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Insurance is a form of risk management which provides a protection to our business,house,vehicle,health etc from financial loss.This method of risk management were practiced by merchants since early times.Insurance policies used in olden days were very simple.
Amicable Society for a Perpetual Assurance Office in London was the first company to offer life insurance in the year 1706.Insurance involves collecting or grouping together funds from insured entities and paying it for the losses one may occur.Thus they are protected from the risk for a fee which depends on the frequency of the event occurring.There are different types of insurance.
There are many types of insurances such as co insurance,dual insurance,self insurance,reinsurance.In co insurance the risks are shared between the insurers.In dual insurance risk will have two or more policies with same coverage.In self insurance the risks are solely retained by the entities or individuals themselves.In reinsurance the insurer passes the risk to another insurer called reinsurer. Inorder to market their insurance policies,insurers uses insurance agents.
These agents can work for a single insurance company or can issue policies from several companies.There are different insurance packages available in the market.Auto insurance protect the policy holder against any risks involving a vehicle they own.Health insurance deals with the cost of medicines and treatments.Income protection insurance provide support to the holder when he/she is unable to work due to an accident or injury.
Casualty insurance protect the holder against accidents.Life insurance provides income to the holders family after his/her death and provides funds for his/her burial,funeral and other final expenses.Property insurance protect the holder against any risk to the property.Insurance have various impact on the modern society.On one hand it helps individuals and societies to overcome any crisis or catastrophes;on the other hand it increase fraud.It is the duty of individuals to enquire about the policy and the company before taking any policies.