Thursday, September 18, 2014

The Role of Insurance in the Society



Insurance refers to a cover that protects one against risk; that is, the risk/loss is transferred to the insurer. In commerce, it is a common risk management strategy which many business enterprises embrace. However, other sectors such as healthcare have ventured in conjunction with insurance firms to help patients pay medical expenses in an unfortunate incident of sickness. It is interesting to note that there is a life cover. Health insurance has restructured medical care in many countries. Currently, almost all employees have a medical cover to protect them in an unfortunate case of an illness or an injury. Therefore, insurance has eased life in many aspects. Business people who lose their merchandise/premises in an insured case are restored to their financial position to enable them continue with their operations. Similarly, if someone loses an insured property due to a fire breakout or theft, the insurance company chips in to replace the lost property/gadget.  

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