essay on types of insurance

Essay on Insurance

Students are often asked to write an essay on Insurance in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Insurance

What is insurance.

Insurance is like a safety net. It’s a way of protecting yourself or your things against unexpected events. You pay a little bit of money regularly to an insurance company, and if something bad happens, like a car accident or your house catching fire, the company helps you by paying for the losses.

Types of Insurance

There are many kinds of insurance. Health insurance helps with medical bills. Car insurance covers car damage or accidents. Home insurance pays for repairs if your house is damaged. Life insurance supports your family if you pass away.

Why Insurance Matters

Insurance is important because it gives you peace of mind. You don’t have to worry about huge costs if something goes wrong. It’s a smart way to plan for the future and keep you and your family safe from big, unexpected expenses.

250 Words Essay on Insurance

Insurance is like a safety net. Imagine you have a piggy bank where you save money for when something unexpected happens. Insurance is similar, but instead of a piggy bank, you give money to a company. This company promises to help you if you have a big problem, like if your house catches fire or you get very sick.

There are many kinds of insurance. Health insurance helps pay your doctor’s bills. Car insurance helps cover costs if your car gets damaged or if you hurt someone in an accident. Home insurance helps fix your house if it gets damaged. Life insurance supports your family with money if you pass away.

How Insurance Works

You pay a small amount of money regularly, called a premium, to the insurance company. Many people do this, and the company collects a lot of money. Most of the time, nothing bad happens, so the company doesn’t need to use all the money. But when someone who has insurance faces a big problem, the company uses the money to help them.

Why Insurance is Important

Insurance is important because it protects you from big surprises that can cost a lot of money. Without insurance, you might have to pay all the costs by yourself, which can be very hard. With insurance, you can feel safer knowing that help is there if you need it.

In conclusion, insurance is a way to stay safe financially. It’s like having a big group of friends who all put their money together to help each other when something goes wrong.

500 Words Essay on Insurance

Insurance is like a safety net. Imagine you’re walking on a tightrope high in the air. If you fall, the safety net catches you. That’s what insurance does. It catches you when something goes wrong, like if you get sick, your car gets into an accident, or your house gets damaged by a storm.

There are many kinds of insurance for different things. Health insurance helps pay for doctor’s visits and medicines. Car insurance helps with costs if your car gets damaged or if you damage someone else’s car or property. Home insurance helps fix your house if something bad happens to it, like a fire or a flood.

How Does Insurance Work?

Insurance works by collecting a small amount of money, called a premium, from a lot of people. Most of these people won’t need to use the insurance, but the money is there to help the few who do. It’s like a piggy bank that everyone puts money into, but only some will need to take money out when they have an accident or emergency.

Why Do We Need Insurance?

We need insurance because bad things sometimes happen, and they can cost a lot of money. If you get sick and need to go to the hospital, the bill can be very high. If you didn’t have insurance, you might not be able to pay it. With insurance, you don’t have to worry as much because it helps cover the costs.

Choosing the Right Insurance

Picking the right insurance is important. You have to think about what you need to protect. If you have a car, you need car insurance. If you live in a place where there are lots of storms, you should have good home insurance. Also, you should look at how much the insurance costs and what it covers. Some insurance is cheaper, but it might not cover everything.

Insurance is a Promise

Insurance is like a promise. The insurance company promises to help you if something bad happens. In return, you promise to pay a little bit of money regularly. It’s important to keep that promise because if you don’t pay, the insurance won’t be there when you need it.

In conclusion, insurance is a very helpful tool that protects us from big surprises that can hurt our wallets. It’s a way for a group of people to help each other out. Everyone pays a small amount to be safe, and if trouble comes, the insurance is there to catch them. It’s important to choose the right insurance for you and to keep paying your part, so the safety net stays strong and ready. Remember, insurance is there to make sure that if something goes wrong, you won’t be alone.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Personal Pilgrimage
• Essay on Personal Life Reflection
• Essay on International Tourism

Apart from these, you can look at all the essays by clicking here .

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What is Insurance? Features, Types, Requirements, Functions

• Post last modified: 5 August 2023
• Reading time: 38 mins read
• Post category: Insurance and Risk Management

What is Insurance?

Insurance means protection against future losses arising from unexpected possible risks. Technically, insurance is a course of action through which an individual manages the potential risk and transfers it efficiently to the structure that is capable of handling it. Though insurance neither reduces the severity of risk for an individual or organization nor does it reduce the probability of an occurrence of an event in the future, it compensates for the financial loss related to the event.

