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Basics-of-Banking--insurance-2013-->View question


Asked On2017-10-27 15:08:52 by:Ashwath-Shetty

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The functions of insurance can be studied into two parts;
1.Primary Functions, and,
2.Secondary Functions.
Primary Functions of Insurance
1. Insurance provides certainty
Insurance provides certainty of payment at the uncertainty of loss. The uncertainty of loss can be reduced by better planning and administration.

But, the insurance relieves the person from such difficult task. Moreover, if the subject matters arc not adequate, the self-provision may prove costlier. There are different types of uncertainty in a risk.

The risk will occur or not, when will occur, how much loss will be there? In other words, there is uncertainty of happening of time and amount of loss.

Insurance removes all these uncertainties and the assured is given certainty of payment of loss. The insurer charges the premium for providing the said certainty.

2. Insurance provides protection
The main function of the insurance is to provide protection against the probable chances of loss. The time and amount of loss are uncertain and at the happening of risk, the person will suffer the loss in absence of insurance.

The insurance guarantees the payment of loss and thus protects the assured from sufferings. The insurance cannot check the happening of risk but can provide for losses at the happening of the risk.

3. Risk-Sharing
The risk is uncertain, and therefore, the loss arising from the risk is also uncertain. When risk takes place, the loss is shared by all the persons who are exposed to the risk.

The risk-sharing in ancient times was done only at lime of damage or death; but today, on the basis of probability of risk, (he share is obtained from each and every insured in the shape of premium without which protection is not guaranteed by the insurer.

Secondary Functions of Insurance
Besides the above primary functions, the insurance works for the following functions:

4. Prevention of loss
The insurance joins hands with those institutions which ate engaged in preventing the losses of the society because the reduction in loss causes lesser payment to the assured arid so more saving is possible which will assist in reducing the premium.

Lesser premium invites more business and more business cause lesser share to the assured.

So again premium is reduced to which will stimulate more business and more protection to the masses.

Therefore, the insurance assists financially to the health organization, fire brigade, educational institutions and other organizations which are engaged in preventing the losses of the masses from death or damage.

5. It Provides Capital
The insurance provides capital to the society. The accumulated funds are invested in the productive channel.

The dearth of the capital of the society is minimized to a greater extent with the help of investment of insurance. The industry, the business, and the individual are benefited by the investment and loans of the insurers.

6. It Improves Efficiency
The insurance eliminates worries and miseries of losses at death and destruction of property. The carefree person can devote his body and soul together for better achievement, it improves not only his efficiency but the efficiencies of the masses are also advanced.

7. It helps Economic Progress
The insurance by protecting the society from huge losses of damage, destruction, and death, provides an initiative to work hard for the betterment of the masses.

The next factor of economic progress, the capital, is also immensely provided by the masses. The property, the valuable assets, the man, the machine and the society cannot lose much at the disaster

Answerd on:2018-06-05 Answerd By:SaiKiran

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1. Sharing of Risk
Insurance is a device to share the financial losses which might befall an individual or his family on the happening of a specified event.

The event may be the death of a breadwinner to the family in the case of life insurance, marine-perils in marine insurance, fire in fire insurance, and other certain events in general insurance, e.g., theft in burglary insurance, accident in motor insurance, etc. The loss arising from these events, if insured, are shared by all the insured in the form of a premium.

2. Co-operative Device
The most important feature of every insurance plan is the cooperation of a large number of persons who, in effect, agree to share the financial loss arising due to a particular risk that is insured.

Such a group of persons may be brought together voluntarily or through publicity or solicitation of the agents.

An insurer would be unable to compensate for all the losses from his own capital. So, by insuring or underwriting a large number of persons, he can pay the amount of loss.

Like all co­operative devices, there is no compulsion here on anybody to purchase the insurance policy.

3. Value of Risk
The risk is evaluated before insuring to charge the share of an insured, herein called, consideration or premium. There are several methods of evaluation of risks.

If there is an expectation of more loss, a higher premium may be charged. So, the probability of loss is calculated at the time of insurance.

4. Payment at Contingency
The payment is made at a certain contingency insured. If the contingency occurs, payment is made.

Since the life insurance contract is a contract of certainty, because the contingency, the death, or the expiry of the term will certainly occur, the payment is certain. The contingency is the fire or the marine perils, etc., may or may not occur in other insurance contracts.

So, if the contingency occurs, payment is made. Otherwise, no amount is given to the policy-holder. Similarly, in certain policies, payment is not certain due to the uncertainty of a particular contingency within a particular period.

For example, in term insurance, payment is made only when the assured death occurs within the specified term, maybe one or two years.

Similarly, in Pure Endowment, payment is made only at the survival of the insured at the expiry of the period.

5. Payment of Fortuitous Losses
Another characteristic of insurance is the payment of fortuitous losses. A fortuitous loss is unforeseen and unexpected and occurs as a result of chance. In other words, the loss must be accidental.

The law of large numbers is based on the assumption that losses are accidental and occur randomly.

For example, a person may slip on an icy sidewalk and break a leg. The loss would be fortuitous. Insurance policies do not cover intentional issues.

6. Amount of Payment
The amount of payment depends on the value of loss due to the particular insured risk provided insurance is there up to that amount. In life insurance, the purpose is not to make good the financial loss suffered. The insurer promises to pay a fixed sum on the happening of an event

Answerd on:2022-06-06 Answerd By:parasnp2001

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