What are the advantages and disadvantages of insurance?
Advantages of Life Insurance
- Risk Cover - Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
- Planning for life stage needs - Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children's education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.
- Protection against rising health expenses - Life Insurers through riders or stand alone health insurance plans offer the benefits of protection against critical diseases and hospitalization expenses. This benefit has assumed critical importance given the increasing incidence of lifestyle diseases and escalating medical costs.
- Builds the habit of thrift - Life Insurance is a long-term contract where as policyholder, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages.
- Safe and profitable long-term investment - Life Insurance is a highly regulated sector. IRDA, the regulatory body, through various rules and regulations ensures that the safety of the policyholder's money is the primary responsibility of all stakeholders. Life Insurance being a long-term savings instrument, also ensures that the life insurers focus on returns over a long-term and do not take risky investment decisions for short term gains.
- Assured income through annuities - Life Insurance is one of the best instruments for retirement planning. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.
- Protection plus savings over a long term - Since traditional policies are viewed both by the distributors as well as the customers as a long term commitment; these policies help the policyholders meet the dual need of protection and long term wealth creation efficiently.
- Growth through dividends - Traditional policies offer an opportunity to participate in the economic growth without taking the investment risk. The investment income is distributed among the policyholders through annual announcement of dividends/bonus.
- Facility of loans without affecting the policy benefits - Policyholders have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought.
- Tax Benefits-Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans.
- Mortgage Redemption- Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family.
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What are advantages and disadvantages of being listed as a driver on someone else's insurance policy?
Pros and Cons . \nOk here are the disadvantages (from both stand points):\n. \nIf you have any tickets or accidents they will be charged on the policy and cause the persons rate to go up and possibly get terminated by the company.\n. \nAlso depending on your age and sex, the rates could go up t…oo. \n. \nYou being a driver on someones policy put them at risk for lawsuit if you cause an accident.\n. \nNow for the advantage:\n. \nYou being on someones policy can help your rates when you decide to get your own insurance, companies look at prior insurance and people that have continuous insurance get better rates. (MORE)
What are the advantages and disadvantages of enrollment in both your own and your spouse's medical and dental insurance plans?
Answer . Advantage - You can collect up to 100% of your medical and dental expenses\nDisadvantage - Your premiums\n. \nYour next question will probably be - which insurance pays first - click here http://www.steveshorr.com/dual_coverage.htm
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A disadvantage of having insurance for medical reasons means thatit has to be paid, no matter what. If a person is never sick, thiscan be a hardship, and the money seems wasted. Having autoinsurance, though is just the opposite. Auto insurance is necessaryto protect the person from other drivers and… their mistakes. (MORE)
Relying on insurance can become a problem as various insurers maynot pay claims. Time spent challenging denied claims also becomescostly for individuals as well as companies.
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Advantage is More secure and Normalization(reducing Redundancy,repitation,concurrency),avoiding problems while processing 2 things at a time.(while these are not possible in file proccessing systems) Disadvantage is it requires more knowledge to implement.
Advs - easily accessed by general public (but disadv because not many people actually know what is statute law) - predictable - very long scrutiny process - can be repealed if changes in society/technology require - made by politicians; who arguably know what the public want best Disadvs - not made… by judges; people who know the law best - too rigid; not as flexible as common law - takes a long time to change; drawn out process - can be dominated by political agenda of government - can be rushed through as knee jerk reaction, e.g. Dangerous Dogs Act 2004 - issues relating to separation of powers - little public knowledge of bills going through parl (MORE)
What are advantages and disadvantages of underwriting in insurance. h who is underwriterwhat are is roles.what is underwritting and what are aspect of the risk in underwriting.?
