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Chuks Udo Okonta
Due to the harsh economic situation, it is becoming difficult to care for people around us, but with insurance you can be your brother’s keeper with the little premium you pay for a policy.
The fund pooling mechanism of insurance makes it easy for the little premium you pay for a policy to provide care for people you know and don’t know.
Knowing that the premium you pay helps cater for the risks of others, you should therefore not complain when you didn’t make a claim over a period of time.
How insurance helps in caring for others
* Pool of fund
The uniqueness of insurance makes it possible for group of people to contribute funds known as premium to cater for their risks.
As the funds are accumulated and managed by professionals known as insurers or underwriters, contributors who are known as policyholders who suffer risks within the period covered are assisted with the funds. This makes it easy for other policyholders to provide lantern assistance to those far and near to them.
* Small premium big cover
Since insurance is a game of numbers, many people contribute small amounts, which when accumulated amounts to huge funds. The fund is then used to care for the few that suffer large risks.
* Elimination of poor and rich dichotomy
Insurance mechanism bridges the gap between the poor and the rich. As premium is paid equally by all, the poor and the rich often make same claim.
Insurance also help the less privileged to benefit from the privileged in the society.
As you may not have enough financial resources to attend to the needs of all the people around you and afar of, you should leverage insurance to secure your life, properties and also provide succour to those who suffer risks.