Table of Content

• 1 What is Insurance?
• 2.1 Sharing of risk
• 2.2 Co-operative device
• 2.3 Value of risk
• 2.4 Payment at contingency
• 2.5 Amount of payment
• 2.6 Insurance differs from charity
• 3 Requirements for Insurable Risk
• 4 Comparison Between Insurance and Gambling
• 5.1.1 Crop insurance
• 5.1.2 Motor insurance
• 5.1.3 Home insurance
• 5.1.4 Travel Insurance
• 5.1.5 Health Insurance
• 5.1.6 Fire insurance
• 5.1.7 Marine insurance
• 5.1.8 Inland marine insurance
• 5.2.1 Term insurance policy
• 5.2.2 Whole life insurance policy
• 5.2.3 Endowment policy
• 5.2.4 Unit Linked Insurance Plan (ULIP)
• 5.2.5 Group insurance policy
• 6.1 Number of private players
• 6.2 Unit-linked insurance plans (ULIPs)
• 6.3 Innovative distribution channels
• 6.4 Competition
• 6.5 Insurance density
• 7.1 Self-insurance program
• 7.2 Captive insurance
• 7.3 Risk-retention groups
• 7.4 Risk-sharing pools
• 8.1 Legal functions
• 8.2 Accounting functions
• 8.3 Engineering functions

An individual can get protection in exchange for a particular amount called a premium. The minimum amount promised by the insurer at the time of maturity of the policy is called the sum assured. An organization that provides insurance policies to people is called an insurer and a customer who buys these policies from the insurer is known as an insured or policyholder. The insurer must communicate all features, terms, and conditions of the policy to the insured. On the other hand, the insured should go through all terms and conditions before buying the policy.

The concept of insurance in India dates back almost 200 years. The ancient writings, such as Manusmrithi, Yagnavalkya (Dharmasastra), and Kautilya (Arthasastra) describe the act of resource pooling by the community and its redistribution amongst the affected at the time of famines and floods. This in its raw form is the underlying principle of modern-day insurance.

In the past, the insurance practices in India were heavily influenced by countries, such as England. Marine trade loans and carrier contracts are some of the earliest forms of insurance contracts. However, the business of life insurance started with the establishment of Oriental Insurance Company in Calcutta. General Insurance in India was born with the establishment of Triton Insurance Company Ltd., in 1850 in Calcutta by the British rulers.

In 1993, a committee under the chairmanship of R.N. Malhotra, the Former Governor of the Reserve Bank of India (RBI), was set by the government to propose recommendations for reforms in the insurance sector. The committee submitted its report in 1994 recommending that the private sector should be permitted to enter the insurance industry. In addition, the committee recommended that foreign companies should be allowed in India preferably through joint ventures with Indian partners.

In 1999, IRDA was formed as an autonomous body for regulating and developing the insurance industry as recommended by the Malhotra Committee. It was incorporated as a statutory body in April 2000. IRDA finally opened up the market in August 2000 with the invitation for the application for registration. Since then, IRDA frames various regulations for the insurance industry. These regulations can be related to the registration of companies for carrying on insurance business, protection of policyholders’ interests, and so on.

Features of Insurance

Insurance protects individuals against potential financial loss that may cause due to the occurrence of uncertain events. Suppose an individual is the sole breadwinner for a family. His/her untimely death can create financial hardship for his/her family members. In such a case, an insurance policy can compensate the family members with the insured amount.

Similarly, an organization can go for an insurance policy to get protection against various tangible risks, such as fire, spillage, or various other accidents. Therefore, the main feature of any insurance policy is to provide financial security to the insured and his/her family even after the insured’s death.

In addition, the following are some other important features of insurance:

Sharing of risk

Co-operative device, value of risk.

• Payment at contingency

Amount of payment

Insurance differs from charity.

As a tool, insurance shares the financial losses of an insurer, that occurred due to some specific course of events. These events may include death in the case of life insurance; marine perils in the case of marine insurance; fire in the case of fire insurance; and other events in general insurance like theft in burglary insurance, accident in motor insurance, etc.

It is one of the most important features of every insurance plan. Insurance is a device that works in the cooperation of a large number of people who agree to share the financial loss arising due to a particular insured risk. The underlying principle behind using insurance as a cooperative device is that it helps in pooling funds from a large number of people and compensating for losses incurred by some people within the pool.