An underwritter is an incorporated body or simply an investor who acts as an insurance policy in a security issue. In the UK, an underwriter simply makes a promise to pay the underwritten securities at a given price if no one pays them. He receives a commission for that. IN the US it is totally diff…erent the underwritter buys the securities at a discount to the par value and sell them to the public. (MORE)
It costs money. You are basically betting against things going well. If you are a careful manager and have some cash reserves for emergencies your total cost may be lower without insurance. Stated otherwise, in return for the payment of money (the insurance premium), the insurer assumes the financi…al risk of loss for a specified occurrence or occurrences. The range of occurrences and the amount of the financial risk is specified in the insurance policy. Rather than purchasing insurance, one could "self-insure". That means that the person or entity could assess the likelihood of a loss occuring for which he/she/it may be found legally liable for damages. Further, an assessment would have to be made as to the amount of damages for which it could be held liable if found to be at fault, and the cost of defending itself against the claim. It would also have to decide how much of its assets it is willing to place at risk to pay damages to the injured party if found liable. If the amount of the insurance premium is more than the dollar amount that is at risk by self-insuring, it may make business sense to self-insure. If not, there is little, if any, risk to insuring against the risk. (MORE)
Health insurance can provide a lifesaving force for those who areeither ill or have chronic health conditions. People who havehealth insurance are more likely to go to a physician regularly,increasing the chances of any potential health problems beingcaught early. However, health insurance premiums …can be verycostly. Depending on the insurance, many medical procedures, testsor surgeries may not be covered, necessitating an enrollee to haveto pay out of pocket for these expenses. (MORE)
Opportunity cost is the key to comparative advantage: Individuals and nations gain by producing goods at relatively low costs and exchanging their outputs for different goods produced by others at relatively low cost. All potential trading partners can gain enormously through appropriate specializat…ion and exchange. Advantages You can stand out. You can have a unique selling point. You can attract more customers if they are draw to your unique business. It helps you to be recognised and noticed. It helps your business to be remembered. Disadvantages If it is too unique it will put off potential customers and only appeal to a selected crowd which could end up meaning you would have a smaller business. It might not appeal to everybody. It might not attract your target market. Other competitors may use similar idea to yours and then you will have no unique selling point. Once your business is well known it is important to come up with other new unique points to keep customers reeled in and interested in your business. (MORE)
advantages opening up of insurance aboon to financial market , customers more option for customers better services wider choice cheaper products disadvantages price war unhealthy practices misuse of public funds misuse and irregularities unethical practices
Insurance in general is the protection of financial loss. If you are self-insured you might be sued for more than the actual loss. You may be taken to civil court for more than physical damages. If you do go to court the cost of you lawyer is a problem. Insurance companies have figured this into the… premiums and they have lawyers that already are familiar with the problems of insurance suits. I am not a lawyer but just a consumer. So, please continue your search. (MORE)
With the help of organ donation, many people who are all at thedeath doors are able to continue their lives and also still somereligion is opposing the organ donation and that is the main oneand only disadvantage available in the organ donation process.
1 advantage is it creates jobs, 2 helps the economy of the area 1 disadvantage is it destroys environment 2 permafrost if up north
a telescopes vision can be blocked by and astroid or by the clouds.you won't get a clear view when all the dust blocks a lot since itis zooming a lot. the advantages are its also like a periscope witha mirror which give you a clear view of things.
An advantage of living with your family is that it is most-likely free. You do not have to pay rent; therefore, you have more money for other things. However, a disadvantage is the lack of privacy that comes with moving in.
Advantages: Cheap gaming, easy communication, video calling, Incase of emergencies, 911 / 999 calls are easier. Disadvantages: Addiction
The advantages of cloud seeding are the possibility of creatingrain in areas of need (drought), enabling food crops and theeconomic improvement of developing countries. The disadvantages arethe concern of chemicals on plants and animals, the amount of moneyit would take to deliver chemicals into the… air, and thepossibility of too much rainfall, resulting in flooding (MORE)
One advantage is that their muscles are stronger than human muscles; therefore they are born with the ability to swim. One disadvantage is they are colorblind.
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I have included a number of links. The chief advantage is it is the most economical way of transporting large volumes of oil from the area of production to refineries, which then transport the refined petroleum products to consumers. It is frequently the only practical means of transporting crude o…il, in locations, where the local market is insufficient and there are no alternatives (pipeline to markets do not exist). Secondly, tankers are convenient, since they have a number of compartments, whereby they can make a number of pick-ups (liftings) and deliveries. Third, transportation by tanker is convenient since a large tanker fleet exists to transport crude oil. The disadvantages: Potential for accidents and oil spillage. Since the Exxon-Valdez accident, there has been considerable concern about tanker spills. I have included related links on tanker accidents. Note that it appears that there has been over the last 40 years, a decrease in large accidents. Some oil may accidently spill during loading. The tanker in some cases may not be the most economical means. If oil is found where the discovery can easily be tied into an existing pipeline, shipment of crude by tanker may be less economical. You can find more information in the related links. (MORE)
