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.
