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About Uncertainity

    • 144 posts
    February 28, 2014 6:52 AM IST

    Risk only means the possibility of loss and damage .

     

    The damage may or may nto happen . 

     

    The earthquake may occur but the building may not have been efected at all . Insurance is done

    against the possibility that the damage can occur . 

     

    There has to be an uncertainity about the occurence of an event . The word 'possiblity' means

    uncertainity . 

     

    Insurance is relevant only if there are uncertainities. If there is no uncertainity about the

    occurence of an event ,it cannot be insured against.

     

    In the case of a human being , death is certian , but the time of death is uncertain .

    The person is insured because of the uncertainity about the time of his death . 

     

     

    In the case of a person who is terminally ill  , the time of death is not uncertain , though not

    exactly known , It would be coming soon . So he cannot be insured. 

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