Advantages More efficient Reduces time Accuracy Decrease production cost Disadvantages Work independence Employee gets bored of doing same job everyday Unemployment may happen if the company closes down
A ritual is an indirect activity that makes another activity better but under fewer conditions. The other activity that we try to improve is not necessary a movement and may be an effort to have peace of mind or control of behavior. To understand the purpose of a ritual we must know the four grades …of difficulties. Grade 0: There is no difficulty at all Grade 1: The difficulty is under our control Grade 2: The difficulty is not under our control but of constant magnitude Grade 3: The difficulty is not under our control and its magnitude keeps varying continuously. Rituals may enable to solve a difficulty, just reduce the grade of difficulty or enable us to tolerate it. 1. Rituals make us self-disciplined. 2. They reduce options and increase our focus of attention. 3. They reduce the grade of our difficulty and thus make it more manageable. 4. They unite people who perform rituals in the same way. Since rituals make life rigid they divide people if they perform rituals in different ways. 1. They abolish reasoning and logic and thus make us irrational. 2. They take away flexibility and thus our freedom. 3. They take away creativity and make our life stereotyped. 4. Stereotyped life leads to boredom. 5. They enable us to imitate others and can't make us creative. 6. They may make life complicated and may create more problems than they solve. 7. Often they just enable us to tolerate a problem. Even if there is a simple direct solution to the problem it is not permitted. Addendum: All rituals have a stabilizing influence on regular practitioners, not simply due to self-discipline. What I believe is not explicitly stated under advantages is that rituals provide a controlled event or occurrence (often in a group) at a regular interval. This provides a measure of observed certainty to the practitioners to allay uncertainty. Uncertainty is ubiquitous, especially when we consider non-linear aspects of life (weather, disease, personal attach-ments). So the stabilizing effect comes from a reduction of uncertainty and all the reactions to it (worry, fear, anxiety, panic, paranoia, etc.) The group dynamic enhances the effect. The major disadvantage comes when group belief systems are erroneous. Uncertainty is reduced, thereby increasing certainty. Erroneous belief systems attached to rituals can lead to dogmatic practitioners and negative outcomes. Formal duelling (pistols) between opposing suitors may serve as a ritual for selecting a future mate for some damsel. However, the belief that the handgun-wielding expert is the "better man" for the woman may not support the best intimate relationship. But the ritual itself may increase certainty and improved sense of safety in the society which practices them as such. (MORE)
Service provide on low rates . take care customer satisfaction . can provide door to door services . can give best quality on cheaper rates . value for customer satisfaction . started for giving services not for profit motive. Disadvantages . give slow services . sometimes customer may no…t satisfied . risk of loss . cannot be expand too much (MORE)
Well, obviously one great disadvantage is that someone just might not know what they're talking about and answer a question incorrectly. Another disadvantage (Which in most cases) is that people who are getting these answers need to learn it themselves through studying and schoolwork instead of some…one just handing it to them. I'm sure you can see the advantages: Fast response time, correct answers and a helpful community. Those things put together ensure a great learning environment and one of the most helpful websites on the internet. (MORE)
Some advantages and disadvantages of a person specification are: . Candidates get a better idea about the job. . Candidates are judged systematically. . Gives an idea about how the dept works . It helps in selecting the most appropriate candidate for aparticular job.
Glocalisation: The practice of doing business from a local as well as a global perspective. Advantages of Glocalization: - Attracts more consumers in the market as it is flexible, therefor higher profits. - Adapts to different countries and avoids ethical issues. Avoids ethical costs. Disad…vantages of Glocalization: -Spend more time researching other markets. -If not successful waste of money for the firm. (MORE)
in humans barbiturates are used for the induction of anaesthesia because drug is very very non-polar in nature and can easily produce anaesthesia while the disadvantage is that ; it produces enzyme induction that can lead to drug tolerance.
They key point to a laboratory setting is that it enables researchers to have control over the settings, measure participants behaviors precisely and keep conditions identical for participants. However they may not be as likely to act naturally in a laboratory setting than in a natural setting su…ch as a field experiment. (MORE)
The Colonist are gay and the british are advanced so its over British wins stopthis stupid site!
If one worker is absent and no one else can do it the job , production might be stopped. Workers can become bored doing just one job -efficiency might fall. This will ultimately affect the ray of production and will effect the economy of the company. Boredom of work Lost of crafts mans ship Interdep…endency Unemployment (MORE)
One of the advantages is thereÃ¢??s minimal loss of analog data andcan easily be converted to digital data. The disadvantage is it issensitive to temperatures and acceleration.
The disadvantages for Travel Insurance is that they don't knowwhats true or not. Say your wallet gets stolen but you tell themyou had nothing in there except maybe a couple dollars/pounds. Theywon't know if it is true or not or you might of just hidden itsomewhere. That is only one disadvantage as I… can not think ofanymore. (MORE)
on the plus side, you have the reasons for, the benefits. then again, on the other hand, you have the drawbacks, and the negatives. hard to say.
