Importance and Necessity of Insurance

Importance of insurance is necessary for the human life, which man can’t get immune from the risk. The risk is existed in every place and time. The risk creates uncertainty. Every person has wish and will to get protection against the risk, which may be created in future. Insurance is necessary for creating awareness of the people for their economic protection. The popularity of insurance business is growing day by day. Only the way to solve it is insurance.

The points of importance of insurance:-

1.       To provide security

2.       Peace in mind

3.       Encouragement in saving

4.       Increase self-respect

5.       Fulfillment of personal needs

6.       Increase in efficiency

7.       Welfare of employees

8.       Economic growth of country

9.       Reduction in social evils

10.   Helps to maintain living standard

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Meaning of Motor Insurance

Nepal is a developing country. Due to this reason, the development of industrial, trade, tourist, agricultural and construction business have been increased day by day. The motor vehicles are very important in every sectors which is the effective medium for all peoples. With the reason of calamity, there may be loss of third person’s life and his property.

Types of Motor

1.       Private Vehicle

2.       Motorcycle

3.       Business Vehicles

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Meaning of Aviation Insurance

Aviation insurance is a special type of contract with different terms and conditions. Aviation insurance has become very vital nowadays. This is the demand of time and situation. The aviation company insures its aero plane. Hence, we can’t reject its crash. The insurance company should bear the actual loss, if the third person gets loss in a plane crash.

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