The process of insurance was evolved to safeguard the interests of the investments made on personal or commercial front.The main objective behind insurance is to protect the interest of people from uncertainty by ensuring the certainty of payment at a given contingency.
The principles of insurance come to be more relevant and useful in modern day affairs. One of the most interesting aspects about insurance is that it not only serves the end of individuals or special group of individuals, it pervades to transform our modern social order as well.
The role and the importance of the insurance can be discussed under three distinct heads:
Insurance provides safety and security
The insurance claim assumes the responsibility to pay off the loss or financial debts of any kind. It provides safety against the loss of property from particular types of event. The principles of insurance are same across the globe which means the tenets followed with respect to insurance Barbados will be no different than insurance policies of some other country. The terms of payment differs according to the claim. For instance, in case of life insurance the sum assured is payable only after the death of the individual to his or her family. This is one of the major advantages of having an insurance claim. The loss to the family or pre mature death and payment in old age are adequately provided by life insurance.
Insurance affords peace of mind
Having an appropriate insurance claim ensures security to our life, family and property. This is one of the most important motivating factors to invest on insurance. The risk of uncertainty is paramount in our lives. There is nothing that we can do to avert it but at least banish the fear of uncertainty and unpredictability by having the likely perils appropriately covered under insurance policy. For instance, in case of insurance Barbados focus is more particularly on three types of insurance, namely Life, Motor and Commercial. Therefore, having the uncertainties appropriately covered by insurance can help us get some peace of mind.
Insurance eliminates dependency
Insurance eliminates the risk of uncertainty that occurs from the premature death of any individual or destruction of family needs in elaboration. Even for the destruction of property and assets insurance come across as an appropriate coverage. For instance, the economic interdependency among the family member is reduced. The insurance policy assists them, and provides the policy holders with adequate amount of coverage against any unlikely turns of events.
