Patient Healthcare: Health Insurance Portability and Accountability Act The healthcare system is concerned with the duties of providing the people with treatment, prevention measures, and overall management of health.
The Insurance Regulator in the State of New York This report examines the disciplinary measures that have been employed by the insurance regulator in the State of New York in a bid to determine what constitutes a good insurance company.
Health Economics – Health Insurance Market failure is the term used by economists to describe instances where insurance markets fail to provide adequate insurance services at reasonable prices.
An Economic Analysis of the National Health Insurance In this paper, an economic analysis of a National Health Insurance is going to be carried out, in the US context. There is going to be presentation of the historical background of Insurance.
Accident Insurance Claim Personal Injury Insights
Bank Runs and Moral Hazard: A Review of Deposit Insurance
Choosing the Right Insurance for Homeowners
Cheap Car Insurance for Young Drivers
Employer-Provided Health Insurance and Job Change
Crop Insurance Under Restricted Access to Financial Markets
Case Capital Mortgage Insurance Corporation
Directors’ and Officers’ Insurance and Shareholders’ Protection
Crop Insurance, Moral Hazard, and Agricultural Chemical Use
Corporate Insurance With Optimal Financial Contracting
The Importance of Financial Innovation in Deposit Insurance
Federal Deposit Insurance Corporation
Choosing the Right Pet Insurance Policies
Examining the Insurance Industry in Nigeria
Financial Instability and Life Insurance Demand
Bad Debt Loss Insurance in Settlement and Litigation
Health and Health Insurance Trajectories of Mexicans in the US
Children’s Health Insurance Program: An Evaluation 1997-2010
Disability Insurance, Population Health, and Employment in Sweden
Crop Insurance Moral Hazard From Price and Weather Forecasts
Employment and Adverse Selection in Health Insurance
Canadian Immigration and Health Insurance
Background Uncertainty and the Demand for Insurance Against Insurable Risks
Affordable Health Insurance for Unemployed
Dealers’ Insurance, Market Structure, and Liquidity

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StudyCorgi . "160 Insurance Essay Topics & Research Topics on Insurance." December 21, 2021. https://studycorgi.com/ideas/insurance-essay-topics/.

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These essay examples and topics on Insurance were carefully selected by the StudyCorgi editorial team. They meet our highest standards in terms of grammar, punctuation, style, and fact accuracy. Please ensure you properly reference the materials if you’re using them to write your assignment.

This essay topic collection was updated on January 8, 2024 .

Essay On Importance Of Insurance

In the intricate tapestry of modern society, insurance emerges as a foundational thread that weaves together protection, stability, and progress. By offering a shield against unforeseen financial losses, insurance empowers individuals and businesses to navigate a world fraught with uncertainties. This essay underscores the significance of insurance in contemporary life, elucidating its role in providing financial protection, enabling risk-taking, fostering stability, and contributing to societal advancement.

Table of Contents

Essay: The Crucial Role of Insurance in Safeguarding Individuals and Fostering Economic Growth

Insurance plays a vital role in modern society by protecting individuals and businesses from financial losses, allowing for greater risk-taking and economic development.

Paragraph 1: Insurance provides financial protection

One of the primary virtues of insurance is its ability to extend a safety net against an array of hazards. These hazards, ranging from accidents and illnesses to property damage and unfortunate deaths, carry the potential to plunge individuals and families into overwhelming financial distress. Insurance stands as a formidable bulwark against such adversities, offering a safeguard that ensures individuals do not find themselves mired in insurmountable debt or financial ruin. By distributing the costs of potential losses across a multitude of policyholders, insurance effectively diffuses the burden, thereby preventing the catastrophic impact of individual financial calamities.

Paragraph 2: Allows individuals and businesses to take more risks

The absence of insurance could cast a pall of apprehension over significant life decisions. Ventures like starting a business, embarking on extensive travels, or investing in a home may be approached with trepidation due to the looming specter of financial catastrophe in the face of unforeseen losses. Insurance, however, catalyzes a transformative shift in this narrative. With insurance coverage in place, individuals and businesses can undertake these pivotal risks with greater confidence. This newfound security empowers economic and entrepreneurial pursuits, as the protective buffer against potential losses emboldens innovation, fosters business expansion, and fuels economic growth.

Paragraph 3: Provides stability and security

The tendrils of insurance’s influence extend beyond the mere realm of finances. In the event of life-altering setbacks such as the loss of a loved one or the ravages of natural disasters, insurance plays a profound role in upholding stability and security. Insurance payouts, be it life insurance or property insurance, stand as beacons of hope amidst the darkness of loss. They offer a lifeline that ensures financial security, mitigating the burden of potential upheaval. By freeing individuals from the clutches of financial hardship that often accompany unforeseen calamities, insurance empowers them to direct their energies towards constructive pursuits like work, development, and rebuilding.

Paragraph 4: Benefits society as a whole

The impact of insurance radiates through the societal fabric, rippling outwards to engender benefits that transcend individual and business boundaries. As individuals and businesses are shielded from the dire consequences of losses, their reliance on public welfare systems diminishes. This reduction in demands on public resources ensures a more efficient allocation of government funds and resources, ultimately contributing to the overall well-being of society. Additionally, insurance’s role in bolstering risk-taking and investment cannot be understated. By offering a protective umbrella against potential failures, insurance fosters an environment conducive to innovation, business expansion, and investment. The insurance industry itself is a robust source of employment, playing an indispensable role in the economy and propelling economic growth.

In a world where uncertainties cast their shadows across every facet of life, insurance stands as a beacon of security, prosperity, and progress. By providing a shield against financial losses, insurance not only enables individuals and businesses to take calculated risks but also contributes to the stability and growth of societies at large. Its role in alleviating fears of potential financial ruin and its capacity to stimulate economic dynamism make insurance a cornerstone of modern society. As individuals and businesses are empowered to stride forward with confidence, unburdened by the specter of unforeseen losses, the collective trajectory of progress is illuminated, forging a path towards a more secure, stable, and prosperous future for all.

Write Four Importance of Insurance – Safeguarding You and Your Future

Insurance might seem like a simple thing, but it’s actually super important. Here are four reasons why:

1. Protection from Unexpected Problems:

Life is full of surprises, and not all of them are good. Insurance is like a shield that protects you from getting hurt financially when bad things happen. It covers stuff like accidents, illnesses, and even damage to your things, like your car or house. So, if something goes wrong, you won’t have to pay all the money to fix it.

2. Feeling Secure and Stress-free:

Imagine if you had to worry all the time about what could go wrong. Insurance takes away that worry. It gives you a safety net, so if something bad does happen, you won’t have to panic about money. This lets you focus on the things that matter, like your family, your studies, and your dreams.

3. Helping You Take Risks:

Sometimes, you need to take risks to move forward in life. Insurance gives you the courage to take those risks. For example, if you want to start a business, insurance can cover you if things don’t go as planned. This way, you’re more likely to chase your dreams without being scared of failing.

4. Building a Better Future:

When many people have insurance, it creates a big pool of money that can be used to help anyone who needs it. This is super useful when something really big, like a natural disaster, happens. Insurance helps communities rebuild and get back on their feet faster. Plus, having insurance makes you part of a system that takes care of people and helps the economy grow.

So, even though insurance might seem like just another thing you have to pay for, it’s actually a super smart move. It’s like having a superhero cape that keeps you safe from money troubles and lets you take on life’s adventures without fear.

What Is Importance Of Insurance to Society

The Big Deal About Insurance for Everyone

Imagine if you had a magic shield that could protect you from money troubles when something bad happens. That’s what insurance is like for the whole society. Here’s why it’s a big deal:

1. Safety Net for Tough Times:

Insurance is like a safety net that catches you if you fall into a tough situation. When things like accidents, illnesses, or disasters strike, insurance helps to pay for the damages. This means people don’t have to lose all their money or belongings when something unexpected happens.

2. Helping Everyone Stay Cool:

Without insurance, people would always be worried about what could go wrong. But with insurance, everyone feels safer. You don’t have to stress out about money problems all the time. This lets everyone focus on their families, work, and living their lives.

3. Making Brave Choices:

Life is about taking chances, but some risks can be scary. Insurance gives people the courage to take these risks. For example, starting a business or trying something new. If things don’t go as planned, insurance can help with the costs. So, everyone can try exciting things without being too afraid of failing.

4. Rebuilding Together

When something really big, like a big storm, hits a community, it can be hard to recover. But insurance makes this easier. When many people have insurance, there’s a lot of money to help rebuild homes, businesses, and communities. This way, everyone can get back on their feet faster.

5. Growing a Strong Society:

Insurance is like teamwork for the whole society. When everyone chips in, there’s a pool of money that can be used to help anyone who needs it. This helps the economy grow and makes sure that everyone is taken care of when they need it most.

So, insurance isn’t just something for rich people or big companies. It’s a way for everyone to work together and protect each other. It’s like having a giant umbrella that keeps us dry when it rains unexpected troubles.

Essay On Importance of Life Insurance

Introduction.

Life insurance is a fundamental financial tool that provides security and stability for individuals and their families. This essay examines the significance of life insurance, exploring its benefits, the peace of mind it offers, the various types available, its role in estate planning, its contribution to long-term savings, and the factors that impact premium costs.

Benefits of Life Insurance

Life insurance serves as a safety net, ensuring that loved ones are financially protected in case of the policyholder’s demise. It guarantees that beneficiaries receive a lump sum payout, which can cover immediate expenses, replace lost income, and uphold the family’s quality of life. Families with young children find life insurance particularly valuable as it can provide for education and future needs, easing the financial burden during challenging times. Moreover, life insurance shields individuals from the strain of financial obligations, including mortgages and loans, ensuring that the family does not inherit these burdens.

Emotional Comfort

Life insurance brings more than just money – it brings peace of mind. When people have life insurance, they feel better knowing that their family will have financial help if something happens to them. This makes them less worried about what might happen in the future. Feeling less worried helps them live their current lives fully, without always thinking about what would happen to their family if they weren’t there anymore.

Different Kinds of Life Insurance

Life insurance comes in different flavors to match different needs. Some are like short-term helpers – they cover you for a certain time. Others, like lifelong guardians, protect you forever and also gather extra money over the years. There’s another type, too, called universal life insurance. This one mixes coverage with a way to save money, letting you build up a little fund. With all these choices, people can pick the one that fits their money goals and situation the best.

Role in Estate Planning

Life insurance plays a pivotal role in estate planning by ensuring a seamless transfer of wealth to beneficiaries. This proactive approach minimizes potential conflicts and legal complexities that can arise during inheritance. Additionally, life insurance payouts are generally exempt from inheritance taxes, making it an efficient strategy for passing on assets to the next generation with reduced tax implications.