While insuring an entity, the risk is assessed to determine the consideration or premium that is charged by the insured. The premium, in other words, denotes the value of risk. The higher the risk, the higher would be the premium amount.

P ayment at contingency

The insurance amount is paid to the insured if the contingency occurs. For example, general contracts are usually contracts of uncertainty where events like fire or marine perils may or may not occur. Therefore, the payment is made only if these events or contingencies occur.

On the other hand, the life insurance contract is usually a contract of certainty, where the contingency of death or the expiry of the term will surely occur. In such insurance contracts, the payment is certain.

It depends upon the value of the loss that occurred due to the certain insured risk. However, the maximum amount of payment depends upon the amount insured at the time of insurance by the insured.

Insurance is not charity as it provides security and safety to an insured in turn of fixed premium paid by him/her. Charity, on the other hand, is given as an act of goodwill. It does not provide security and safety to the donor. Insurance is a business industry that provides insurance services by charging a nominal premium.

Requirements for Insurable Risk

Insurable risk can be defined as conditions and circumstances of the insurance seeker that match the terms of the insurer to accept and underwrite risks. There are broadly two conditions of risks that make them insurable:

• An insurer should be able to measure the risk and loss associated with and ascertain the cost in terms of premium.
• The risk should be similar to the risk of those pooling with the insurer to fulfill their protection need.

The decision of whether a risk is insurable or not is taken by the insurer. Therefore, insurable risk perceives the situation from the insurer’s point of view. The insurer has to fulfill the needs of other insurance seekers who have pooled with the insurer; therefore, him/her can’t underwrite the risk with unlimited liability. Owing to this fact, the insurer sets certain requirements or standards per which they determine the acceptability of the risk.

These requirements or standards include:

Risk should be quantifiable

The risk that cannot be quantified; cannot be insured. When an insurance seeker or the applicant approaches the insurer with a set of risks, the insurer asks for various details that help him/her determine the insurability of the risk. If the insurer can underwrite the risk within the guidelines to identify the risk, it is likely to get insured.

The similarity of the nature of risk with the risk of other people availing insurance

The second condition is that the risk should be similar to the risk of those people who are already in the process of availing the insurance coverage from the insurer. When the nature of the risks is similar for a large number of people, it is possible to determine a methodology to provide insurance. It also enables the insurer to decide on the premium factor.

Acceptability of insurance by the insurer as well as the applicant

It becomes easy for the insurer to provide services to a large number of people in which each person has a similar kind of risk. If the premium charged is suitable for the applicant and the insurer, the risk can be insured. In short, any risk can be insured; however, it should be quantifiable and there should be sufficient demand for insurance for such kind of risk.

Comparison Between Insurance and Gambling

Risk is often in the form of uncertainty, which may result in loss or profit. To minimize the uncertainty and negative consequences of the risk, people buy insurance. As mentioned earlier, insurance does not decrease the severity of risk rather it reduces the probability of financial loss in certain events like fire, death, accident, marine peril, etc. However, these events may or may not occur and the payment is made only if these events or contingencies occur. Due to this, many people consider that buying insurance is the same as gambling where there is no certainty of payment. However, there is a significant difference between the two.

Types of Insurance Companies

Insurance means the assurance of financial aid when there is any contingency. It is a promise made by an insurance service provider to cover an individual against loss in exchange for a premium. Life is always uncertain and these uncertainties can cause losses for which an individual may not be prepared. The insurance service provides the guarantee that the individual will be compensated for those losses. Insurance services are broadly classified into two types—general insurance and life insurance.

The different kinds of insurance companies are:

General Insurance or Non-life Insurance

General insurance is a contract between a policyholder and a general insurance company where insurance coverage is taken for non-life assets. Through general insurance, a person can protect himself/herself against loss caused due to damages caused to his/her assets. General insurance can provide coverage against risks pertinent to crops, homes, motors, equipment, shops, offices, and travel.

Health insurance also comes under the general insurance category. In this way, general insurance typically comprises any insurance but coverage against life. It is called property and casualty insurance in the U.S. and non-life insurance in Continental Europe.

A general insurance company provides coverage against risk in consideration of a premium paid by the policyholder. For example, National Insurance Company is a public sector company while Bajaj Allianz General Insurance is a private sector company that provides general insurance in India.

