Importance Of Life Insurance Ppt
Importance of life insurance 1.
Importance of life insurance ppt - 600 bce when they created guilds called benevolent societies which cared for the families of deceased members as well as paying funeral expenses of members. Types of insurance 6. Insurance contributes a lot to the general economic.
The following point shows the role and importance of insurance. Guilds in the middle ages served a similar purpose. Presented by ria john 10090 rini thomas 10091 2.
The benefits of insurance are discussed below. Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. Her parents co signed the loans wanting to give amy a shot at.
With this we will talk about the importance of insurance nature of insurance and then we will talk about insurance meaning and types. It may be described as a social device to reduce or eliminate risk of loss to life and property. The insured agrees to pay the cost in terms of insurance premium for the service.
Benefits of insurance to insured. Life insurance is a husband s privilege a wife s right and a child s claim 2 the scheme of life insurance provides an assurance that if such an event happens the person or his dependents would get financial assistance to bear the loss. Life insurance is a contract between the policy owner and the insurer where the insurer agrees to reimburse the occurrence of the insured individuals death or other event such as terminal illness or critical illness.
A brief history according to some authors the greeks and romans introduced the origins of health and life insurance c. Insurance provides security against risk and uncertainty. Insurance is important because both human life and business environment are characterized by risk and uncertainty.
While these stories are fictional they are based on very common situations. It has been aptly said that life insurance offers the safest and surest means of. Life insurance ppt 1.
Life insurance can be termed as an agreement between the policy owner and the insurer where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individuals or individuals death or other event such as terminal illness critical illness or maturity of the policy 12 28 2011. Hello friends in today s article we will talk about what is insurance introduction of insurance. Insurance plays a key role in mitigation of risks.
We gathered a few stories to highlight the importance of life insurance. As per section 80c of the income tax act 1961 the premium paid for life insurance policies is qualified for deduction up to a maximum of rs. 1 5 lakh a year.
It is good for tax benefits. Winston churchill referred to insurance as bringing the magic of averages to the rescue of millions as was pointed out in our monthly letter of january the application of this law can only be made to large. By vicente gonzález 2.
Mary and steve have a 24 year old daughter named amy who took out 150 000 in private student loans to fund her law school degree.
