The world where
we live or survive is full of uncertainities and risks.It have the risks of
business failure ,properties,indivduals problems and health and their
assets.These includes the losses of life ,assets,properties and so on.So
insurance plays a vital role in reducing such problems.
Importance
of Insurance.
1.
Provides safety and security to individuals and Partnership
Business.
Insurance provides financial support and reduces
uncertainities that individuals and partnership business at every stages at
their lifestyle.
2.Promotes Economic
Growth
The insurance
makes a significant impact on the overall economy by mobibilizing domestic savings.Insurance
plays a crucial role in the significant growth
of an economy.
3.Reduces Risks and
Uncertainities
Insurance
facilitates moving of risks of loss from the insured to the insurer.The main
principle of insurance is to reduce the risks by spreading it to the large
number of people.It compensate the risks of the insured people.
Comments
Post a Comment