Types of General Insurance

The different types of general insurance are explained as follows:

Crop insurance

Motor insurance, home insurance, travel insurance, health insurance, fire insurance, marine insurance, inland marine insurance.

Under this type of general insurance, farmers can protect their crops against the risk of damage caused due to unfavorable weather, pests, fire, etc. The government at national and state levels runs various crop insurance schemes to protect the financial interests of farmers.

In India, the Motor Vehicles Act, of 1988 makes it mandatory for vehicle owners to buy motor insurance. On buying a new vehicle, a person needs to buy insurance to get the vehicle registered with the Regional Transport Office.

Thereafter, every year, the person has to renew his/her motor insurance, to cover risks. Also, there are provisions of penalties if a vehicle owner does not renew his/her policy. Motor insurance can also cover damages caused to the third party in an accident.

Like any other tangible asset, a person can also insure his/her house against damages caused by fire, theft, terrorist activities, riots, and natural calamities such as floods, hurricanes, and thunderstorms. ‰

The home insurance industry is still at a nascent stage in India and the percentage of people opting for home insurance is far less than that of homeowners. However, with the rise of the home loan market in India, the demand for home insurance is also growing. This is because banks and housing finance institutions make home insurance mandatory for homeowners before granting loans.

As travel also involves a certain degree of risk, travel insurance is one of the fastest-growing industries in India. More and more travelers, especially people traveling abroad, are opting for travel insurance to cover their baggage against the risk of loss, theft, robbery, etc.

Inflation and ever-rising costs of quality healthcare signify the importance of health insurance. In India, a large number of people in urban areas are now aware of the benefits that health insurance offers. Due to multiple reforms in the insurance sector in India, there is a wide range of health insurance plans covering accidents to critical illnesses, for different age groups.

Considering the high-risk profile and special requirements of senior citizens, the Insurance Regulatory and Development Authority (IRDA) has issued specific guidelines for insurance companies to offer specific health insurance plans for senior citizens.

Before that, insurance companies used to avoid senior citizens because of higher chances of health disorders and related expenditures. The premium paid towards health insurance is eligible for tax exemption to the limit of ₹15,000 a year, under section 80D of the Income-tax Act Further, senior citizens can claim exemption of up to ₹20,000 a year, under this provision.

Fire insurance is a form of insurance that protects the properties of people against the damage caused due to fire. When any kind of infrastructure or property is covered by fire insurance, the insurance policy will compensate for the loss if the property is damaged or destroyed by fire.

Marine insurance covers the loss or damage to ships, cargo, and terminals. It also covers the damage to any transport by which property is transferred, acquired, or held between the point of origin to the point of final destination. There are two broad categories of marine insurance:

• Hull: This covers physical damage to vessels, including their machinery and fuel but not their cargo.
• Cargo: This covers the loss, damage, or theft of commodities while in transit.
• Freight: This covers the policyholder against loss of the freight money in case the shipowner cannot complete his contract of carriage because of unavoidable peril.

This is a broad type of coverage for shipment that does not involve ocean transport. This type of insurance covers articles in transit by all forms of land and air transportation. In addition, it includes property held by bailees and floaters that cover expensive personal items such as fine art and jewellery.

Life Insurance

As the term suggests, life insurance covers the risk of life. A life insurance policy is a contract between the insured person and the life insurance company to provide a pre-determined sum of insurance to the nominee/s in case of injury or death of the policyholder.

Life insurance is expected to provide financial security to the dependents of the policyholder. The insured amount should be sufficient to replace the income of the policyholder. However, there is no compulsion to equate one’s income to the sum insured under the policy. For example, Life Insurance Corporation is a public sector company, while Aegon Religare Life Insurance is a private sector company that provides life insurance in India.

In India, life insurance policies can be of five types :

Term insurance policy

Whole life insurance policy, endowment policy, unit linked insurance plan (ulip), group insurance policy.

Under this type of insurance policy, one is expected to pay the premium amount against consideration of a certain sum of insurance coverage. The premium amount is treated as expenditure because a term insurance plan does not give any returns or money back. Term insurance plans can be taken for a period ranging from 5 to 30 years.

A life insurance policy that protects the insured for the entire life is called a whole life insurance policy.

Under an endowment policy, the policyholder receives the whole of his/her money paid as the premium amount back after the expiry of a pre-determined policy period. In the case of death of the policyholder, his/her nominee receives the full sum insured under the plan.