Growing Your Money for the Future

Life insurance isn’t just about keeping you safe – it also helps you save and invest for a long time. With whole life and universal life policies, your money grows over the years. You can take out or borrow some of this money if you need it. This extra money can be a helpful backup during your retirement or unexpected situations, giving you more financial security on top of the money your loved ones get when you’re no longer here.

Factors Affecting Premiums

The cost of life insurance premiums is influenced by various factors. These include the policyholder’s age, health status, and lifestyle choices. Generally, younger and healthier individuals qualify for lower premiums. The coverage amount and the chosen policy type also impact costs. It is crucial for individuals to consider these factors while selecting a policy that suits their needs and financial capacity.

In conclusion, life insurance is an indispensable element of a comprehensive financial strategy. Its benefits encompass financial security for family members, coverage of debts, and peace of mind for policyholders. With a variety of policy types available, life insurance contributes to estate planning and long-term financial well-being. By understanding the factors that influence premium costs and making informed decisions, individuals can secure their family’s future and embrace life with enhanced confidence.

What Are The 5 Importnace Of Life Insurance – Exploring Its Role & Value

Life insurance might seem like a grown-up thing, but it’s actually important for everyone to know about. Here are five reasons why life insurance is a big deal:

1. Taking Care of Loved Ones:

Life insurance is like a promise you make to take care of your family even when you’re not around. If something happens to you, the insurance money can help your family with things like bills, school, and even just everyday needs. It’s a way to show that you’ll always look out for them.

2. Planning for the Unknown:

Life can be unpredictable. No one knows what tomorrow might bring. Life insurance helps you plan for the unknown. If something unexpected happens to you, your loved ones won’t have to struggle financially. It’s like having a safety net that catches you if you fall.

3. Covering Big Expenses:

Funerals and medical bills can be really expensive. Life insurance can help cover these big costs so that your family doesn’t have to worry about finding a lot of money quickly. It’s a way to ease their burden during a difficult time.

4. Passing On a Meaningful Gift:

Life insurance goes beyond finances; it’s a way to leave behind a meaningful legacy for your dear ones. By designating beneficiaries, you ensure that the insurance payout becomes a gift that keeps on giving. This support can empower your family to pursue their aspirations, educational goals, and future endeavors.

5. Peace of Mind:

Knowing that you have life insurance brings peace of mind. It’s like having a backup plan that ensures your family will be okay no matter what. This sense of security allows you to focus on living your life to the fullest without constantly worrying about the future.

In a nutshell, life insurance is a way to show that you care for your family even when you’re not there. It’s a tool that offers financial support, security, and a way to leave a positive impact on your loved ones. So, even though it might seem like something for adults, understanding the importance of life insurance is a wise step for everyone.

Argumentative Essay About Life Insurance

Life insurance, a contract between an individual and an insurance company, is a topic of paramount importance in personal finance discussions. It’s a widely debated issue with proponents asserting its crucial role in financial security, while skeptics question its necessity. This essay will argue that life insurance, despite its potential drawbacks, plays an indispensable role in securing one’s financial future.

The Positive Aspects of Life Insurance

Life insurance serves as a safety net, offering financial protection to beneficiaries during an emotionally challenging time. It replaces income, allowing families to maintain their standard of living even in the face of tragic life events. Furthermore, it can assist in mitigating debts and financial obligations, preventing families from inheriting burdensome liabilities. For estate planning, life insurance can minimize tax liabilities, preserving the value of the estate for the beneficiaries. Additionally, for entrepreneurs, a life insurance policy can ensure business continuity, covering losses and facilitating a seamless transition in the event of the owner’s demise.

Debate against life insurance

However, critics argue that life insurance isn’t always necessary, particularly for individuals without dependents. They contend that the premiums could be better invested elsewhere, yielding higher returns over time. Additionally, they point out that insurance companies often incorporate exclusions and complex terms, potentially resulting in denied claims. Critics thus advocate for careful consideration, only opting for life insurance when circumstances truly demand it.

Counterarguments and Challenges

However, it’s important to acknowledge the counterarguments. Critics argue that the cost of premiums may not justify the perceived benefits, especially for those with no dependents. The decision-making process can also be complex, with individuals grappling to choose the ideal policy that suits their needs. Furthermore, not everyone may need life insurance, particularly those with sufficient wealth or those without financial dependents.

Balancing the Scales

Despite these challenges, by assessing their unique circumstances, individuals can determine the necessity and extent of life insurance required. Consulting with financial advisors and incorporating life insurance into broader financial planning can lead to responsible decision-making.

In conclusion, while life insurance may not be a one-size-fits-all solution, it does serve as a crucial tool in securing the financial future of loved ones. It is a cornerstone of responsible financial planning and should be considered seriously depending on individual circumstances.

Hello! Welcome to my Blog StudyParagraphs.co. My name is Angelina. I am a college professor. I love reading writing for kids students. This blog is full with valuable knowledge for all class students. Thank you for reading my articles.

Crop Insurance – An In-Depth Essay Exploration

Health Insurance Reform Has Surprisingly Little Impact on Actual Health

Cost of health care concept, stethoscope and calculator on document

T he typical American’s health compares poorly to that of their counterparts in other high-income countries, even though the U.S. spends twice as much as these countries do on medical care. Behind that middling average lies substantial health inequality. A 40-year-old American male can expect to live 15 years less if he’s one of the poorest 1% of Americans rather than one of the richest 1%. Black children who live in the richest parts of the United States have higher mortality rates than White children in the poorest parts of the country.

Many have put these observations together with another aspect of U.S. “exceptionalism”: We are the only high-income country without universal health insurance coverage. And they have concluded that the key to improving health and reducing health inequality in the U.S. is to finally enact universal coverage.

They’re wrong. While these two facts are correct, they have very little to do with each other. There are good reasons to support universal health coverage, but noticeably improving population health is not one of them.

Indeed, the evidence suggests that the health disparities among Americans are not driven by differences in access to health insurance or to medical care. Rather, the key to improving health is far more complex: It lies in changing health behaviors and reducing exposure to external sources of poor health.

Perhaps the clearest evidence for how little impact health insurance reform has on health comes from the experience of other countries which have universal health insurance but also experience substantial health inequality. Consider Sweden and Norway , two Nordic countries with universal health insurance as well as a cradle-to-grave generous social safety net. Yet differences in life expectancy between adults in the top 10% and bottom 10% of the national income distribution in those countries are similar to the disparities in the United States.

Read More: Long Waits, Short Appointments, Huge Bills: U.S. Health Care Is Causing Patient Burnout

Or consider the enormous differences across the country in remaining life expectancy for elderly Americans, all of whom are covered by the same Medicare health insurance program. Researchers have identified which cities in the U.S. are better or worse for elderly longevity , and also which tend to provide more medical care than others . But, the evidence indicates, the places you’d want to move to in order to increase your life expectancy in retirement aren’t the same as the places to move to if you want to receive more medical care.

Indeed, there is widespread agreement among researchers that medical care, let alone health insurance, is not the only—or even the most important—determinant of health. Rather, the key to better health and smaller health disparities lies in the air we breathe, the food we eat, and the cigarettes we do or do not smoke. Which means that the key public policies for improving health must be those that tackle these sources of poor health through pollution regulation, or soda and cigarette taxes. The path to major health improvements doesn’t run through health insurance and health care policy.

How can this possibly be?

It is not because health insurance is not important for health. Of course it is . But its effects are too small for health insurance reform to make much of a dent in the large U.S. income-health gradient, or to substantially improve the poor health of average Americans.

Behind this relative unimportance of health insurance coverage for health is a startling, but little-understood reality: No one in America is actually uninsured when it comes to their health care. Rather, the nominally “uninsured”—those who lack formal health insurance coverage—nonetheless receive a substantial amount of medical care which they don’t pay for.

There is a vast web of public policy requirements and dedicated public funding to provide the nominally uninsured with free or heavily discounted medical care. And no, we’re not just talking about the emergency room. Through a piecemeal slew of policies at the federal, state, and local level, the government has created a large, complex web of publicly-regulated, publicly-funded programs that provide free or low-fee preventive care, care management for chronic health problems, and non-emergency hospital care for the uninsured and under-insured.

This point was made clear by data from Oregon, where the state ran a lottery for health insurance coverage in 2008. The process was similar to a clinical trial for a new drug, in which some patients are randomly assigned the new drug and others are assigned an older drug or a sugar pill. Except in this case, Oregon randomly assigned public health insurance coverage to about 10,000 low-income, uninsured adults but not to the thousands of others who had signed up to “win” free public health insurance. The results of this lottery made clear that providing formal health insurance coverage to the uninsured provides them with real benefits: better protection against expensive medical bills, greater likelihood of having a medical home, more access to medical care, and ultimately, improved health.

But the experiment’s results also revealed something striking about the experience of the uninsured: The uninsured receive about four-fifths of the medical care that they would get had they been insured. This medical care includes primary care, preventive care, prescription drugs, emergency room visits, and hospital admissions. And they pay for only about 20 cents out of every dollar of medical care that they receive. In other words, they are not actually uninsured. Rather, there’s a lot more commonality in the medical care received and (not) paid for by the insured and the uninsured than those labels might suggest.

And once we realize that everyone in America can access medical care, it becomes much clearer why formalizing this access – while important for other reasons – is unlikely to make an important difference for people’s health, or substantially reduce the large disparities in population health.

The surprisingly limited role for health care policy or health insurance in driving population health is not a new observation. A half century ago, the economist Victor Fuchs – who at age 99 is now widely considered to be the founding father of the economic study of health – made this point in his now-famous “ Tale of Two States. ” He described two neighboring states in the Western U.S. that were similar along many of the dimensions believed to be important for health – including medical care, income, schooling, climate, and urbanicity. Yet in one state, the people were among the U.S. healthiest. Their neighbors in the other state were among the least healthy, with annual death rates that were 40% to 50% higher.

You may get an inkling of where Fuchs was going with this comparison when we tell you that the two states were Utah and Nevada. And that the residents of Utah were the ones enjoying much better health.

Fuchs famously attributed the lower-mortality rates of the clean-living, predominantly Mormon residents of Utah to their better health behaviors. Their Nevada neighbors enjoyed what he referred to as “more permissive” norms. Rates of smoking and drinking were much lower in Utah than in Nevada. And differences in mortality between the two states were particularly pronounced for diseases for which there was a direct link to such behaviors, such as lung cancer and cirrhosis of the liver.

