Advantages Of Cash Flow Statement Over Fund Flow Statement The Benefits of Insurance to Individuals and Organisations

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The Benefits of Insurance to Individuals and Organisations

Insurance is actually an arrangement made by a company or a state to guarantee a certain amount of compensation to a person or entity for certain loss, damage, illness or death. Person magazine.

There are mainly four types of insurance policies:

• Life Insurance: This is a type of insurance that is taken out to provide financial security to the entire family in the event of the death of the policyholder.

• Health Insurance: It is basically a form of insurance where financial assistance is provided to the policyholder or his family for any serious health related issues.

• Property Insurance: This type of insurance covers the policyholder in case of damage to his property due to fire or any other way.

• Auto Insurance: Your car is very valuable to you, so if it is stolen or damaged, you will need a large amount. This vehicle insurance will cover the repair costs of the policyholder.

But before you buy any insurance you should know all the benefits of that insurance. Insurance benefits an individual or any organization in many ways.

Some of them are discussed below.

• One of the most important benefits of security is to cover a person’s loss. An insurance policy is a contract that is used to mitigate losses to an individual.

• It manages cash flow uncertainty. Insurance coverage provides compensation. So the problem of paying money out of pocket has been solved.

• Insurance complies with legal assessments. Insurance fulfills the requirements of the contract and also provides legal proof to the organization or individual to claim for reimbursement or damages.

• A very important benefit of insurance policies is the measures to promote risk control activities. Insurance provides all sorts of incentives to implement loss control programs.

• An unusual benefit of the security is the support given to the credit of the policy holder. Insurance provides loans to individuals and organizations by guaranteeing full compensation to the borrower in case of loss of loan amount or property.

• Insurance provides all kinds of sources of investment funds. All insurances collect a certain premium from the policyholder and invest them in various schemes and pay them in case of claims.

• Insurance also helps to reduce the social burden of the victims by compensating them.

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