As the term suggests, ULIPs are purchased in units. The price per unit is announced by an insurance company as per the Net Asset Value (NAV). ULIPs provide the dual benefit of life insurance and investment. The amount of premium paid towards a life insurance plan is invested in equity markets, which work on the principle of risk and rewards.

These policies are taken for a group of people. Generally, organizations provide group insurance policy benefits to their employees. Governments also provide group insurance schemes to citizens. The recently launched Pradhan Mantri Jan Dhan Yojana is an example of a group insurance scheme.

Important Aspects of the Insurance Market

Number of private players, unit-linked insurance plans (ulips), innovative distribution channels, competition, insurance density.

In India, the number of private players was 10 in FY01 and by the end of FY08, there were 18 life insurance companies operating in the country. Subsequently, Aegon Religare Life Insurance Company Limited, HSBC, Oriental Bank of Commerce, Life Insurance Co. Ltd., and DLF Pramerica Life Insurance Company Limited were given the Certificate of Registration by the Authority. There was an increase in growth by 65% in the number of offices of life insurers in FY08 as calculated in the beginning and at the end of the year. LIC offices increased by 10%, while the private sector offices became double in number.

Various ULIPs were introduced by private players. Some individuals were willing to opt for these plans for purely investment purposes. This helped private players to compete against LIC also. These plans became popular as they were of interest to people. The success of private players was based on these ULIPs, which were able to generate a high income for the respective company. Even today, ULIPs continue to dominate and the income coming from ULIPs remains large.

New and innovative ideas introduced in distribution channels made it easier to introduce products in those segments which were not covered earlier. Moreover, all insurance companies started training programs for staff members, especially advisors. This helped in better productivity through a better customer approach. SBI Life developed a website and invited people to interact through the website.

There was fierce competition in the insurance business. LIC introduced new products like ‘Jeevan Anurag’ and ‘Jeevan Nidhi’ insurance policies. LIC also depended upon ULIPs, which grew by 29.76% (y-o-y) in FY06. To face the competition posed by private firms, LIC focussed more on ULIPs and made several sales.

Insurance penetration: The main concept of insurance penetration is all about expanding business by private life insurance players in uncovered market segments. By applying new and innovative ideas to distribution channels, life insurance companies have been able to target markets that were not discovered earlier. This in turn contributed to an increase in the level of penetration.

The level of penetration has a strong positive correlation to the income levels of people. With its middle-class families with fairly good incomes, India has great potential for the insurance industry. Moreover, markets have become saturated in many developed economies and insurers all over the world are in search of a new and fresh market. Global insurance majors found India to be a good field where they can establish themselves.

The amount spent on insurance by an average consumer could be determined with the help of per capita income. Analysis of this measure shows that India is one of those nations, which spend the least while purchasing insurance. But the economic condition of people in India is improving day by day. This has led to a growth in per capita income in the last few years.

An increase in per capita income has resulted in people showing more interest and spending more on insurance. The total insurance spend of the country was US$ 9.1 in 2001. Over the next six years, the total amount rose to US$ 40.4.

Alternatives to Traditional Insurance

Over the years, many alternatives to traditional insurance have emerged. Some of these alternatives are self-insurance programs, captive insurers, risk retention groups, and risk-sharing pools. These alternatives have emerged due to various reasons, such as economies of scale, perceived failure of the commercial insurance market, escalating insurance costs, inability to obtain various types of liability insurance, etc.

Let us discuss some major alternatives to traditional insurance, as follows:

Self-insurance program

Captive insurance, risk-retention groups, risk-sharing pools.

It is a risk management technique used by organizations, where a calculated amount of money is kept aside to bear a potential future loss. The technique uses actuarial and insurance information to calculate the amount that could be needed to cover uncertain future losses. Such programs are usually adopted by an organization as they help in achieving economies to a large extent.

It is an alternate type of traditional insurance that is offered by captive insurance companies. These insurance companies are usually established by a parent group or company to cover risks to which the parent group or company is exposed. In this way, it is a kind of self-insurance for the parent group or company. Captive insurance works as a cost-saving tool for large corporations as it helps parent companies in getting coverage for operations and liabilities in inexpensive ways. Companies opt for captive insurance as they get insurance benefits at relatively lower premium rates.

