Know some cheap-insurance basics.
Insurance is the process by which a firm offers to
indemnify individuals when a predetermined event occurs.. And leads to a
Features of cheap-insurance.
- An insurance company seeks a permit from authorities to indemnify
individuals when a predetermined event occurs and leads to a financial loss.
- An individual approaches an insurance company asking
to be cushioned from financial losses.
- There is contractual agreement between a client and an insurance firm enforced by signing a policy document.
- Consideration for the contract is payment of premiums.
- Policy holders pay a certain amount of money called premiums
- insurance companies
collect premiums from several policy holders, and puts them in a fund. Then
financial managers allocate the financial resources in to a fund.
Likely benefits of cheap-insurance.
- Peace of mind since. An insurance company takes up the
responsibility of risk exposures that you might face.
- Training by insurance companies on how to reduce risk
- Employment opportunities for many youth.
Yes, insurance is for you.. if;
- You’d rather delegate risk management to another party.
- Risk exposures you might face are very large financially.
- It is government decree to sought cheap insurance.
- You work in a processing plant where you might get injured.
Insurance is method of dealing with risk exposures of
a third party. That is how insurance business starts from.
Risk management is an ongoing process where individual seek
ways to reduce chances of loss. One way of reducing chance of loss is insurance. It’ clear!
Cheap-insurance can be risky too!!
Insurance companies also face chance of loss.
Supposing company A insures 123 individual. After two months
117 individuals come to claim compensation?
That’s for you to take home as homework.
Is the general public
aware about cheap-insurance?
Rigorous marketing by
the insurance companies increases public awareness about cheap insurance.
Click here to know
Use this as your
guide on insurance matters.
- Insure all your risk
- Always read the
policy document well.
- Do not default to pay
cheap insurance premiums.
- Never lie to the insurance company. It can lead to problems later.
Do you know of any cheap-insurance services?
- Continuity of
business even after losses occur.
- Restoration to
previous state before the loss.
- Assurance to venture
into business without worry of loss thus promoting wealth creation.
- Stabilization of the
economy by taking up most of the risk exposures.
- Education on how to
reduce chance of loss by avoid common hazards.
Commercial banks are
offering cheap insurance services?