Fuchs’s simple tabulations of publicly reported death rates by age and gender for Utah and Nevada appear antiquated by modern data science standards. But his central argument has stood the test of time. A subsequent half-century of confirmatory work has hammered home an important but often overlooked point: when it comes to improving health outcomes and reducing health disparities, health insurance policy is not the lever to lean on.

Adapted from We’ve Got You Covered: Rebooting American Health Care by Liran Einav and Amy Finkelstein, in agreement with Portfolio, an imprint of Penguin Publishing Group, a division of Penguin Random House LLC. Copyright © Liran Einav and Amy Finkelstein, 2023.

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Home — Essay Samples — Government & Politics — Public Services — Insurance

Essays on Insurance

The importance of writing an essay on insurance.

Writing an essay on insurance is important for several reasons. Firstly, insurance is a crucial aspect of modern life, as it provides individuals and businesses with financial protection against unforeseen events. Understanding the concept of insurance and its various types is essential for anyone who wants to make informed decisions about their financial well-being. Additionally, writing an essay on insurance allows individuals to delve deeper into the topic, gaining a better understanding of its complexities and implications.

When writing an essay on insurance, it is important to consider the following tips:

Research: Start by conducting thorough research on the topic. This may include studying the history of insurance, its different types, and how it works.
Structure: Organize your essay into clear and logical sections, such as , body, and . Each section should address a specific aspect of insurance.
Clarity: Use clear and concise language to explain complex insurance concepts. Avoid using jargon or technical terms without proper explanation.
Evidence: Support your arguments with evidence, such as statistics, case studies, or expert opinions. This will add credibility to your essay.
Critical Thinking: Analyze the advantages and disadvantages of insurance, and consider the ethical and social implications of its use.
Revision: Finally, revise and edit your essay to ensure it is well-structured, coherent, and free of errors.

Writing an essay on insurance is important for gaining a deeper understanding of this vital aspect of modern life. By following the aforementioned tips, individuals can produce well-researched and insightful essays that contribute to the broader conversation about insurance and its role in society.

The Importance of Health Insurance in Today's Society

The Role of Insurance in Risk Management

The Impact of Insurance on Economic Stability

The Evolution of Insurance Industry

The Role of Insurance in Disaster Preparedness and Recovery

The Impact of Digital Transformation on Insurance Industry

The Role of Insurance in Climate Change Adaptation

The Ethics of Insurance Industry

The Future of Insurance Industry in the Age of AI and Automation

The Role of Insurance in Promoting Financial Inclusion

Insurance is a multifaceted industry that plays a critical role in modern society, providing financial protection, risk management, and economic stability. These essay topics cover a wide range of issues and trends in the insurance industry, offering valuable insights into its importance and impact on individuals, businesses, and the broader economy.

Overview of The Insurance Policy of The Companies

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Pros and Cons of Life Insurance

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Insurance - List of Free Essay Examples And Topic Ideas

Insurance plays a crucial role in mitigating financial risks and ensuring economic stability for individuals and businesses alike. Essays could delve into the origins and evolution of insurance, tracing back to ancient forms of risk pooling to modern-day insurance markets. They might also discuss the different types of insurance, such as life, health, property, and casualty insurance, exploring their significance in providing financial security. Discussions might extend to the regulatory frameworks governing insurance markets, and how they impact pricing, coverage, and consumer protection. The discourse may also touch on the challenges and ethical considerations in the insurance industry, such as adverse selection, moral hazard, and the implications of emerging technologies like big data and artificial intelligence on insurance practices. A substantial compilation of free essay instances related to Insurance you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

Supply of Mental Health Insurance Coverage

Introduction Affordable medical care provisions offers the best services for mental health, this is after the introduction of the Affordable Care Act. The act requires that all individuals and employers subscribe to the insurance benefit plan. Purity in mental health acts like a rectifier of unfairness in the health insurance. However due to the increasing mental problems the total spending has increased, based on results from the health insurance companies (Schroeder, 2012). Another evidence has suggested and found it prudent […]

IoT Integration in Insurance: Opportunities and Challenges

BACKGROUND This proposal deals with the effects of Internet of Things (IoT) on insurance market and discsuss the future of IoT based insurance investments. There is no agreed unique definition for Internet of Things which is agreed by whole researchers, academicians, corporate people and other communities. The definition first used by Kevin Ashton, a digital innovation expert. All experts are agreed on a common idea, Internet was firstly about the data created by people, the next version of Internet is […]

Raised Age Limits for Driving

Introduction A national shift to delay teenagers from driving limit at sixteen to seventeen needs to be undertaken to reduce the greater statistical odds of crashes drivers face. The collaborative efforts of Sakai et al finds teenagers are physiologically incapable of being sensible drivers (2012). The brain of a sixteen year, according to the National Institute for Mental Health, is undeveloped in areas of impulse control and contemplation of future action consequences as compared to 18 and 21-year old drivers […]

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Weather Index-Based Livestock Insurance

This paper focuses on estimating the causal effects of index-based livestock insurance on poultry production among pastoralists in the Borena zone of southern Ethiopia, using four rounds of household level panel data. Exploiting randomization of extension treatments to purchase the index-based livestock insurance, and using a fixed effect model and standard Tobit model analysis, our result shows that households who purchased an index-based livestock insurance contract in at least one sales period are more likely to keep a greater number […]

Commercial Insurance

The information that I considered important for this work for academic purposes, start with a general idea about what is and how does an insurance work, it is very important to understand the concept about insurance before people know all the history and where does it come from. Then, we will see all the highlights that has been this market since it was created and how has it impacted in the society. This research is going to show information about […]

Child Development in Poor Families

Poverty is a global problem that has always accompanied humanity. Nowadays, this phenomenon most often affects families with many children and its negative effects can be observed mostly with children. Lack of funds for satisfying basic living needs constitutes a threat to their health and proper development, is a cause of educational negligence and a reason for social alienation. Childhood in poverty often leads to the adoption of bad models and the replication of lifestyles of previous generations. It is […]

Insurance for Agriculture

Nearly 200 years ago, agricultural workers made up almost 70 percent of the American labor force. However, changes in today's economy and the decline of small American farms has reduced this number to less than two percent of the labor force. If there are fewer people working in the agriculture system, how much detail still goes into the oversight of food production? Consumers are often blind to the production of their food. Critics speak out about their concerns for the […]

Climate Changes and the Insurance Industry

Prosperity--it's a word that comes to mind when we think about the United States of America and we are absolutely right about that. Post World War II, our economy has experienced astounding economic growth without much signs of slowing down, even to this day. In fact, this postwar period was when the US fortified its position as not only a global superpower, but also as the world's richest nation. But in order to reach this standing of influence and wealth, […]

Travel Experience: the Essential Tips for a Successful and Enjoyable Travel

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Top 10 Insurance Companies for 2019

The current health insurance policies and methods are changing in modern America. Under the Obama administration, it was wired to work using the Federal Patient Protection and Affordable Care Act (PPACA), often known as Affordable Care Act (ACA) or more popularly, as “Obamacare.” However, all across the nation, you’d find variations, as each state creates their own rules and has guidelines for the health insurance companies to follow. Thus, the general law is divided sectionally, adjusting its demands to the […]

Health Insurance Market Structure

One of the main issues with the health insurance market in the U.S. is the nature of the market itself: oligopoly market. In America, health insurance markets are usually extremely concentrated with a single insurer commanding almost 50 percent of the market (Clemens 121). This nature of market correlates with cost, quality, and availability of health insurance and medical care. The health insurance industry as well as the hospital industry market structure might be the misery behind the skyrocketing medical […]

Analysis of the Affordable Care Act and the Birth Control Pill

Obamacare was signed into law in March 2010. The law covers various types of health plans, benefits, and services. Just years ago millions of women were paying for or couldn't afford birth control. Now, "an estimated 27 million women are currently benefiting from Obamacare's no-cost services” (Ressler). Birth Control is an ongoing debate on whether the pill itself should be covered for by taxes due to peoples rights and beliefs about its use. Another issue about the contraception is who […]

Running Head Health Insurance Specialist

Abstract A health insurance specialist is a connotative term used to describe professionals in the health insurance field who are tasked with the responsibility of processing medical claims, keeping patients records as well as medical coding. They can also be known as medical coders, claims reimbursement specialists, medical assistants, and medical technicians and even claim examiners. One of their main responsibilities is to ensure that the correct premiums are paid but also the coinsurance, copayment by the ensured patient while […]

Globalization of Insurance

According to Vaughan and Vaughan, they mentioned in the text, "Reinsurance is the most global sector of the insurance industry. In 2011, fewer than half (42 percent) of the reinsurance premiums ceded by U.S. insurers went to U.S. reinsurers." They also stated that there are two approaches to reinsurance regulation. Under the first approach, the reinsurer isn't directly controlled. Ceding companies are treated as informed purchasers and regulators rely on these ceding organizations to manage their reinsurance risk properly, including […]

Effects of Health Insurance on Labour Mobility

The risk on whole or part is covered by insurance of a person incurring on a person due to expenditure of medical related issues, saturating risk over certain number of people either large or small. The individual who purchases the protection of insurance has to make a minimum amount of per monthly payment, known as "premium". The details of the premium are provided in the insurance agreement by a firm which provides the service of insurance. At the most fundamental […]

About Wedding Insurance

Your wedding day is one of the most important? and expensive? days of your life. No matter how long and how carefully you've planned your big day, there's always a chance that an unexpected event can disrupt your plans. We've all heard wedding horror stories. With the average wedding in the United States costing more than $30,000(1), it's no wonder that wedding insurance is becoming more popular. Here's what you should know about wedding insurance. What Is Wedding Insurance? Lots […]

Health Exchange Paper

The Kaiser Family Foundation is a non-profit organization that helps to provide information on important health policy issues involving the United States' role in health insurance. When first looking at the website, it seems like there's a lot of information to begin with and you don’t know where to start. After looking around the website, there's a tab that gives you options to click on giving you a lot of information on different topics including Disparities Policy, Global Health Policy, […]

Discussion of Government and Unemployment Insurance

Discussion 1 a). Medicare is a program by the federal government in US, which offers health cover to its citizens. The package is extended to cover old people who have 65 years and above as well as young individuals who have disabilities. The health cover plays a major role in providing financial plus health security paying many medical health services to persons it covers (Edwards, 2014). Major characteristics of this program include; many people using the program have medical problems […]

Risk Management and Insurance

As people, we are faced with the possibility of loss in our everyday lives. Be it a car accident, illness, Property loss, or even death. As early as the millennia B.C, modern profit insurance was demonstrated in a contract of a loan of trading capital to traveling merchants. The first insurance company formed in the United States was in Charleston, South Carolina during 1732. Later in 1752, Benjamin Franklin helped spread insurance by creating the Philadelphia Contributionship which ensured that […]

