General insurance Social Benefit

[Mataracy]

The fact that a factory owner has adequate fire insurance cover means that he has the capital to reinstate his factory and so recreate jobs for his workers who might otherwise be unemployed for a considerable time.

Frequently several firms in an area are dependent bon other firms, either as customers or as suppliers and so they too may be at risk.
When the multiplier effect of the reduced income of a group of workers is taken into account, society at large in that locality may suffer if a firm goes in to liquidation after an uninsured loss.

If full consequential loss( loss of profit), insurance has been arranged in addition to the material loss cover, there may not be the need for even temporary lay- offs of workers following a major loss.

The aid which insurance provides in maintaining industry in an area stabilizes the economy of that area and in aggregate helps to stabilize the national economy through the continued sources of rates and taxes.

What are the other social benefit do you think the insurer can benefit from insurance company?

 

[Mandy96]

This fire insurance plan is cool but please can you explain further on the limitations. What I simply by the limitations is the actual limits at which the fire insurance policy covers and what are the excluding parts that the fire insurance policy doesn’t cover because it needs to be understood perfectly.

 

[Mataracy]

This fire insurance plan is cool but please can you explain further on the limitations. What I simply by the limitations is the actual limits at which the fire insurance policy covers and what are the excluding parts that the fire insurance policy doesn’t cover because it needs to be understood perfectly.

Limitation in this sense mean the area which insurance company might not be able to cover when its comes to Fire insurance is that:
When an insurance company has already make a findings and find out may be what you are about to insured is very liable to involve in Fire accident quick and by so doing they may not want to cover it because they know that ; they will run at loss quick and may be the premium that the insurer will be paying may not even help when the incident occur.
Insurance will not cover such because it's a profit making organization not a charity organization. I think I have answer your question sir.

 

[Nite]

Insurance offers benefits to businesses, individuals and the whole of society. Its risk sharing and risk transfer capabilities are very important for a well functioning economy. While considering purchasing of insurance, it's good if an individual works with a reliable firm that has all its focus on the customer value.

 

[btaliat]

Limitation in this sense mean the area which insurance company might not be able to cover when its comes to Fire insurance is that:
When an insurance company has already make a findings and find out may be what you are about to insured is very liable to involve in Fire accident quick and by so doing they may not want to cover it because they know that ; they will run at loss quick and may be the premium that the insurer will be paying may not even help when the incident occur.
Insurance will not cover such because it's a profit making organization not a charity organization. I think I have answer your question sir.

If the insurer company is looking for a way not to involve in a way not to run into loss by not covering some things that are likely to happen, and the insured as well is aiming at insuring his property against likely incidents, then it seems both insurers and the insured are confused.

 

[Mataracy]

If the insurer company is looking for a way not to involve in a way not to run into loss by not covering some things that are likely to happen, and the insured as well is aiming at insuring his property against likely incidents, then it seems both insurers and the insured are confused.

Bro, what happen is that insurance company may not just tell the insurer that what he brought is highly risky for them to take. Instead they may tell the person that there are policy can not cover that.
Though both the insurer and the insurance company will always trying to play save in one way or the other.

 

[btaliat]

Bro, what happen is that insurance company may not just tell the insurer that what he brought is highly risky for them to take. Instead they may tell the person that there are policy can not cover that.
Though both the insurer and the insurance company will always trying to play save in one way or the other.

That's what I am saying. You can see that both insurance company and the insured are only trying to take advantage of each other. That's why insurance company will not want to insure a property or issue that has high tendency of happening and likewise the intending insured person too won't insure something he knows it is likely to happen.

 

[uforwealth]

The benefits of insurance companies can't be overestimated. There are many businesses,industries,factories, etc that could have closed down indefinitely as a result of unexpected damages or losses.

If not for the assistance of these insurers,
many rich men would have become poorer. Most landlords would have been degraded to tenants. Indeed, the advantages of insurance companies are numerous.

 

[Jamoflondon]

Generally, insurance is very important most especially to business firms who have a lot of properties to look out for, and even the employees are not left out. If you have an insurance coverage over your company then you have less to worry about because nothing as bad as bankruptcy could affect you

 

[Wisdom01]

The type of insurance I know about that offers more benefit is the health insurance , because aside insuring your health , you might likely gain from receiving free medical care and others , even if it's not part of the insurance package you actually go for I think too ,

 

[Phabbyfundz]

The true benefits and importance of insurance policies to the human race cannot be overemphasized and many people should be enlightened or there should be a method of creating awareness about the importance and benefits of insurance to individuals. This insurance policy would enable small business owners or low income earners start new businesses.