Created under the federal Liability Risk Retention Act (LRRA), a Risk Retention Group (RRG) is an alternative risk transfer body. As an entity, RRG is owned by its members and retains the risk and financial output among its members only.

In other words, the members of the RRG are also the owners of the body and the membership is limited to the organisations or persons belonging to same businesses or activities. In this way, all the members of the RRG are exposed to similar kinds of risks and liabilities.

It is a risk-management technique mostly practised by insurance companies, where they come together to form a pool that may protect the insured (companies) against disasters such as floods, earthquakes, etc. As the term suggests, a risk-sharing pool refers to the pooling of similar risks underlying insurance needs. It protects the members from increasing insurance rates and provides them with loss prevention services and savings. However, it is difficult to pool all risks effectively in one place.

Miscellaneous Functions of Insurance Company

Apart from the functions discussed in the previous sections, other miscellaneous functions are crucial for the successful operation of an insurance company. These functions supplement the primary and secondary functions that an insurance company already performs.

Let us discuss these functions as follows:

Legal functions

Insurance being a financial entity often requires legal advice and aid for adhering to regulatory requirements and attending cases of dispute in the court of law. A majority of insurers have a separate legal department as a part of their operational support functions.

This department provides legal assistance to the insurer in selecting and contacting outside attorneys for the insurer’s defense against suits by a policyholder on any kind of liability claim covered under the insurer’s policies as well as determining and drafting the legal language of the insurance contract.

Accounting functions

In an insurance company, the accounting department is responsible for the periodic filing of the insurer’s statutory financial statements. Accountants also develop budgets and analyze the expenses of the company.

In addition, in publicly traded companies, the accounting department has to prepare financial statements as per the Generally Accepted Accounting Principles (GAAP) and submit them to investors.

Engineering functions

In the running and operations of an insurance company, the engineering department is responsible for inspecting the business premises of the insurance company to ascertain their acceptability. Moreover, the engineering department is beneficial to the insured of the company as it makes recommendations for preventing losses.

• Riegel, R., Miller, J., & Williams, C. (1976). Insurance principles and practices. Englewood Cliffs, N.J.: Prentice-Hall.
• Arunajatesan S., Viswanathan R.T. (2009). Risk management and insurance. 1st ed. New Delhi: MacMillan Publishers India Ltd.
• Rejda E.G. (2011). Principles of risk management and insurance. 1st ed. Noida: Dorling Kindersley India Pvt. Ltd.

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Risk Management: Types of Insurance Essay

Three type of insurance, life insurance, automobile insurance, travel insurance, type of health insurance, ethical standpoint of insurance.

Insurance firms aim at covering the losses or other adverse events that may hamper a firm’s ability to meet its goals and objectives. Apart from property insurance, there is life insurance; it covers the lives of the insured persons. In essence, the entire concept of insurance deals with the mitigation of risks for better management of future activities.

Risk management, therefore, is the process of identifying, analyzing, assessing, controlling, minimizing or eliminating unacceptable risks to help in apt management of prospective functions. A plan of this nature entails techniques and strategies that recognize and confront the threats directly. Organizations should strive to have operational and effective risk management strategies to assure insurance companies of their commitments to loss prevention and reduction.

Insurance is an important tool for risk management for individuals and businesses. Even though insurance cannot avoid the occurrence of bad things, it has the capability of transferring the financial consequences of the events to an insurance carrier, thus limiting the financial commitments of the insured firms.

The essay discusses three different types of insurance, namely life, travel, and automobile insurance. To enhance the analysis, the discourse identifies different companies in the United Arabs Emirates (UAE) that offer the types above of insurance. Finally, the paper looks at different types of health insurance and analyzes the ethical standpoint of insurance in general.

Life insurance covers the lives of persons. Here, the insured pays a determined amount of premium, while the insurer offers a lump-sum payment in case the insured dies. This type of insurance has two broad categories – whole life and term insurance. Whole life insurance is calculated to cover the entire life of the insured. In its permanent basis, it entails an investment fund as well as a cover for an insured’s life.

Term insurance has no investment category as in whole life option. In this option, an insured purchases a policy for a specific period with an already determined monthly premium. In the UAE, several firms have come up to offer this type of insurance. Some of the major players in this industry include American Life Insurance Company, Alliance Insurance, Oman Insurance Company, and Abu Dhabi National Insurance Company (ADNIC).