The ACA’s Role in Transforming American Health Insurance

One of the main challenges facing the American healthcare system is the high number of the uninsured patients. Prior to the adoption of the Affordable Care Act (ACA), a larger number of Americans were uninsured. However, with its adoption, historic gains in Medicaid coverage to a several low-income households were achieved and it provide Marketplace subsidies to people under 400% of poverty line. It effectively reduced the number of the uninsured from a massive 44 million individuals in 2013 to […]

Analyzing under Insurance in Malaysia: Impacts, and Strategies for Mitigation

The studies and findings related to underinsurance have been discussed in recent years. These findings have been proven and demonstrated in articles, journals, research papers, presentations, and news reports. These studies suggest that the level of underinsurance in Malaysia is high, as is awareness of the issue. Underinsurance is quantified by the extent to which citizens in a country are inadequately covered by life insurance protection. Therefore, in order to reduce underinsurance, it is necessary to calculate and analyze it […]

You May not Need Big Data

In the article You May Not Need Big Data After All, 7-Eleven a prime example that empowering employees with the use of little data needed can help salesclerks make better operating decisions on a daily basis. This concept can also cause a continuing stream on innovation, and successively have a really successful business like 7-Eleven (Ross, Beath & Quaadgras, 2013). I accept as true with many aspects within the article; however, I don’t think big data should be ignored entirely. […]

Telematics Accident Reconstruction and Insurance Company Insured

In transport industry vehicles are primary valuable asset for their companies, which is why fleet managers have to ensure their fleets are insured and secured on time with advanced ‘telematics insurance’ or ‘usage based insurance’ (UBI) or also known as ‘pay as you go’ insurance for any unpreventable safety precautions. But when a vehicle occurred in an accident, getting an insurer to pay up your claims is never an easy task. It is never enough to simply walk into the […]

Agricultural Insurances

Data and Methodology: Karnataka state, with more than 75 per cent of its arable land in the rain fed regions, has the Second largest drought-prone area in India, (first largest Rajasthan). Minimizing the impact of natural disaster–related agriculture losses, particularly from drought, is therefore a major public policy objective for its government. An effective crop insurance system is a critical part of a strategy to cushion income losses for farmers, finance inputs for agricultural production in the next planting season […]

California Health Insurance Fairness Act

Overview of health problem In the modern society, health insurance is an imperative issue that helps with the firm address of major activities to be carried out. The identification of ardent activities that would drive the health service providers to have a package of insurance has led to a great level of difference in the society. While there are employers who have the capacity to provide their employees with the health insurance and certain benefits, there are others who do […]

Individual Life Insurance

A company's cultural beliefs and work environment greatly affects employees. When a company embraces diversity, employees and the business benefit immensely. This benefit is then reflected to the client though customer service and by the good or services provided. Today, Americans have the option of choosing from a wide array of insurance carriers for life, health, and car insurance. It is through a company's organizational culture that customers will decide what organization their policy will be obtained with. Globe Life […]

Insurance Assurance: the Impact of Allstate’s ‘You’re in Good Hands’ Slogan

The motto "You're in Good Hands," synonymous with Allstate Insurance, transcends mere catchiness; it embodies a potent declaration of trust and dependability that has resonated with consumers for generations. This discourse delves into the genesis of the motto, its role in shaping Allstate's brand identity, and its efficacy in instilling customer confidence in the company's insurance offerings. Debuted in the 1950s, the "You're in Good Hands" slogan was crafted as a component of a marketing initiative aimed at conveying Allstate's […]

21st Century Mortgages: Navigating the Insurance and Lending Landscape

Let's take a wild ride through the world of 21st-century mortgages, where the only constant is change. Think of it like a financial rollercoaster – from the dizzying highs of easy loans to the stomach-churning drop of the 2008 crash, and now cruising into the digital age of home buying. This isn't your grandparents' mortgage market; it's a whole new game. Rewind to the early 2000s, and it was party time in the mortgage world. Loans were handed out like […]

Decoding the Success of Allstate Insurance Commercials

Allstate Insurance commercials have become a staple in American advertising, known for their unique blend of humor, memorable characters, and effective messaging. These commercials do more than just sell insurance; they have become a part of popular culture, shaping the brand's identity and consumer perception. This essay delves into the elements that make Allstate's advertising campaigns successful, examining the strategies behind their commercial content and the impact on their audience. The effectiveness of Allstate's commercials lies in their ability to […]

Essay on Insurance: Top 6 Essays | Insurance Management

After reading this essay you will learn about:- 1. Meaning of Insurance 2. Fundamental Principles or Features of an Insurance Contract 3. Types 4. Double Insurance 5. Re-Insurance 6. Advantages/Utilities/Importance.

Essay on Insurance

Essay Contents:

Essay on the Advantages/Utilities/Importance of Insurance

Essay # 1. Meaning of Insurance:

Risk and uncertainty are incidental to life. These risks and uncertainties are increasing day by day due to increase in fastness of life. Man may meet an untimely death. He may suffer from accident, destruction of property from fire, sea, floods, earthquakes and many other causes. Whenever there is uncertainty, there is risk as well as insecurity.

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It is to provide against risk and insecurity that insurance came into being. The main principle underlying insurance is the pooling of risks. It is a co-operative device to spread the loss caused by a risk (which is covered by insurance) over a large number of persons who are also exposed to the same risk and insure themselves against that risk.

According to W.A. Dinsale, “Insurance is a device for the transfer of risks of individual entities to an insurer, who agrees, for a consideration (called the premium), to assume, to a specified extent, losses suffered by the insured.

According the Mehr and Cammack, “Insurance is a social device for reducing risk by combining a sufficient number of exposure units to make their individual losses collectively predictable. The predictable loss is then shared proportionately by all those in the combination.”

According to D.S. Hansell. “Insurance is a social device providing financial compensation for the effects of misfortune, the payments being made from the accumulated contributions of all parties participating in the scheme.”

According to Schultz and Bradwill, “Insurance in its technical sense is a social device which employs the use of pooling technique to eliminate uncertainty,”

According to Justice Tindal, “Insurance is a contact in which a sum of money is paid by the assured in consideration of insurers incurring the risk of paying a large sum upon a given contingency.”

The agency which helps in entering into this arrangement is called Insurer or insurance company. The person who gets his life/property insured is called Insured/Assured. The agreement or contract, which is put in writing, is called Policy. The thing on property insured is called the subject-matter of insurance and the interest of the assured in the subject-matter is called his insurable interest.

To conclude, a contract of insurance is a contract by which a person, in consideration of a sum of money, undertakes to make good the loss of another against a specified risk, e.g., fire, or to compensate him or his estate on the happening of a specified event, e.g.. accident or death.

Essay # 2. Fundamental Principles or Features of an Insurance Contract:

Insurance contract is based on certain fundamental principles.

These principles are:

(i) Essentials of a Valid Contract:

The contract of insurance must have all the essentials of a valid contract.

According to Indian Contract Act, 1872, a valid contract must possess the following essentials:

(t) Offer and acceptance

(ii) Capacity to contract

(iii) Free consent of parties

(iv) Lawful consideration and object

(v) Contracts not specifically declared void.

(ii) Utmost Good Faith:

The contract in insurance is uberrima fides, e.g., both the parties must disclose all material facts. Concealment of any fact will entitle the insurer to deprive the assured of benefits of the contract.

Each party mush reveal to other party all information which would influence the other’s decision to enter into the contract. Although a party must not make any false statement, he is not bound to disclose to the other party all that he knows or ought to know about the transaction.

But there are certain cases where the knowledge of facts is almost exclusively on one side. In such cases, the contract is vitiated by non-disclosure of any material fact or a misstatement. Such contracts are known as contracts of uberrima fides or contracts based on ‘utmost good faith’.

The rule of caveat empter, i.e., let the buyer beware, does not apply to the contracts of insurance.

The assured knows more about the subject-matter of the contract than the other party (the insurer). Consequently he is under a duty to disclose correctly all material facts known to him to the insurer, so that insurer may be in a position to make an accurate estimate of the risk that he is undertaking.

It is not easy to define material fact. It depends upon the circumstances of each case. A material fact is one which goes to the root of contract of insurance, and which must be stated with perfect degree of accuracy. If the utmost good faith is not observed by either party the contract may be avoided by the other.

A proposer should disclose all material facts at the time of making the proposal not only those facts which he honestly thinks to be material but every fact which a reasonable man would have thought to be material.

(iii) Insurable Interest:

The assured must have an actual interest called the insurable interest in the subject-matter of the insurance. A person is said to have an insurable interest in the subject-matter (property or life) if he is benefitted by its existence and is prejudiced by its destruction. Without insurable interest the contract of insurance is void. It is the existence of insurable interest in a insurance contract that differentiates it from a wagering contract.

A banker has an insurable interest in the property mortgaged to it against a loan. A person has insurable interest in his own life. A creditor can insure the life of his debtor. A person has insurable interest in the building he owns.

An employer can insure the lives of his employees because of his pecuniary interest in them. A businessman has insurable interest in his stock, plant and machinery, building, etc. Husband has interest in the life of his wife and wife in the life of her husband.

Is it necessary in all forms of insurance?

Insurable interest is necessary to support every insurance contract. In case of Life Insurance, insurable interest must be present at the time when the insurance is effected. It is not necessary that the assured should have insurable interest at the time of maturity also.

In case of Fire Insurance, insurable interest must be present both at the time of insurance and at the time of loss. In case of Marine Insurance, insurable interest must be present at the time of loss. It may or may not present at the time of insurance.

(iv) Indemnity:

A contract of insurance is a contract of indemnity. The principle of indemnity is applicable to all types of insurance except life, personal accident and sickness insurance. That means that the assured in the case of loss against which the policy has been made shall be fully compensated and never more than the value of the policy. The insurer agrees to make good the loss but the insured, however, is not entitled to make a profit out of the loss.

A contract of insurance does not remain a contract of indemnity if a fixed amount is to be paid by the insurer to the insured on the happening of the event insured against, whether he suffers a loss or not. A contract of life insurance is not a contract of indemnity. In life insurance, the insurer is liable to pay the sum mentioned in the policy upon the happening of the contingency (death, or expiry of a certain period).

(v) Mitigation of Loss:

The next essential principle of insurance is that in the event of some mishap to the insured property, the assured must take all necessary steps to mitigate the loss. The insurer must act in a prudent manner as if he were in-insured.

However, he should do his best: yet in case of his own death he is not required to do so. If he does not do so the insurer can avoid the payment of loss attributable to his negligence. In nutshell, he is bound to do his best under the circumstances, but he is not bound to do at the risk of his life.

