Insurance-series I

It is very difficult to engage attention of a large audience with a mundane topic like insurance...! Nevertheless I would attempt to do that risky business...


We all, at some point of time, take out insurance policies... If you have just entered a job, purchased a vehicle or house or own a factory, you would have already had some experiece in buying insurance.


The interesting aspect of insurance is that it is an enigma to all... no one has ever understood properly when insurance is purchased or when there is a claim situation.. This is the reason why majority of people equate insurance with some kind of 'con' game..



Most of the people have some idea about Life Insurance as it is working out as a savings mechanism for the common man. But in reality insurance should never be resorted to as a savings option because the return on investment would be one of the lowest as compared to other avenues available.



Why Insurance?



Insurance is an essential evil in most of the cases, it becomes almost a statutory requirment. For example Motor insurance is mandatory as without a motor vehicle insurance one cannot ply the vehicle on road.


Property insurance becomes compulsory if there is financial interest or loan for acquiring the property. Transit Insurance is required again by the banks for opening L.C hence alomost mandatory,Medical insurances have become essential part of life in most of the countries, especially those places where medical assisstance is expensive. Travel insurances is a requirement in most of the countries. Workmen compensation takes care of employers liability, therefore employers purchase this insurance as a practice and so on.



Whatever be the compulsion, the fact remains that Insurance is a Risk Financing method in that in the event of unforeseen circumstances, it mitigates the financial problems arising out of loss or damage to the property covered.



Only based on the responses, I will slowly cover the insurance subject, which may be of some use to readers.




Now for some insurance related Jokes:



One policy holder to Insurance Agent:-" Mr. Agent, can you explain to me as to how I can claim from the Life Insurance Company?"


Agent: " Sir It is very simple. Please keep my card with you and call me when you die"







Claimant to Insurance claim processor: "Sir I have been thinking that all my properties are well covered under insurance, but you are paying only a small fraction of my claim.."


Claims officer: "Sir please look at the calculation. We have applied under insurance and settled your claim..."







Insurance sales man to a villager(after trying all methods to convince him and failed):-


"Look, if suddently you die, think about it.....what will your wife do... so take this term life policy .....it is very cheap.."

The villager:-" My dear sir, if my wife behaves properly when I am alive, that is enough for me.."






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