Since its establishment in 1975, OIC, with its headquarter in Dubai has expanded to 15 branches; it remains one of the leading providers of insurance solutions in the UAE. OIC provides varied packages of suitable life insurance policies comprising of endowment insurance; unit-linked plans, critical illness, and term insurance (Life Insurance: Oman Insurance Company, 2014).

The critical illness is a stand-alone product covering 40 key illnesses. The Lifeplus package under critical illness offers the insured the much-required peace of mind for family members, as well as assist in quick recovery from critical illness.

Automobile insurance covers vehicles by meeting costs that are connected with auto accidents. The firms offering this type of insurance determine a certain amount of premiums for vehicle owners on an annual basis such that in case of vehicle damages, the insurance company meets the total costs. Also, this type of insurance assumes the risk of loss that the vehicle may cause to persons in case of accidents.

Just like in other types of insurance, the two parties have to agree on the content of the coverage policy. In this package, there are different coverage touching on medical, liability, and property. OIC, ADNIC, AIG, and Emirates Insurance Co. (RSC) are some of the companies offering this type of insurance in the UAE. Emirates Insurance has divided this type of insurance into three main categories.

Third Party Only (TPO) is a category that covers financial losses incurred by the policyholder’s car on the third party. In a single accident, the company gives coverage of approximately DH 500,000 (Emirates Insurance Co. (PSC): Motor Insurance, 2014). Lastly, Comprehensive Car Insurance insures losses incurred to a third party’s vehicle, as well as damages caused to third parties.

With assets of more than AED 1.5 billion, the company is one of the longest formed insurance firms in the UAE (Emirates Insurance Co. (PSC): Motor Insurance, 2014). This pioneer insurance firm was integrated in 1982 and is listed at the stock market of Abu Dhabi.

The last type of insurance is the travel option. This type covers those traveling locally or internationally. Besides, it covers financial losses caused by suppliers while on transit, cancellations of trips, and medical expenses. Just like all other types of insurance, this type tries to cover the costs and decrease the risk incurred in events unexpectedly. Markedly, the cost of insurance varies depending on the conditions of the destination.

For example, when traveling to high-conflict regions or regions prone to bad weather, an insurance company will charge high premiums. AIG and AXA travel insurance offers this type of insurance to travelers. The American International Group, Inc. (AIG), for instance, aims at making travelers feel comfortable and have peace of minds during their journeys. Its comprehensive travel insurance package covers trip cancellation, loss of luggage, and medical expenses (AIG Travel Insurance UAE Plans: Travel Guard Insurance, 2014).

The company’s Travel Guard offers its services worldwide, making it provide a global protection policy, uncomplicated claim procedure, as well as online purchases.

This global insurance firm enjoys a presence in over 130 countries worldwide. AIG has comprehensive policy packages that suit the needs of individuals and businesses. As a way of remaining relevant and gaining a competitive advantage over its competitors in the dynamic market, the company consistently develops new services and products (AIG Travel Insurance UAE Plans: Travel Guard Insurance, 2014).

According to Money Essentials: Types of health insurance (2014), managed care and indemnity plans are the two forms of health insurance. Under indemnity insurance, the insured has the option to choose the laboratory or hospital she/he needs to receive assistance. However, the insured has to part with Lara ger amount of money for health care services than in the managed care option. This type covers only accidents and illness at an agreed fee.

Managed care, on the other hand, have low costs; it has a preferred provider organization (PPOs), health maintenance organization (HMO), and a point-of-service plan (POS) that helps lower its prices with the specified hospitals, laboratories, and doctors having contracts with the insurance company.

Different ethical issues have come up in the manner insurance firms handle health reports of the insured. Notably, the option of informing family members or not has attracted varied opinions (Fulda & Lykens, 2006). With people viewing insurance as an essential product, a sound financial plan, and a product bought on trust, it is imperative for persons in this industry to maintain customer focus, reduce red tapes, and offer effective leadership in order to maintain the publics’ trust in the industry (Van Wyhe, n.d.).

AIG Travel Insurance UAE Plans:Travel Guard Insurance . (2014). Web.

Emirates Insurance Co. (PSC): Motor Insurance . (2014). Web.

Fulda, K. G., & Lykens, K. (2006). Ethical Issues in Predictive Genetic Testing: A Public Health Perspective. Journal of Medical Ethics , 32 (3), 143-147.

Life Insurance: Oman Insurance Company . (2014). Web.