(vi) Risk Must Attach:

A contract of insurance is enforceable if and only if the risk has been attached. If the risk is not run the consideration fails, and therefore the premium received by the insurer must be returned The premium is to be returned even where the risk is not run or could not be run due to the fault, will or pleasure of the assured.

A policy is not attached till the risk begins and is not attached after the risk is determined one way or the other, except in those special insurance where both the parties being ignorant of the position of the thing insured, contract to insure it lost or not lost.

(vii) Contribution:

Sometimes a property is insured with more than one company. Where there are two or more insurances on one risk, the principle of contribution applies between insurers. The objective of contribution is to distribute the actual amount of loss among different insurers who are liable for the same risk.

In case of loss, any one insurer may make the payment to the assured the full amount of loss covered by the policy. After paying this amount, he is allowed to claim a contribution from his co-insurers in proportion to the amount which each has undertaken to pay in case of loss.

The principle of contribution is applied to any insurance which is a contract to indemnity. It does not apply to life and personal accident insurance.

(viii) Subrogation:

The principle (or doctrine) of subrogation is a corollary to the principle of indemnity and applies only to fire and marine insurances. It does not apply to life and personal accident insurances. If the insured party gets a compensation for the loss suffered by him, he cannot claim the same amount of loss from any other party.

Subrogation is a substitution of one person in place of another in relation to the claim, its rights, remedies or securities. Whenever, an assured has received full indemnity in respect of his loss, the insurer is subrogated to only the rights and remedies available to the assured in respect of the thing to which the contract of insurance relates. The insurer’s right to subrogation arises only when he pays the loss for which he is liable under the policy.

(ix) Causa Proxima or Proximate Cause:

The insurer can recover the loss only if it is proximately caused by any of the perils insured against. This is known as the principle of Causa Proxima. “Every loss that clearly and proximately results whether directly or indirectly from the event insured against is within the policy.”

The rule of proximate cause runs as Causa Proxima Non-Remote Spectator, i.e., the proximate and not the remote cause is to be looked to, and if the proximate cause of the loss is a peril insured against, the assured can recover the amount of the loss from the insurer.

The question, which is the causa proxima of a loss, can only arise where there are a succession of causes. When a result has been brought about by two or more causes, you must, in insurance law, look to the nearest cause, although the result would, no doubt, not have happened without the remote cause.

Proximate does not mean the nearest in time. The cause which is truly proximate is that which is proximate in efficiency. If the loss is the result of such an efficient cause, it will be regarded as having been caused by the proximate cause.

Section 55 of the Marine Insurance Act, 1963 lays down that unless the policy otherwise provides, the insurer is liable for any loss proximately caused by a peril insured against.

Essay # 3. Types of Insurance:

There are a number of types of insurance, but the following types stand out as being of special importance:

(i) Life insurance

(ii) Fire insurance

(iii) Marine insurance

(i) Life Insurance:

In life insurance contract the amount of the policy is definitely paid, it is a question of time only. The amount becomes payable on the death of the assured or on the expiry of a certain fixed period, whichever is earlier. Life insurance contract is not a contract of indemnity.

Life insurance is a contract by which the insurer, in consideration of a premium, undertakes to pay a certain sum of money on the death of a person whose life is insured, or on the expiry of a certain period, whichever is earlier. Life insurance contract is not a contract of indemnity. The loss of life cannot be compensated and only a specified sum of money is paid.

Fundamental Principles/Features/Essentials of Life Insurance Contract :

Life insurance contract is based on certain fundamental principles.

1. Essentials of a Valid Contract:

The life insurance contract must have all the essentials of a valid contract.

According to Indian Contract Act, 1872, a valid contract must contain the following essentials:

(i) Offer and acceptance.

(ii) Capacity to contract.

(iii) Free consent of parties.

(iv) Lawful consideration of object.

2. Utmost Good Faith:

The contract of life insurance is a contract of utmost good faith. The insured should be honest and truthful in giving information to the insurance company. He knows more about the subject-matter of the contract than the other party (the insurer).

Consequently, he is under a duty to disclose accurately all material facts known to him to the insurer. Concealment of any fact will entitle the insurer to deprive the assured of the benefit of the contract.

3. Insurable Interest:

In life insurance, the insured must have insurable interest in the life assured. Without insurable interest the contract of insurance is void. In case of life insurance, insurable interest must be present at the time when the insurance is Affected. It is not necessary that the assured should have insurable interest at the time of maturity also.

In the following three cases insurable interest is presumed and no proof is necessary, viz.:

(i) Own life

(ii) Husband in the life of wife, and

(iii) Wife in the life of husband.

The following persons have been held to have insurable interest:

(i) A person is presumed to have an interest in his own life and every part of it.

(ii) A creditor has an insurable interest in the life of his debtor,

(iii) A proprietor of a drama company has an insurable interest in the lives of actresses.

(iv) A servant engaged for a term of years has insurable interest in the life of his employer.

4. Contract of Indemnity:

A contract of life insurance is not a contract of indemnity. The loss of life cannot be compensated and only a specified sum of money is paid. That is why the amount payable in life insurance on the happening of the even is fixed in advance. Once the ‘sum of money’ payable is fixed, it is constant invariable. A contract of insurance, therefore, is not a contract of indemnity.

The loss resulting from the death of life assured cannot be estimated in terms of money and only a fixed amount is paid.

How to Effect Life Insurance (I.E., Procedure)?

A number of steps are taken to effect life insurance policy.

These steps are:

a. Proposal:

Before taking a life insurance policy, it is important to take proposal for which is available free from the office of Life Insurance Corporation. Agents also supply this form. The form contains a number of questions about the health of the person, family background, and the mode of paying premium.

As we know that the contract of insurance is based on utmost good faith. So the proposer must answer all the questions correctly. He should not conceal any factual information. Concealment of any fact will entitle the insurer to deprive the assured of the benefits of the contract.

b. Medical Examination:

After the proposal form has been submitted, a medical examination of the person to be insured is arranged. Such examination can be conducted only by a doctor approved by the insurance company. The medical report of the applicant is directly forwarded by the doctor to the office of the company.

c. Acceptance of Proposal:

The proposal form is sent to the company along with medical report and the comments of the insurance agents. The proposal form is scrutinised by the company and if the company is satisfied, the proposal is accepted.

d. Proof of Age:

The applicant has to furnish satisfactory proof of his age to the insurance company.

The proof of the age can be furnished through any one of the following:

(i) A certificate from the Municipal Birth Register

(ii) A certificate of High School

(iii) The horoscope of the assured

(iv) Service Book

(v) Certificate relating to the Baptism ceremony among Christians.

e. Premium:

When the proposal is accepted, it is intimated to the applicant and he is asked to make the payment of premium. On the payment of premium the policy comes into operation and the risk is covered then onwards.

f. Insurance Policy:

After receiving the installment of first premium, the insurance company prepares the insurance policy. The policy is in the form of an agreement between the insurance company and the assured to pay a certain sum of money to the assured on the happening of the event mentioned in the policy.

It bears the signatures of the officials of the insurance company. When the policy is ready, it is sent to the assured by registered post. It contains the assureds’ name, address, occupation, age, amount of insurance, number of installments, amount and date of premium, etc.

Different Kinds of Life Insurance Policies:

The life insurance policies are of the following types:

1. Whole Life Policy:

Under this policy, premium is payable throughout the life time of the life assured. The sum assured becomes payable only on the death of the insured. These policies are taken out to make provision for the dependants. This policy is also called ‘Ordinary Life Policy’.

2. Endowment Policy:

This is most popular form of life insurance. This policy is taken up for a specific period known as ‘endowment period’. The sum assured is payable either on the death of life assured or on the expiry of a fixed period, whichever is earlier. If the person does not die upto the maturity of the policy, he shall get back the insured amount after the maturity of the policy.

3. Joint Life Policy:

This policy implies to husband and wife or the partners of a business. They can have a joint policy. It is like Endowment Policy. The sum assured under a Joint Life Policy (on two or more lives) is payable at the end of the endowment term or on the first death of any one the lives assured, whichever is earlier. Such policies are usually taken by partnership firms to provide for the payment of the capital of the deceased partner.

4. With or Without Profit Policy:

Life insurance policy may be ‘with profit’ or ‘without profit’. The assured is entitled to the share in the profits of the insurer if the policy is a ‘with profit’ policy. Contrary to this, in case of ‘without profit’ policies, such a question does not arise.

5. Annuity Policy:

Under annuity policy, the amount is payable by the insurer not in lump sum but by monthly, quarterly, half-yearly or annual installments which are paid either until death or for a specified number of years. This policy is very useful to those persons who desire to provide a regular income for themselves and their dependants after the expiry of a specified period.

6. Sinking Fund Policy:

These policies are mostly taken by firms and companies to accumulate funds to pay off a liability or for making a provision for the replacement of an asset after a period of time.

7. Convertible Whole Life Policy:

This policy is issued as a whole life policy with a provision to convert it into an Endowment Policy after the expiry of a specified period (say 5 years). If this option is not exercised, the policy continues as a whole life policy with premiums ceasing at a certain age.

8. Group Insurance Policy:

This policy may be taken out for the protection of lives of all employees in a business concern. One policy is issued to the employer with individual certificates indicating the amount of insurance protection of each employee. Dependants of the employees are entitled to the benefits of these insurances.

(ii) Fire Insurance:

Fire insurance covers losses caused by fire. A fire insurance is an agreement between the two parties, i.e., insurer and insured, whereby the insurer undertakes to indemnify the loss suffered by the insured in consideration for his (insured) paying of certain sum called premium. Fire Insurance is a contract of indemnity. This contract does not help in controlling or preventing fire but it is a promise to compensate the loss.

A contract of fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by fire during a specified period. Normally, the fire insurance policy is for a period of one year after which it is to be renewed from time to time.

A claim for loss by fire must satisfy the following two conditions:

(i) There must be actual loss; and

(ii) Fire must be accidental and non-intentional.

The risk covered by a fire insurance contract is the loss resulting from fire or some cause which is the proximate cause of the loss. If damage is caused by overheating without ignition, it will not be regarded as a fire loss within the meaning of fire insurance contract and the loss will not be recoverable from the insurer.

Fundamental Principles/Essentials/Features/Characteristics of Fire Insurance Contract:

Fire insurance contract is based on certain fundamental principles.

a. Insurable Interest:

In fire insurance, the assured must have insurable interest in the subject-matter of the insurance. Without insurable interest the contract of insurance is void. In case of fire insurance, insurable interest must be present both at the time of insurance and at the time of loss. In case of goods, insurable interest arises on account of (i) ownership, (ii) possession, and (iii) contract.

