Insurance Eliminate Dependency –
The process of insurance has been evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. The insurance principle comes to be more and more used and useful in modern affairs. Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. It may be described as a social device to reduce or eliminate the risk of loss to life and property.
At the death of the husband or father, the destruction of family needs no elaboration. Due to death or destruction of properties, the family suffers from unbearable and non-compensational table losses. Similarly, at the destruction of Property and goods, the family would suffer a lot. It brings reduced standards of living and the suffering may go to any extent of begging from the relatives, neighbors or friends. The insurance protects against those unbearable losses. The economic independence of the family is reduced or, sometimes, lost totally. What can be more pitiable condition than this that the wife and children are looking others more benevolent than the husband and father, in absence of protection against such dependency? The insurance is here to assist them and provides adequate amount at the time of sufferings. The life insurance policy gives full financial support to the dependent in case the death of the insured which helps to eliminate the dependency of people.