Insurance | What is Insurance ?

Insurance 

What is Insurance?

Many things are uncertain in our life. We cannot predict several types of disasters even just seconds before their occurrence. Naturally we are scared by frequently occurring fatal accidents, serious injuries, acute and chronic illness and untimely deaths. This is not the case about our life only; different items of property such as buildings, livestock, and business are also at risks of serious damages and destructions caused by fore, flood, landslide, famine, war, etc. That's why anyone may be worried about the possible methods if their safety and recovery. Insurance is one of few beautiful methods of ensuring protection and compensation.

Simply putting insurance means compensation paid for damages or loss. It's a contract, under a policy, by which a company guarantees a compensation for specified loss, damage, illness, or death. For this, the person to be u sure has to pay a specified premium regularly for a specified term. Under an insurance policy, an individual or organisation receives a financial protection against losses from an insurance company. The premium is the price of insurance and it's paid by the insurer normally at regular intervals. Every singular payment is called installment. 

Insurance in Nepal

The insurance business has not come a long way in Nepal. History shows that Nepal Mal Chalani Tatha Bima Company Ltd. came into being on 8 Asoj,2004 BS as the first insurance company of the country.