Kathmandu. Insurance is said to be a means of risk management. Risk management is to consider the damage that may occur in the future and make proper arrangements for it. This is what insurance does. Real risk management is to provide the maximum protection of oneself, one’s property, income, liabilities and workers at minimum expenses (insurance premium). Whether it is a person’s life or physical property, insurance acts as a protection. <\/p>\n
Insurable risk can be transferred by paying the insurance premium to the insurance company according to the risk. This is the need that has led to the development of the insurance sector. Risk can be transferred through insurance. However, it does not mean that all risks can be insured. To be insured, it is necessary to have a special character of risk. <\/p>\n
Event must be indefinite <\/strong>{<\/span><\/p>\n The event that may occur in the parties where the risk is transferred must be uncertain. Even if the event occurs, the extent of the damage must also be uncertain. If the event is certain, then it cannot be insured. That is, the event must be beyond the control of the person or institution who insures it. Even if there is a certain situation where the life insurer dies on one day, it is uncertain on which day the death occurs. <\/p>\n However, the person who is in life should not have the intention of committing suicide immediately while getting insurance. It is against the social norm to deliberately set fire to one’s property and demand compensation. The amount of penalty imposed on the driver by the concerned police for a vehicle accident is not an insurance compensation. However, liability to a third party is compensated. <\/p>\n Value must be definable<\/strong><\/span><\/p>\n It is necessary to determine the value of any damage. How much is the cost of repairs in case of a house fire, vehicle accident? How much amount should be paid in case of death of a third party due to a vehicle accident? What is the amount of money that the insured will get if the deceased is insured? What is the amount of the insurance policy and what is the compensation to be paid? All such types of damages should be determined in the price. In non-life insurance, the cost of the damage is determined only after the incident, but in life insurance, the price is fixed in advance. <\/p>\n While insuring, a certain premium should be paid. The determination of the insurance premium is based on many factors. The insurance premium is determined on the basis of the nature of the risk to be secured on the property, the extent of the liability involved, the age of the insured in the case of life insurance, health condition and the period of withdrawal of the payment, etc. <\/p>\n Insurance companies should be offered many of the same risks for the purpose of determining the premium. If the risk of transfer is small or there are only one or two, then the insurance premium is more determined. <\/p>\n should not be against the public interest<\/strong><\/span><\/p>\n }<\/p>\n The person proposing to insure in the subject matter of the insurance that may arise from the transfer of risk through insurance must have his or her insurable interest. In the event of an event, only the person or institution in which the interest is established should be compensated. The property, liabilities of other persons or entities and the life of others cannot be insured (except in certain exceptional circumstances) This is separately explained under the heading on the principles of insurable interest. <\/p>\n Insurance Identification<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. Insurance is said to be a means of risk management. Risk management is to consider the damage that may occur in the future and make proper arrangements for it. This is what insurance does. Real risk management is to provide the maximum protection of oneself, one’s property, income, liabilities and workers at minimum expenses […]<\/p>\n","protected":false},"author":9,"featured_media":295605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45075,45159],"tags":[],"class_list":["post-320482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-insurance-education-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=320482"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320482\/revisions"}],"predecessor-version":[{"id":320483,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320482\/revisions\/320483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/295605"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=320482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=320482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=320482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}