Money Essentials: Types of health insurance . (2014). Web.

Van Wyhe, P. (n.d.). Ethics in Insurance . Web.

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Home — Essay Samples — Government & Politics — Public Services — Insurance

Essays on Insurance

The importance of writing an essay on insurance.

Writing an essay on insurance is important for several reasons. Firstly, insurance is a crucial aspect of modern life, as it provides individuals and businesses with financial protection against unforeseen events. Understanding the concept of insurance and its various types is essential for anyone who wants to make informed decisions about their financial well-being. Additionally, writing an essay on insurance allows individuals to delve deeper into the topic, gaining a better understanding of its complexities and implications.

When writing an essay on insurance, it is important to consider the following tips:

• Research: Start by conducting thorough research on the topic. This may include studying the history of insurance, its different types, and how it works.
• Structure: Organize your essay into clear and logical sections, such as , body, and . Each section should address a specific aspect of insurance.
• Clarity: Use clear and concise language to explain complex insurance concepts. Avoid using jargon or technical terms without proper explanation.
• Evidence: Support your arguments with evidence, such as statistics, case studies, or expert opinions. This will add credibility to your essay.
• Critical Thinking: Analyze the advantages and disadvantages of insurance, and consider the ethical and social implications of its use.
• Revision: Finally, revise and edit your essay to ensure it is well-structured, coherent, and free of errors.

Writing an essay on insurance is important for gaining a deeper understanding of this vital aspect of modern life. By following the aforementioned tips, individuals can produce well-researched and insightful essays that contribute to the broader conversation about insurance and its role in society.

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The Role of Insurance in Promoting Financial Inclusion

Insurance is a multifaceted industry that plays a critical role in modern society, providing financial protection, risk management, and economic stability. These essay topics cover a wide range of issues and trends in the insurance industry, offering valuable insights into its importance and impact on individuals, businesses, and the broader economy.

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In a 150250word essay identify the types of insurance you will

Subject : other.

In a 150-250-word essay, identify the types of insurance you will need for life events, such as starting a new job, purchasing or leasing a vehicle, renting or purchasing a home, starting a family, or planning in the event of a health emergency or chronic health condition. Choose at least two types of insurance and explain them thoroughly. Include in your explanation evaluation criteria for how you would advise making a best selection for each. 

Answer Created with AI

Types of insurance for life events.

Life events often necessitate the need for different types of insurance. Two such types are Health Insurance and Auto Insurance .

Health Insurance

Health insurance is crucial when starting a family or planning for a health emergency or chronic health condition. It covers medical expenses, including hospitalization, medication, and doctor visits. When selecting a health insurance plan, consider the following:

• Premiums : This is the cost you pay for the insurance. Lower premiums often mean higher out-of-pocket costs when you need care.
• Coverage : Ensure the plan covers the services you need, such as maternity care or chronic disease management.
• Network : Check if your preferred doctors and hospitals are in-network as out-of-network costs can be higher.

Auto Insurance

Auto insurance is necessary when purchasing or leasing a vehicle. It covers costs associated with car accidents or theft. When choosing an auto insurance policy, consider:

• Coverage : Policies can include liability, collision, comprehensive, and uninsured/underinsured motorist coverage. Choose based on your needs and risk tolerance.
• Deductibles : This is the amount you pay before your insurance kicks in. A higher deductible usually means a lower premium, but more out-of-pocket costs in the event of an accident.
• Discounts : Many insurers offer discounts for safe driving, multiple policies, or safety features in your car.

In conclusion, insurance is a crucial part of financial planning for life events. Always compare different providers and plans to ensure you get the best coverage for your needs and budget.

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Essays on Insurance

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Insurance - List of Free Essay Examples And Topic Ideas

Insurance plays a crucial role in mitigating financial risks and ensuring economic stability for individuals and businesses alike. Essays could delve into the origins and evolution of insurance, tracing back to ancient forms of risk pooling to modern-day insurance markets. They might also discuss the different types of insurance, such as life, health, property, and casualty insurance, exploring their significance in providing financial security. Discussions might extend to the regulatory frameworks governing insurance markets, and how they impact pricing, coverage, and consumer protection. The discourse may also touch on the challenges and ethical considerations in the insurance industry, such as adverse selection, moral hazard, and the implications of emerging technologies like big data and artificial intelligence on insurance practices. A substantial compilation of free essay instances related to Insurance you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

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