The following persons have insurable interest in the subject-matter of insurance in case of a fire policy:

(i) A person has insurable interest in the property he owns.

(ii) A businessman has insurable interest in his stock, plant and machinery and building.

(iii) Agent has an insurable interest in the property of his principal.

(iv) Partner has insurable interest in the property of partnership firm.

(v) Mortgagee has insurable interest in the property which is mortgaged.

b. Utmost Good Faith:

The contract of fire insurance is a contract of utmost good faith. The insured should be truthful and honest in giving information to the insurance company. Insured knows more about the subject-matter of the insurance.

He is under a duty to disclose accurately all factual information known to him. The insurance should also disclose the facts of the policy to the proposer. So utmost good faith on the part of both the parties is a must.

c. Indemnity:

The contract of fire insurance is a contract of indemnity. The assured can, in the event of loss, recover the actual amount of loss from the insurer. This is subject to the maximum amount for which the subject-matter is insured. The value of the policy undertaken is fixed at the time of contract. The actual amount of loss suffered is compensated and the value of policy is only the maximum limit.

If a person has insured his house for Rs. 40,000 the insurer is not necessarily liable to pay that amount, although the house may have been totally destroyed by fire; but he will pay the actual loss within the maximum limit of Rs. 40,000.

Kinds of Fire Insurance Policies:

The fire insurance policies are of the following kinds:

i. Valued Policy:

It is a policy in which the amount payable in case of loss is fixed at the time when the policy is taken. In the event of loss, the fixed amount is payable irrespective of the actual amount of loss. Valued policy is not a contract of indemnity. It can be legally challenged.

ii. Specific Policy:

The specific policy provides for the payment of a specific sum in respect of loss to the property and does not penalise under-insurance. This policy is also known as ‘Average Policy’ because the insurer usually inserts the average clause in the policy.

iii. Floating Policy:

The floating policy covers several lots of goods lying at different places under one insurance cover. It is always subject to average clause.

iv. Comprehensive Policy:

It covers the risks of the fire arising out of any cause that is civil, communication, riots, thefts, labour disturbances and strikes, etc.

v. Consequential Loss Policy:

In certain cases fire can’ cause the loss of business of the insured. Such persons to cover the risk of business due to fire, undertake the consequential loss policy.

vi. Re-installment or Replacement Policy:

In such a policy, the insurer has the right to reinstate or replace the property destroyed instead of paying cash. The modes of discharge by the insurer are alternative. If the insurer selects one, he cannot afterwards change to the other. If the insurer offers to pay, he cannot afterwards claim to re-instate and vice versa.

vii. Sprinkler Leakage Policy:

This policy covers the loss arising out of water leakage from sprinkles which are set up to extinguish fire.

viii. Average Policy:

In this policy, the average clause is inserted which means the insured will have to bear proportionate loss with the insurer in case where policy is taken for a certain amount greater than the value of the property.

The formula for calculating average amount of claim is given below:

Amount of Claim or Average Loss = Insured Amount x Actual Loss/Actual Value of Property

ix. A Blanket Policy:

It is issued to cover all the fixed and current assets of an enterprise by one insurance.

x. Declaration Policy:

Under this policy, trader takes out a policy for the maximum value of stock which he may expect to hold during the year.

(iii) Marine Insurance:

It is one of the oldest forms of insurance. It covers all marine losses, that is to say, the losses incidental to marine adventure. Marine insurance may be called a contract whereby the insurer undertakes to indemnify the insured in a manner and to the extent thereby agreed upon against marine losses.

A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed, against marine losses. Marine insurance is an arrangement by which the insurer undertakes to compensate the owner of a ship or cargo for complete or partial loss at sea.

The contract of marine insurance is a contract of indemnity. The assured can. on the happening of the event, recover the actual amount of loss, subject to the maximum amount for which the subject-matter has been insured.

Subject-Matter of Marine Insurance:

The following three things are covered in the subject-matter of marine insurance:

1. Cargo Insurance:

The goods to be sent through ship is called ‘Cargo’. For the safety of goods, insurance policy is taken. The goods are generally insured according to their value but some percentage of profit can also be included in the value. At the happening of the event insurance company is liable to pay both value of the goods plus profit percentage. The rate of premium depends upon the nature of goods, packing, etc.

2. Hull Insurance:

When the ship is insured against any type of danger, it is called ‘Hull Insurance’. The ship may be insured for a particular period or for a particular trip.

3. Freight Insurance:

The freight may be paid in advance or on the arrival of goods. The shipping company will not be entitled to get freight, if the goods are lost in transit. The shipping company may insure the freight to be received which is called ‘Freight Insurance’.

Marine Insurance Contract :

Marine insurance is an agreement by which the insurer undertakes to compensate the owner of a ship or cargo for complete or partial loss at sea.

In other words, under marine insurance, the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses.

Among the subject-matter of marine insurance are included:

(ii) Cargo, and

(iii) Freight.

Marine Insurance Contract is a Contract of Indemnity :

The contract of marine insurance is a contract of indemnity. The assured can, in the event of loss recover the actual amount of loss from the insurer. Under no circumstances, the insured is allowed to make profit out of the marine insurance contract.

However, it becomes difficult to determine indemnity when the loss occurs. That is why, most insurance policies provide a commercial indemnity rather than a strict legal indemnity. They promise to indemnify ‘in the manner and to the extent agreed’.

In case of ‘Hull Policy’, the amount insured is fixed at a level rather above the current market value and in case of ‘Cargo Policy’, the amount insured also includes an amount for certain charges and profit.

Marine Insurance Contract is a Contract of Good Faith :

The contract of marine insurance is a contract of uberrima fides, i.e., utmost good faith. Both the insured and insurer must disclose everything which is in their knowledge and can affect the insurance contract. The insured should be truthful and honest in giving information to the insurance company.

He is under a duty to disclose accurately all factual information known to him. The insurer should also disclose the facts of the policy to the proposer. If utmost good faith is not observed by either party, the contract may be avoided by the other party. So utmost good faith on the part of both the parties is a must.

Kinds of Marine Insurance Policies:

The marine insurance policies are of the following kinds:

1. Valued Policy:

The valued policy contains the insured value of goods which is made up of invoice price, charges like freight, shipping and insurance and 10 per cent margin to cover profits and other incidental expenses. That is, it is the C.I.F. price (Cost, Insurance and Freight Price) plus 10 per cent profit.

2. Open or Unvalued Policy:

In this policy the value of the goods insured is not mentioned and is to be calculated when the actual loss arises. Unvalued policies’ are rarely issued.

3. Floating Policy:

This policy is popular with those merchants who make regular and frequent shipment of goods through an established route. Instead of taking many individual policies, one running policy is taken and the necessary particulars relating to the voyage are given by subsequent declaration at the time of each separate shipment.

4. Voyage Policy:

In such a policy the risk is covered for voyage of the ship or a specified route. Each voyage is made the basis of marine insurance for covering the related risks from the port of departure to the port of destination. Generally, the cargo owner takes the Voyage Policy for each separate shipment of goods.

5. Time Policy:

These policies are taken to cover all marine risks for a specified period, usually on the yearly basis, Cargo-owners may also take up time policies covering all shipments during a fixed period.

6. Mixed Policy:

These policies are issued by combining both the time and voyage features under one coverage. In this policy, the coverage is allowed for a particular time and for a particular voyage or a definite route.

Differences between Fire Insurance and Marine Insurance:

Essay # 4. Double Insurance :

When the same subject-matter is insured with two or more insurers and the total sum insured exceeds the value of the subject-matter, the assured is said to be over-insured by double insurance. As stated in Section 34 of the Marine Insurance Act, 1963, over-insurance and double insurance are valid unless the policy otherwise provides.

For instance, if Mr. X insures his factory worth Rs. 2 lakh with three insurers as—with A for Rs.90,000, with B for Rs. 80,000 and with C for Rs.70,000 there is a double insurance because the aggregate of all the policies exceeds the total value of Mr. X’s factory. If Mr. X insurers with A for Rs.80,000, with B for Rs. 70,000 and with C for Rs. 50,000 there is no double insurance.

A man may insure with as many insurers as he pleases. In case of loss, he may claim payment from the insurers in such order as he may think fit, but he will not get more than his actual loss, because a contract of insurance is a contract of indemnity. The insurers as between themselves are liable to contribute to the loss in proportion to the amount for which each one is liable.

If an insurer pays more than this proportion of the loss, he is entitled to recover the excess from his co- insurers. In India, Life Insurance Corporation of India being the only insurer of life there is no question of double insurance of life.

Essay # 5. Re-Insurance:

Every insurer has a limit to the risk that he can undertake. If at any time a profitable venture comes his way, he may accept a risk beyond his capacity, he may re-insure the same risk either wholly or partially with other insurers. This is known as re-insurance.

The re-insurer is not liable to the assured. This is because there is no private of contract between them. The re-insurance is subject to the clauses and conditions in the original policy, and is also entitled to any benefits which the Original policy is entitled to. The policy or re-insurance is co-extensive with the original policy.

If the original policy for any reason comes to end or is avoided, the policy of reinsurance also comes to an end. On payment of loss under the policy of re-insurance, the re-insurers are subrogated to all the rights of the original insurer including the rights of the assured to which the original insurer is subrogated.

Re-insurance can be resorted to in all kinds of insurance because the insurer has one insurable interest in the subject-matter insured to the extent of the amount insured by him.

Essay # 6. Advantages/Utilities/Importance of Insurance:

Immense are the benefits of insurance to the modern business. The goods may destroy due to fire beyond the control of man. The goods also destroy in transit. The workers are sometimes exposed to various risks which can cause death or permanent disability of some workers. Insurance has been helpful in solving these problems of business and private life.

Following are the advantages of insurance:

1. There is always a fear of sudden loss. Insurance provides security against such losses. Insurance gives security to both individuals and businessmen. Nowadays insurance covers various social welfare schemes also. There are schemes providing for sickness. Unemployment, health accident and old age insurances. These schemes are beneficial to poor people and also help in establishing social justice.

2. The fundamental principle of insurance is to spread risk among a large number of people. A large number of people get insurance policies and make the payment of premium to the insurer. Whenever a loss occurs, it is compensated out of funds of the insurer. The loss is spread among a large number of policyholders.

3. Insurance not only provides protection against risks but it is also a good form of investment. The insurance develops a habit of saving money by paying premium. In case of fixed time policies, the insured gets a lump-sum amount after the maturity of the policy.

