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Insurance Functions

insurance function write for us Insurance Functions Write For UsInsurance is a contract that allows a contingency to be covered by paying a premium (the insured) to the insurance or reinsurance company.  To write for us, you can send us an email at contact@Inbusinessworld.com.

It protects man and his heritage against various events that threaten his integrity, life, interest, and property.

However, Insurance guarantees the compensation of capital to cover or repay the loss or damages that appear at any time, receiving an advance price for the protection service it offers.

Basically, the functions of insurance are to minimise the risks of losses that could suffer goods or people. Insurance is a solution to the need we feel to protect against unforeseen events, the consequences of which exceed our capacity to repair them.

Moreover, it is understood as a provision to cushion or compensate for the economic consequences of harmful events. Insurance arises as a type of financing through which the danger is not transferable. Still, part of its financial effects, thus reducing the losses that your property or people could suffer.

Insurance does not intend to win but rather to preserve the heritage to overcome adversity and to be able to maintain and increase one’s well-being and the collective well-being.

Types of Insurance

There are two different types of Insurance, Personal Insurance and damage insurance:

  • People insurance
  • Life insurance
  • Accident insurance
  • Damage insurance
  • Compulsory Insurance

Functions of Insurance

The Insurance fulfils the following functions:

Compensation Function

The Insurance guarantees a capital indemnity to repair or cover the damage to both the person and his property. Compensation is the amount of money paid by the insurance company to support the insured party when an event occurs that may damage the insured or his property.

The insurer can comply with the obligation to repay in various ways:

a.-Paying the assessed amount of the damages in cash.

B.-Repairing or replacing the damaged object at your expense.

C.-Providing services: health insurance, treatment in hospitals.

 Financial Function

It fulfils its function to the extent that it efficiently manages the money it receives in the form of premiums until the time payment is due.

  • The financial function of Insurance seeks to obtain a return on the premiums paid by the insured.
  • It seeks a lower future burden for the insured
  • And also, it grants a greater capacity of response to the unforeseen, by the insurance company, by accumulating surpluses that they consolidate.

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