What is insurance and its benefits in personal and social life
Insurance is one of the most popular topics in today's society, which we all know. Everyone wants to know something about this insurance. Therefore, knowing the details about insurance and knowing whether there are any restrictions or rules in Islam is the demand of the time. So today Solution Media will discuss about insurance in front of you, inshallah.
What is insurance?
Insurance in English is called insurance, in Arabic it is called insurance,
The literal meaning of Bima is to provide guarantee or assurance.
Insurance in terminology is an indemnity contract. which is entered into between the insured and the insurer in return for a fixed premium to the effect that the insurer undertakes to cover any loss to the insured property. However, if there is no damage to the insured property within a certain period in the future, the insurer has no liability.
Broadly speaking, insurance is a type of financial transaction agreement in which money is accepted in installments for a specified period of time on the basis of a guarantee of compensation in the event of an accident in the future. The party who accepts the money on the condition of indemnification is called the insurer or the insurance company. And the person or party who deposits the money is called the policyholder and the money deposited is called the premium.
Needs and Benefits of Insurance
Of course insurance has many benefits and needs. Many qualities of insurance are observed in individual life and social life.
Personal benefits and importance
- Family Security Insurance plays an important role in providing family security and provides security.
- Increase in savings increases saving tendency among people by paying premium.
- Personal asset protection Protects personal assets through compensation for asset losses.
- Providing peace of mind, insurance provides peace of mind as a symbol of security.
Social benefits and importance
- Protection of National Assets Ensures safety in case of fire, shipwreck, accident etc. Ensures safety of industrial plants and wealth and safeguards national assets.
- Insurance provides support to economic growth, agriculture, industry, trade and economic development.
- Employment Creates employment opportunities by setting up factories and businesses using the capital generated by Premier's money.
- Increase in people's income, economic growth and employment generation through insurance increases per capita income and improves quality of life.
- Anti-inflation helps to increase production and prevent inflation by raising excess money from the market through premiums and putting the collected funds into productive activities.
- In the discussion so far we have come to know what insurance is and the need and benefits of insurance.
Dear reader friend, what else do you want to know, let me know the solution, soon we will evaluate your question, inshallah.