4. Insurance helps in capital formation and economic development of the nation. Large funds are collected by way of premiums. These funds can be gainfully employed in industrial development of the country. The employment opportunities also increase by large investments made by insurance companies. So insurance has become an important source of capital formation.

5. These days large variety of policies have been designed for different purposes. Persons, by taking different types of life insurance policies, may provide against every type of his social and business obligation, i.e., for the education or marriage of the children, etc.

6. Insurance has helped the development of international trade on a large scale. Marine insurance provides protection against all types of sea-risks.

Notes on Over and Under Insurance
Notes on Reinsurance: Meaning and Types
Notes on Insurance: Meaning, Need and Functions
Risk in Insurance: Meaning, Types and Its Transfer

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Essay on Insurance

Students are often asked to write an essay on Insurance in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Insurance

What is insurance.

Insurance is like a safety net. It’s a way of protecting yourself or your things against unexpected events. You pay a little bit of money regularly to an insurance company, and if something bad happens, like a car accident or your house catching fire, the company helps you by paying for the losses.

Types of Insurance

There are many kinds of insurance. Health insurance helps with medical bills. Car insurance covers car damage or accidents. Home insurance pays for repairs if your house is damaged. Life insurance supports your family if you pass away.

Why Insurance Matters

Insurance is important because it gives you peace of mind. You don’t have to worry about huge costs if something goes wrong. It’s a smart way to plan for the future and keep you and your family safe from big, unexpected expenses.

250 Words Essay on Insurance

Insurance is like a safety net. Imagine you have a piggy bank where you save money for when something unexpected happens. Insurance is similar, but instead of a piggy bank, you give money to a company. This company promises to help you if you have a big problem, like if your house catches fire or you get very sick.

There are many kinds of insurance. Health insurance helps pay your doctor’s bills. Car insurance helps cover costs if your car gets damaged or if you hurt someone in an accident. Home insurance helps fix your house if it gets damaged. Life insurance supports your family with money if you pass away.

How Insurance Works

You pay a small amount of money regularly, called a premium, to the insurance company. Many people do this, and the company collects a lot of money. Most of the time, nothing bad happens, so the company doesn’t need to use all the money. But when someone who has insurance faces a big problem, the company uses the money to help them.

Why Insurance is Important

Insurance is important because it protects you from big surprises that can cost a lot of money. Without insurance, you might have to pay all the costs by yourself, which can be very hard. With insurance, you can feel safer knowing that help is there if you need it.

In conclusion, insurance is a way to stay safe financially. It’s like having a big group of friends who all put their money together to help each other when something goes wrong.

500 Words Essay on Insurance

Insurance is like a safety net. Imagine you’re walking on a tightrope high in the air. If you fall, the safety net catches you. That’s what insurance does. It catches you when something goes wrong, like if you get sick, your car gets into an accident, or your house gets damaged by a storm.

There are many kinds of insurance for different things. Health insurance helps pay for doctor’s visits and medicines. Car insurance helps with costs if your car gets damaged or if you damage someone else’s car or property. Home insurance helps fix your house if something bad happens to it, like a fire or a flood.

How Does Insurance Work?

Insurance works by collecting a small amount of money, called a premium, from a lot of people. Most of these people won’t need to use the insurance, but the money is there to help the few who do. It’s like a piggy bank that everyone puts money into, but only some will need to take money out when they have an accident or emergency.

Why Do We Need Insurance?

We need insurance because bad things sometimes happen, and they can cost a lot of money. If you get sick and need to go to the hospital, the bill can be very high. If you didn’t have insurance, you might not be able to pay it. With insurance, you don’t have to worry as much because it helps cover the costs.

Choosing the Right Insurance

Picking the right insurance is important. You have to think about what you need to protect. If you have a car, you need car insurance. If you live in a place where there are lots of storms, you should have good home insurance. Also, you should look at how much the insurance costs and what it covers. Some insurance is cheaper, but it might not cover everything.

Insurance is a Promise

Insurance is like a promise. The insurance company promises to help you if something bad happens. In return, you promise to pay a little bit of money regularly. It’s important to keep that promise because if you don’t pay, the insurance won’t be there when you need it.

In conclusion, insurance is a very helpful tool that protects us from big surprises that can hurt our wallets. It’s a way for a group of people to help each other out. Everyone pays a small amount to be safe, and if trouble comes, the insurance is there to catch them. It’s important to choose the right insurance for you and to keep paying your part, so the safety net stays strong and ready. Remember, insurance is there to make sure that if something goes wrong, you won’t be alone.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

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Apart from these, you can look at all the essays by clicking here .

Happy studying!

Insurance: Meaning, Types, Benefits, Components

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In this blog, we will talk all about insurance, i.e. what it means, what are the most essential kinds of insurance, and why it is important.

What is insurance?

Insurance is a contractual arrangement between an individual (known as the insured or policyholder) and an insurance company (also known as the insurer). In exchange for regular premium payments, the insurer agrees to provide financial protection or reimbursement as the sum assured to the insured in the event of specified losses or damages.

The fundamental principle of insurance is risk transfer. By purchasing insurance, individuals or businesses transfer the risk of certain unexpected events, such as accidents, illnesses, natural disasters, or loss of property, to the insurance company. In return, the insured pays a premium, which is typically determined based on factors such as the level of risk, the coverage amount, and the probability of the insured event occurring.

How does Insurance policy work?

As explained earlier, an insurance policy is a contract between the policyholder and an insurance company, to protect from financial loss to family in the case of life insurance and the policyholder in other cases. When you purchase any insurance policy, you must pay a regular premium (monthly, quarterly, semi-annually, or annual) based on your insurance coverage amount.

In return for these premiums, the insurance company provides a lump sum amount on maturity, depending on the insurance plan you have taken. Also, some insurance plans provide the benefit of regular money back at specified intervals. In case of death, the insurance company pays the lump sum amount to the nominee of the insured person.

However, these benefits are subject to the type of insurance you have taken. The above benefits are available in the life insurance policies. But if you have purchased other types of insurance like health insurance, car insurance, home insurance, and business insurance, then insurance benefits are different.

In these types of policies, insurance companies compensate you for the actual losses or expenses you have incurred. However, the maximum compensation amount is restricted to the total insurance coverage amount.

Insurance Components

There are multiple components involved in the insurance policy. Here are some of the points that you must be aware of:

Premium: It is the amount that you have to pay to the insurance company regularly. It can be monthly, quarterly, semi-annually, or annually. However, the premium amount depends on the insurance coverage amount and other factors such as age, medical conditions, etc.
Policy Limit: It is the maximum amount of claim that can be given as compensation for losses. This limit applies to health and general insurance policies, wherein insurance companies provide compensation based on loss incurred. Here, the maximum claim can not exceed the policy limit amount.
Deductible: It is the maximum loss amount that you will have to incur through your own pocket. The insurance company will only provide compensation if the total claim amount exceeds the deductible amount. It applies to health and general insurance policies.

Tax Benefits of Insurance

Insurance not only helps you to provide financial security, but it also comes with tax benefits. However, these tax benefits vary with the type of insurance you have purchased. Here are some of the tax benefits associated with the insurance:

If you have purchased any life insurance or term insurance, then you can claim a deduction of up to Rs 1.5 lakh under Section 80C for the premium paid.
Under Section 80D, if you have purchased any health insurance, then you can claim a deduction of up to Rs 25,000 for yourself and your family. Also, if you have purchased health insurance, then you can claim an additional Rs 25,000. For senior citizens, the limit is Rs 50,000.
Under Section 10(10D), maturity benefits and death benefits received from the insurance are tax-exempt. However, the maturity benefit will be only exempt if the annual premium doesn’t exceed 10% of the sum assured of the policy in any year.

Types of Insurance

Insurance can cover a wide range of risks and can be categorized into various types, including:

1. Life Insurance:

Life insurance financially protects your family in case you die an early death. Here is how it works. You pay a regular premium to the insurance company for a specific number of years. In return, the insurance company pays a sum assured to your family if you die during the policy tenure.

There are different types of life insurance policies and in some of those, you get a lump sum amount if you live through the policy tenure. For example, term insurance provides higher coverage for a lower premium amount as compared to other life insurance policies. But no money is paid to the policyholder if he survives the term. Meanwhile, for policies like endowment or moneyback, the policyholder receives a lump sum after the policy tenure ends. For such policies, premium amounts are much higher against the coverage, as compared to term insurance.

2. Health Insurance:

Health Insurance is a way to ensure you and your family can get the best medical care without worrying about the cost.

In a health insurance policy , the cost of medical treatment of the insured person(s) is borne by the insurance company. In exchange for a regular premium paid by you, the insurance company pays for all the expenses related to an illness for which the insured person needs treatment. This includes hospitalization, daycare, post, and pre-hospitalization, etc. With the cashless facility, your bill is directly settled between the company and the hospital

3. Liability Insurance:

Such insurance is availed to insure properties, cars, businesses, etc. On buying liability insurance -like car insurance, home insurance, or business insurance, in case of any damage to the insured object or property during the policy tenure, the insurance company will financially compensate the owner of the policyholder.

Now that you know the important type of insurance, let’s talk about why you need insurance.

Reasons to buy an insurance policy

As we said at the start, most people think insurance is an unnecessary expense. The reason is that we feel confident about our future and our ability to tackle unseen circumstances. But there is a huge difference between our perceived ability and reality. For instance, a few years of savings can vanish in case of a medical emergency. That’s just one example.

Here are 3 reasons why getting insurance is important

1. Insurance ensures the family’s financial stability

No matter how much you have managed to save or what your monthly income is, an unexpected event can burn a huge hole in your pocket or can simply jeopardize your family’s financial future.

For example, if you do not have adequate life insurance, your family might have to go through financial hardship if you were to meet with an untimely death. Though no amount of money can replace the loss of loved ones, having life insurance would save them from going through financial hardship. Meanwhile, if you or your family do not have enough health insurance, then huge medical bills during any treatment can completely shake your finances.

So you must cover yourself, and your family with an adequate amount of insurance.

2. Insurance brings peace of mind

The premium you pay to the insurance company is the price that guarantees that the insurance company will cover the damage in case of an unforeseen event. And, that guarantee that your risk is covered brings peace of mind.

For example, let’s suppose you die an untimely death at a time when you still have several milestones to achieve like children’s education, their marriage, a retirement corpus for your spouse, etc. Also, there is a debt as a housing loan. Your untimely demise can put your family in a hand-to-mouth situation. But, if you had bought term insurance considering all these factors, your family would have been able to sail through the hard times.

3. Insurance reduces stress during difficult times

No matter how hard you try to make your life better, an unforeseen event can completely turn things upside down, leaving you physically, emotionally, and financially strained. Having adequate insurance helps in the sense that at least you don’t have to think about money during such a hard time, and can focus on recovery.

