Page 1 of 1

What is the basic purpose of insurance?

Posted: Fri Aug 15, 2025 5:47 pm
by Peaktrader
The basic purpose of insurance is to safeguard human beings or companies against financial losses. It ensures stability and peace of mind by paying off for unforeseen circumstances that may occur like accidents, illnesses or damage of property in case of an incident.

Re: What is the basic purpose of insurance?

Posted: Sat Aug 16, 2025 8:13 am
by MarketMavin
In simple terms, insurance is good but then, we still need to realise that insurance gives protection and stability, it's not really about the money because that's what most people think.

Re: What is the basic purpose of insurance?

Posted: Sat Aug 16, 2025 9:31 am
by Bola
Definitely. It is sort of a safety net for people and companies such that when they're down, they can recover through the help of the insurance company..