• Saturday 17 June 2017

    Insurance is all About Risk Monitoring and Mitigation

    Life is too short to cry over spilt milk but one should not forget that the time of desolation may come in front of you anytime. Preparation for such incidents should be taken prior to the happening of an event. Prior preparation for anything is known as proactive approaches according to any philosophical or academic books. There might be many reasons behind seeking proactive knowledge and these details can be important more than one’s life.  Many universities teach about the risks, mitigation and actions that should be taken to avoid getting harmed under different courses such as, philosophy, management and many others. Risk, mitigation and its planning play a vivacious role in category of insurance.

    Risk is defined as the high probability of failure for certain a thing. The loss could be a business loss, life loss, opportunity damage, bazaar loss and etc. Usually there are departments which ensure that the probability of failure could be measured somehow. There is a sequence of steps which is followed when we talk about risk. Steps:
    • Identify Risk
    • Monitor Risk (If it is not severe)
    • Mitigate Risk (If it is severe)
    • Prepare a proper Risk Management Plan

    Identifying risk it can take time because not all risks are evidently visible at first or second glimpse. Monitoring risk phrase describes the throughout noticing of a risk till the completion of a certain task but this should be noted that this step is not merged with mitigation phase because it can increase the cost of Risk Management Plan. Everything is kept in equilibrium to avoid high wave in cost.

    Risk plays its major role in the domain of Insurances. Insurance companies are successful to date because of this single term ‘Risk’. People do not want to lose their precious assets and because of it they desire for a proper anti-damage asset planning which is offered by different insurance companies. Good or bad scaling of insurance firms depends on many things, most importantly on the services they propose to their customers.+

    Insurance is referred as a practice or lawful task which is followed by insurance firms that describes a legitimate pay back in cash against the loss of any kind of damage experienced by the insured object. The basic ideology behind insurance remains the same but may differ in ways it is delivered. Many renowned authors have different perceptions regarding insurance but the core theme remains intact to the word ‘Insurance’.

    Types of Insurance:

    Casualty insurance is not directed to property only but in short it carries a broad band of insurances which can be categorized under this one single tag. Crime Insurance can be one of its sub headings.

    Health Insurance
    Health Insurance in Dubai is usually a part of an employee’s benefit package offered by the respective organization employee is working in.

    Insurance of Life
    Insurance of Life is the most famous insurance policy people like to register. The payment of the premium depends upon the maturity of the policy taken. Insurance of Life is a must recommend for the person who is solely responsible for bread and butter of the whole family.,

    Auto Insurance
    Auto insurance is an integrated part of vehicles often some insurance firms are associated with large brands of motors which automatically insures the vehicle at the time of dispatching. Insurance is done according to the customer’s wish and will only.

    There are many such insurance policies which have taken hype with increase in technology and most importantly with the increase in crime rate.

    According to researchers none of the insurances are pre-defined for people, it’s the person taking the policy is responsible to select the right insurance according to the situation the person has or is experiencing. Moreover, a person should answer a few questions before trying to approach any type of insurance such as, whether taking life insurance would really benefit my family or do I really need to purchase an auto insurance policy? Such questions will resolve much confusion. Try answering questions at your end first then it will be a lot easier to under the insurance officer’s details regarding any policy and concept behind publishing such insurances in the market.

    The term life insurance, auto insurance or any other types of insurance show the safety you may opt for the respective object prefixed with the word ‘insurance’.

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