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Role of Insurance in Economic Development in India
1. Risk Transfer- Insurance is a risk transfer mechanism whereby the individual or the business enterprise can shift some of the uncertainties of life on the shoulder of the other.
2. Healthy Life- Insurance provides all the people to live a cleaner, healthier, comfortable and easy life.
3. Protection of trade or industry- In peace, the insurance provides protection of trade and industry which ultimately contribution towards human progress.
Thus, insurance is the most lending force contribution towards economics, social and technological progress of man.
4. Promote entrepreneurship
5. Mobilization of Savings
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoThe role of insurance in an economy is to compensate people from losses. People who have insurance covers would not be forced to start from scratch as they are compensated in the event of a calamity.
Wiki User
∙ 14y agoThis question can be answered by way of an example for an emerging market for live asset protection. This type of policy covers most trees, shrubs, vines, plant and flowers. Right now there are changes pending that would impose limitations on federally-funded crop insurance. At the same time, natural disasters and changing weather patterns accelerate the need for a private insurance product. Farmers, growers, planters and other industry members are left vulnerable and susceptible to large losses that would hinder economic growth. The goal of insurance is to prevent this from happening. Here is some more info on <a href="http://www.liveassetinsurance.com/secondary/insurance-program-details.htm">natural disaster insurance</a>. We should encourage our farmers to start growing and supporting the local living economy, which is the path to sustainable economic growth.
Wiki User
∙ 9y agoInsurance of various kinds help societies to recover from losses. These losses range from loss of life, loss of health to loss of a home or a business.
In addition to this, insurance companies are leading investors in the financial markets and in real estate. By doing this they have funds from which to draw on when it comes time to pay for losses their policyholders may incur.
Wiki User
∙ 12y agoThe insurance company will establish a special self- insurance fund for this purpose each year.
Wiki User
∙ 12y agoit insuares your death benefits
Wiki User
∙ 11y agoballs
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What is the importance of the hospitality industry to the UK economy?
creates a few jobs here and there
How has the UK economy changed in the last 50 years?
It has changed from being a manufacturing led economy to being a service industry and financial centre led economy.
What is the role of high street banks within the UK economy?
to spend the peoples money and rip of Ashley
Is the UK economy a mix of private and public organisations?
uk is mix economy.
How has the economy affected the construction industry?
a recent report has stated that for every pound invested in to the construction industry there is a significant increase in UK economy GDP, below is a snippet from that report.----------------------------------------------------------------------------------------------------------L.E.K. Consulting completes first economic impact study for the construction sectorLondon, 28th October 2009 - A report published today reveals that spending on construction offers significant benefits to the UK economy. According to the report, Construction in the UK Economy: The Benefits of Investment, every £1 spent on construction leads to GDP growth of £2.84.Produced by L.E.K. Consulting, a leading international strategy consultancy, and commissioned by the UK Contractors Group in partnership with the CBI, the report shows that construction investment provides both short- and long-term benefits - an example shows that the total return to the UK economy of new educational buildings can be calculated at between £3.87 and £5.04 for each £1 invested.-----------------------------------------------------------------------------------------------------------i hope this helps Scott o'connell
What percentage does the fashion industry contribute to the UK economy?
i dont bitngiut4bg
How has the UK economy changed in the last 50 years?
It has changed from being a manufacturing led economy to being a service industry and financial centre led economy.
What is the biggest industries in the UK?
The Service Industry is by far and away the largest sector of the UK Economy, accounting for 46% of all jobs.
What is the role of high street banks within the UK economy?
to spend the peoples money and rip of Ashley
What are some examples of UK insurance events?
Every year, there are over 30 different events held by the UK organisation Insurance Times. These are excellent places for those working in the industry to get to meet each other.
How much money does the hospitality industry bring into the UK economy?
The hospitality industry (ie - hotels, bed & breakfast, hostels, chalets etc) brings in billions of pounds to the UK economy. Holiday visitors will always need somewhere to stay while they're here !
What percentage of GDP is construction industry?
The construction industry typically contributes around 4-6% to the GDP of most countries. However, this percentage can vary depending on factors such as economic conditions, government spending on infrastructure, and real estate activity.
Where can an Australian get car insurance in the UK?
An Australian in the UK can get car insurance from the same insurers where UK residents get their insurance from.
Is the UK economy a mix of private and public organisations?
uk is mix economy.
What economy does UK have?
A Free Market Economy.
What is Great Britains industry like today?
The UK is one of the world's most globalised countries. London is the world's largest financial centre alongside New York and has the largest city GDP in Europe. As of December 2010 the UK had the third-largest stock of both inward and outward foreign direct investment (in each case after the United States and France).The aerospace industry of the UK is the second- or third-largest national aerospace industry, depending upon the method of measurement. The pharmaceutical industry plays an important role in the UK economy and the country has the third-highest share of global pharmaceutical R&D expenditures (after the United States and Japan). The British economy is boosted by North Sea oil and gas reserves, valued at an estimated £250 billion in 2007. The UK is currently ranked fourth in the world (and first in Europe) in the World Bank's Ease of Doing Business Index.
Do they offer senior travel insurance in the UK?
of course they offer senior travel insurance in the uk this website can help you out with senior travel insurance in the uk ww.mrlinsurance.co.uk/travel-insurance/senior-travel-insurance