With the benefits of both cash value and term life insurance come a few disadvantages. The most significant disadvantage of cash value life insurance is the often inconsistency in premiums. Most cash value policies contain required premiums that can increase over time. This can make the policy quite… expensive for someone on a budget who wishes to purchase enough coverage to benefit his family in the event of his death. Although many policies contain riders in which dividends from cash accounts can be used to pay premiums, such an instance almost always results in taking funds away from the cash value or investment account. There is also never a guarantee that sufficient funds will be available to cover missed premiums in the event a policyholder falls short. There are also several disadvantages of term insurance, the first being that it is not permanent. Although a policyholder may enjoy extremely cheap premiums when she is young, term products expire after a certain number of years, or when the insured reaches a certain age. When a policy expires, a new one must be purchased. This means that a person must qualify for a new program based on her current age and health in order for coverage to continue. This almost always results in much higher premiums or uninsurability. Some term insurance does, however, contain "re-up" or "renewal" options that may not require proof of that the customer is insurable to continue coverage. (MORE)
Possible disadvantages may include premium payment, personal questions, and a possible health exam before issuance.
It depends on our thinking, because every coin has two side we have to take only good one.
What is the advantage or disadvantage to having workman's comp insurance separate from your general liability insurance?
They cover different contingencies, so it is not really a question of "advantage" or "disadvantage". Furthermore, they are written on different "forms" (contracts), although the same commercial insurance agent may be able to place both coverages, sometimes with the same insurer. If so, there may be …some sort of "package policy" available so that the insurer allows a discount in premium if the "package" is purchased. Workers compensation insurance is often required by State law for employers having a given number of employees. It is intended to ensure that medical expenses and a percentage of lost wages sustained by the employee are paid if an injury occurs within the "course and scope" of employment. Whether an injury occurred within the course and scope of employment is often in dispute when a claim is made and may be raised as a defense by the employer (or, more accurately, the workers compensation insurer of the employer). General liability coverage is different. It may not be required by law, but may be required by the contract between the provider of services and the recipient of services. An example might be a general contractor and a company that wishes a new roof on its building. Like other insurance, general liability coverage transfers the risk of loss from the insured to the insurer in return for the payment of a premium. This benefits the contractor by limiting its financial risk for money damages arising from a mishap covered by the policy. It benefits the injured party by ensuring that is a stable source of funding for compensation for the damages. (MORE)
There aren't really advantages or disadvantages of insurance inconstruction, but instead insurance helps project owners,developers, and contractors mitigate their financial risk duringthe construction project. Construction has property exposure,liability exposure, and work comp exposure that need to… be insuredat a minimum. Chris Larmore - Parenti Insurance (MORE)
Travel insurance is a kind of insurance that covers medical expenses and losses that are incurred during traveling. While travel insurance is beneficial for those who are frequently going in and out of the country one should also be aware that there can be issues that can nullify your insurance …coverage. Injuries obtained from alcohol or drug abuse can immediately revoke the validity of your travel insurance . If you want to learn more about the different types of coverage, you may ask your travel agency or a representative of the insurance provider for any concerns and queries. (MORE)
There are really not many disadvantages of having marine insuranceor any other insurance. One of the disadvantages could be theprice.
Amerigroup Health Insurance is designed for low income individuals and families. They work with state agencies to offer government run benefits to their patients. The benefits you receive will be much like an HMO with a primary doctor needing to refer you to other physicians. Amerigroup is not avail…able in each state and the benefits will vary depending on what state you live in and Amerigroup's relationship with their healthcare agencies. (MORE)
Agriculture can be defined as the systematic and controlled use of living organisms and the environment to improve the human condition.
The difference between and advantage and a disadvantage can be very significant. An advantage means you have the upper hand in a situation usually only one person can have a particular advantage. A disadvantage can be an obstacle that more than one person can have at the same time.
The disadvantages to having no health insurance is that in the event of being ill one will not have access to the treatments they need and any treatment they do get could involve long waiting lists. It is debatable if there are any advantages to having no health insurance other than saving a lot of …money but it comes at a big risk should illness strike. (MORE)
Human life is most unpredictable and no one knows when and howdeath will visit your home and empty all the happiness, expecationsby a whisper. It is through life insurance that policy holders areassured against human life's most unpredictable eventuality -death. When the bread earner of the family d…ies, the whole familyis left in total jeopardy. During this fateful period, lifeinsurance acts as the most faithful friend, by proving a corpus tothe nominee which helps to regain further foot in the harshreality. The balance being in favor of its advantages, many peoplethink that paying premia for a long stretch of period and wait forthe death to come is rather ridiculous, Especially in termassurance policy, there is no payment on maturity and question ofpayment arises only in case of death of the policy holder, to bepayable to the nominee. (MORE)
The 72-hour clause in an engineering insurance policy is anadvantage to the homeowner and not a disadvantage.