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    Thread: A review On Compensation Of Insurance Policy

    1. #1 Collapse Post
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      Default A review On Compensation Of Insurance Policy

      A review On Compensation Of Insurance Policy:
      Insurance are important for our daily life. we can not give any guarantee about our risk from the business or works. So we take many policy for avoid our risk and financial stability. After taking insurance policy we can get some benefits and this benefits helps to encourage us to take this insurance. When we face any problem after taking insurance then insurance company provide us compensation. Ti has many advantages and disadvantages. in bellow we are discussing it.

      Advantages:
      • Compensation Of Insurance Policy helps to avoid the risk of the people.
      • Compensation Of Insurance Policy remove their tension and fear for the loss.
      • It is the remedy of daily life accident.
      • Compensation Of Insurance Policy encourage the development of the insurance companies.
      • Financially benefited by the user who take the policy.
      • Insurance policy helps to get a good return of work.
      • One can continue his work with relax for this Compensation Of Insurance Policy.
      Disadvantages:
      • There are many hidden rules hamper the Compensation Of Insurance Policy.
      • To find out the best policy is so much tough for a customer.


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      Default A review On Compensation Of Insurance Policy
      A review On Compensation Of Insurance Policy:
      Insurance compensation is the amount paid by an insurance company to the insured in the event of occurrence of covered damages. This compensation however basically depends on whether or not the property and/or event was insured for its full value or the extent of the damage that may have happened. Under an obligatory insurance, damages are paid in the full amount of the coverage in cases of total loss of property and in the specific amount stated in the insurance policy or contract while in cases of partial damage. Pay of compensation is always within the limits of the coverage.
      The above has brought about systemic way of paying computations which are used to determine the amount of a loss in cases of damage wether is or not insured for its full value. One the systemic way of paying compensation and more common, is the proportional liability system, under which ratio of insurance compensation to the value of the damages is equal to the ratio of the coverage to the insured interest, that is, the actual value of the insured property.

      Advantages
      1. Insurance compensation is a form of economic protections and shares risks of negative event with you.
      2. Even in the event of loss it rebuses you to be able to maintains one standard of living.
      3. We payment one feels Encouraged to engage in saving scheme.

      Disadvantages
      1. Insurance company shows bias to the insured as it does not compensate all types of losses except those in the coverage.
      2. Insurance company can be slow and spend more time to provide financial compensation due to lengthy legal formalities and process.


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      Insurance are important for our daily life. we can not give any guarantee about our risk from the business or works. So we take many policy for avoid our risk and financial stability. After taking insurance policy we can get some benefits and this benefits helps to encourage us to take this insurance. When we face any problem after taking insurance then insurance company provide us compensation. Ti has many advantages and disadvantages. in bellow we are discussing it.


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      When it comes to insurance companies. One of the challenges of people have it's getting compensated for the amount of money that they are worth. Many people don't understand that these insurance companies are actually there to make us get what we are worth as soon as it is very important that we understand that insurance company I will be gated to pay our claims they don't have any rights not to give you what you are what at the end of the day insurance companies are very important to the society. We haven't showed any interest in insurance yet because we are not sure if we are going to get what we are what.

      Payment of insurance compensation is sometimes delayed this could be responsible for why many people don't want to subscribe for an insurance policy because they feel that they won't be paid at the end.

      Advantages
      1. Insurance policy covers many things.
      2. It is important to bounce back.

      Disadvantages.
      1. Paying compensation might delay.


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      Insurance is a policy taken by the insured from the insurer(insurance company) to protect his property against risk. The amount paid by an insurance company to the insured when covered damages occur under obligatory insurance, damages are reimbursed in the full amount of the coverage in cases of total loss of property and in the specific sum provided for by the policy in cases of partial damage is called insurance compensation. An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. In many cases, third-parties file claims on behalf of the insured person, but usually, only the person listed on the policy is entitled to claim payments. Compensation in insurance can also be called indemnity.

      Advantages of Insurance Compensation
      1. It protects the insured property against risk.

      Disavantages of Insurance Compensation
      1. If the risk insured against changes, you won't be compensated i.e if you insure your car against fire and it was stolen, you won't be compensated.


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      Insurance compensation is the amount of money that an individual is given as soon as an event that was previously insured has happened. One of the challenges that has made people not to trust the insurance system in many countries is the fact that when it comes to payment of compensation they usually don't take this seriously. Many of them will start looking for one excuse or the other why the insurance compensation will not be paid.

      Payment of insurance compensation will automatically encourage other people who previously had doubts about collecting an insurance policy to go ahead with it because they have seen evidence that the insurance system works in that country. Compensation payments must been done as long as what was insured against it's exactly what happened.

      Advantages.
      1. Gives the person confidence in the insurance industry.
      2. Makes it possible for other people to take up insurance policy.

      Disadvantages.
      1. It could be delayed unnecessarily.
      2. Some insurance companies are dubious.


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      As good as insurance policy is and it is advisable that everyone gets involved because of many benefits that are obtainable from it,compensation has always been a controversial issue.At the same time it is the compensation that is the main attraction and this has a lot of advantages and disadvantages which are;

      Advantages
      a.It helps the policy holder to be assured of protection against any form of loss that may come in form of accident,loss of lives and all manners of contingencies
      b.It is main point of advertisement and leads to a development of insurance outfits
      c.It makes people cultivate good saving habits

      Disadvantages
      a.Making claims at times could be very difficult because of some legal implications
      b.It is always difficult for people to get involved especially when they view it from the angle of investment and profitability


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      One of the reasons why most people are discouraged about taking out an insurance policy is just the fact that they think that insurance is a waste of their time.before you can take an insurance policy you need to adequately ensure that the company has a very good track record because we have a really good makeup picking up an insurance policy is going to be a waste of your time. really people have become discouraged about insurance just because they have not been much compensation payment from these companies.

      In a developed economy the truly understand the essence of insurance but under a company that is not doing well people will not actually want to take up policies because they know that they can positions will not be paid.insurance companies need to do more in terms of marketing so that people will be convinced that there is need for them to do the insurance and get paid in the event that what they have assured happened.

      Advantages.
      1.having an insurance policy and give you an advantage over other people who don't.
      2. It can make you quickly come back on your feet after you have experience.

      Disadvantages.
      1. Insurance compensation comes at a cost.
      2. Sometimes I can be delay in payments.


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