Copy of Health & Safety Template

By AimanNajmicba42d0689244b8e | Updated: Jan. 5, 2021, 4:50 p.m.

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what is insurance functions??
SECONDARY FUNCTION
o Provide financial protection against losses 
o Individuals or business owners able to avoid freezing capital with insurance 
o Helps to stabilize cost involves in managing risk through the payment of premium as compensation if the individual or business owners is loss. 
o The release fund is available for investment 
2
RELEASE FUNDS OTHERWISE TIED UP IN RESERVES
what is insurance functions??
SECONDARY FUNCTION
o Insurance provides the risk transfer mechanism and maintain the present-day large-scale industrial and commercial organizations.

o Large-scale industrial cannot start without transferring any of their risks to the insurers. 
 
o Insurance can stimulate businesses through financing the property by banks and other financial institutions and assists any overseas trade. 
STIMULATE BUSINESS ENTERPRISE
what is insurance functions??
SECONDARY FUNCTION
o Provides a peace of mind to insured by removing their fears and worries of losses. 
o Helps to boost confidence and develop a plan on the future economic activities. 
  REDUCE FEAR AND WORRY
what is insurance functions??
SECONDARY FUNCTION
REDUCE LOSSES
o Provides recommendations to the insured as the insurer have the experience on handling the risks and helps to improves.

what is insurance functions??
SECONDARY FUNCTION
REDUCE LOSSES

o Insurers help to reduce the losses in the frequency and severity through actions and recommendations in rating, survey, inspection, and salvage activities.

o Give benefits to both parties.
what is insurance functions??
SECONDARY FUNCTION
ENCOURAGING SAVING
o Also acts as a saving, especially in endowment insurance.

o It is a form of saving while protection provides by insurer in compensation in event of death or permanent disablement.

o This type of insurance (endowment insurance) provides protection and savings to the insured. 
what is insurance functions??
SECONDARY FUNCTION
OFFER SOCIAL BENEFITS
o Provides financial compensation to insured against the losses due to such events.

o For example: accidental death, unemployment, disability and more.

o An effective measure to minimize the serious economical problem to insured and his/her dependents.  
INDIRECT FUNCTION OF INSURANCE
INVESTMENT OF FUNDS
o The common pool accumulates large funds which insurers hold as custodians and they will invest these funds in the public and private sectors to earn profit.
INDIRECT FUNCTION OF INSURANCE
INVISIBLE EXPORTS
o Insurance can be commercialized as necessary service by providing protection and ease of mind toward the insured party. 
o This kind of service provide more benefits to the people while gaining profit.

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