For example, suppose you or someone in your family had a heart attack and needed immediate hospitalization. Such treatments at good hospitals can cost lakhs. So having health insurance in this case, saves you the worries and stress of arranging money. With insurance in place, any financial stress will be taken care of, and you can focus on your recovery.

Bottom Line

Having insurance – life, health, and liability – is an essential part of financial planning. It can save you from financial hardship in case of any unforeseen circumstances. However, the decision to buy insurance should be determined by three factors – requirement, the benefits you get from the policy, and your ability to pay the premium.

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Life Insurance: The Key Points Essay

An introduction to insurance, an internet source, a journal article on insurance needs.

The ultimate aim of Insurance is without a doubt to minimize the risks involved in various aspects of life and in addition to this, to cover and compensate the owner if any loss is suffered by the owner. Insurance may be taken to cover the risks involved in life, property and business. Mainly there are two types of insurance, namely, life insurance and general insurance. General insurance is all about covering fire and miscellaneous insurance. This type of insurance covers several things from burglary, theft, fidelity guarantee, livestock and crops, employer’s liability and lastly to insurance of motor vehicles. Insurance is a system of sharing risk and is responsible to pay the owner who suffers any kind of damage covered in the contract. Insurance is an ace card that compensates a person when everything is against the victim.

The term life assurance better known as life insurance is basically a contract between two parties, one is the policy owner and the other is the insurer. A very common term is the face amount; this is nothing but the initial amount which is paid by the insurer to the policy holder when the policy matures or in other words the policy reaches the time frame. Life insurance policy covers all the risks involved in a person’s life but it does not cover other risks like fire, damage of assets etc, to cover such risks there is another insurance called non life insurance, this type of insurance covers all the risks involved other than the risks involved to ones life. Non life insurance covers risks ranging from fire, health, house and other important things. There are many agents involved in the process of getting a secured life insurance policy; these agents form a link between the insurer and the policy holder.

“It’s best to establish clear parameters in your relationship with your insurance adviser. You should be clear about what your adviser can, and cannot, do for you. Discuss what you require for your business and make sure they are prepared to offer this level of service.” (Choose an Insurance Adviser and present your risk). It is always advisable to have an insurance policy to minimize the risks involved. The current period of recession has signaled the beginning of unprecedented situations and one must be geared up to face these risks. The most important step before getting a policy is to review the needs; according to the needs an insurance policy must be taken. The policy must compliment the needs and it should be in proportion to the needs of an individual. For instance, if a person opts to take vehicle insurance, if he sets a very high amount ignoring the other needs, this situation can be dangerous in the future so in order to secure the future to some extent proper insurance needs must be identified and an appropriate policy must be taken. There are several people involved in guiding the people who think they need an insurance policy, in the case of ambiguity, the people should not be reluctant to approach the other people who can guide them in order to accomplish this important task.

“Most consumers depend on their employer for their health, life and disability insurance. But according to a recent report by the Center for Economic and Policy Research, this year’s recession will cause at least 4.2 million people to lose their health and insurance coverage. If the worst happens and the recession costs you your job, what would you do? (Recession- Proof Your Insurance Needs).

Both the articles stress upon the need to purchase an insurance policy. An In-depth reading of the articles suggests that the recession period has brought countless uncertainties with it and it is always good to be on the safer side. The need to purchase a policy becomes even more considering the fact that the recession is supposed to continue for another year or two. This is a clear indication of the fact that the future is not looking rosy for the businessmen as well as the normal people hence it is very fair to say that an insurance policy is a must at this point. It is now or never. If it is never then the people who opt to do the same are going to pay a very heavy price for this mistake.

Insurance often confuses the people and most individuals tend to stay away from insuring themselves from the uncertainties of the future. Many individuals tend to invest in stock markets, mutual funds, real estate etc but ignoring the important need of insurance can be devastating in the future. The awareness among many individuals about insurance is very low and this is another reason why individuals tend to stay away from purchasing policies. When an individual is not aware of a product, that individual is expected to avoid the product and the very same applies in the case of insurance too. Both the sources focus on the very same topic which is insurance and it should be made a point to be aware of the needs and accordingly the price of the policy should be decided. This is very important and both the sources used in the paper insist upon the same. An individual has to decide between a life cover or an investment plan and both the sources have given a good account of this. It is always good to go in for life cover because each passing day is making the life even more challenging than earlier and it is highly advisable to ensure that one’s life is secured. Insurance advisers plays a pivotal role in deciding which policy must be adopted and both the sources emphasize on getting the right man to advice. It is quite difficult to get the right man as there is commission associated with the deals that these people earn so they try to sell the policy which would benefit them the most rather than benefiting the insurer. Hence it becomes imperative to get hold of the right man. Family members are usually very helpful when it comes to finding the right man; any relative having good contacts can be very helpful in getting the right man. The final part is conducting a review which is another important aspect, for instance if a person opts for a child’s education plan than that individual has to ensure that the policy selected is in accordance with the goal set for the education. Goal refers to the monetary goal. All these points have been mentioned in both the sources used in the paper. If all these points are extensively followed than an individual can have a secured future.

Choose an Insurance Adviser and present your risk. In Business.co. UK. 2009. Web.

Recession- Proof Your Insurance Needs. In Wall Street Journal. 2009. Web.

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IvyPanda. (2021, December 7). Life Insurance: The Key Points. https://ivypanda.com/essays/life-insurance-the-key-points/

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1. IvyPanda . "Life Insurance: The Key Points." December 7, 2021. https://ivypanda.com/essays/life-insurance-the-key-points/.

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This week’s JA People of Action is Jessica Byers of Byers Insurance Group

This week’s JA People of Action is Jessica Byers of Byers Insurance Group. Jessica graciously gave her time to assist with mock job interviews at Greenwood High School and has been a volunteer with Junior Achievement for over three years. When asked her favorite part of JA Jessica replied, “I love the fun, real-world simulations – whether it’s 2nd graders earning money at their jobs or high school students participating in mock interviews.” She continued, “JA teaches kids of all ages how to be responsible and respectful members of their community.” Volunteers like Jessica are the foundation of JA and ensure classroom requests for Junior Achievement assistance can be filled. When asked to share a quote about her JA experiences, Jessica replied, “JA brings real-world info and learning into the classroom with age-appropriate activities. The kids learn so much and love their JA experience!” Thank you for supporting JA, Jessica!

About Junior Achievement of South Central Kentucky (JASCKY)

Junior Achievement of South Central Kentucky serves 13 counties and reaches over 10,700 students yearly. Junior Achievement is the world’s largest organization dedicated to giving young people the knowledge and skills they need to own their economic success, plan for their future, and make smart academic and economic choices. JA programs are delivered by corporate and community volunteers, and provide relevant, hands-on experiences that give students from kindergarten through high school knowledge and skills in financial literacy, work readiness, and entrepreneurship. Today, JA reaches over 4.4 million students per year in more than 100 markets across the United States, with an additional 5.6 million students served by operations over 100 other countries worldwide. Over 153,000 volunteers serve JA nationally. For more information on Junior Achievement of South Central Kentucky and how YOU can volunteer right here where you live and work, please visit www.jaforkids.com or contact Lori Gammons at [email protected] .

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Strange Glow Over Moscow Skies Triggers Panic as Explosions Reported

B right flashes lit up the night sky in southern Moscow in the early hours of Thursday morning, new footage appears to show, following reports of an explosion at an electrical substation on the outskirts of the city.

Video snippets circulating on Russian-language Telegram channels show a series of flashes on the horizon of a cloudy night sky, momentarily turning the sky a number of different colors. In a clip shared by Russian outlet MSK1.ru, smoke can be seen rising from a building during the flashes lighting up the scene.

Newsweek was unable to independently verify the details of the video clips, including when and where it was filmed. The Russian Ministry of Emergency situations has been contacted via email.

Several Russian Telegram accounts said early on Thursday that residents of southern Moscow reported an explosion and a fire breaking out at an electrical substation in the Leninsky district, southeast of central Moscow.

Local authorities in the Leninsky district told Russian outlet RBC that the explosion had happened in the village of Molokovo. "All vital facilities are operating as normal," Leninsky district officials told the outlet.

The incident at the substation in Molokovo took place just before 2 a.m. local time, MSK1.ru reported.

Messages published by the ASTRA Telegram account, run by independent Russian journalists, appear to show residents close to the substation panicking as they question the bright flashes in the sky. One local resident describes seeing the bright light before losing access to electricity, with another calling the incident a "nightmare."

More than 10 villages and towns in the southeast of Moscow lost access to electricity, the ASTRA Telegram account also reported. The town of Lytkarino to the southeast of Moscow, lost electricity, wrote the eastern European-based independent outlet, Meduza.

Outages were reported in the southern Domodedovo area of the city, according to another Russian outlet, as well as power failures in western Moscow. Electricity was then restored to the areas, the Strana.ua outlet reported.

The cause of the reported explosion is not known. A Telegram account aggregating news for the Lytkarino area described the incident as "an ordinary accident at a substation."

The MSK1.ru outlet quoted a local resident who speculated that a drone may have been responsible for the explosion, but no other Russian source reported this as a possible cause.

Ukraine has repeatedly targeted Moscow with long-range aerial drones in recent months, including a dramatic wave of strikes in late May.

On Sunday, Moscow Mayor Sergei Sobyanin said the region's air defense systems had intercepted an aerial drone over the city of Elektrostal, to the east of Moscow. No damage or casualties were reported, he said.

The previous day, Russian air defenses detected and shot down another drone flying over the Bogorodsky district, northeast of central Moscow, Sobyanin said.

There is currently no evidence that an aerial drone was responsible for the reported overnight explosion at the electrical substation in southern Moscow.

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Stills from footage circulating on Telegram early on Thursday morning. Bright flashes lit up the night sky in southern Moscow, new footage appears to show, following reports of an explosion at an electrical substation on the outskirts of the city.

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Essay on Insurance

Essay # 1. Meaning of Insurance:

Essay # 2. Fundamental Principles or Features of an Insurance Contract:

(i) Essentials of a Valid Contract:

(ii) Utmost Good Faith:

(iii) Insurable Interest:

(iv) Indemnity:

(v) Mitigation of Loss:

(vi) Risk Must Attach:

(vii) Contribution:

(viii) Subrogation:

(ix) Causa Proxima or Proximate Cause:

Essay # 3. Types of Insurance:

(i) Life Insurance:

(ii) Fire Insurance:

(iii) Marine Insurance:

Essay # 4. Double Insurance :