Table of contentsIntroductionItemWhat are term insurance plans?What are my rights with insurance companies?ConclusionReferenceIntroductionThe world we live in is full of instability and risks. Individuals, families, businesses, property and assets are exposed to different types and levels of risk. These include the risk of loss of life, health, assets and property, etc. Although it is not always possible to prevent adverse events from occurring, the financial world has moved toward creating products that protect individuals and businesses from these losses by offsetting them through financial means. resources. Insurance is a financial product that significantly reduces or eliminates the cost of loss or the impact of loss caused by various types of risks. Apart from protecting individuals and companies against many types of potential risks, the insurance sector contributes very significantly to the general economic growth of the country, mainly by ensuring the stability of the work of companies and generating financial resources to long term for industrial projects. Among other things, the insurance sector also promotes peer-to-peer savings and generates employment for millions of people, especially in a country like India, where savings and employment are high. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayElementIt is a way of confronting the risks that a person is exposed to in his being or in his money during his life in order to mitigate its risks. . The aim of this media is the cooperation that is carried out with the participation of people at risk to deal with the effects that result for some of them, by paying each of them a contribution or deposit, and the sums collected are collected and then distributed to affected people. In this way, the effects of the disaster will be felt by the people involved in this cooperation. Let us understand in detail how and why insurance as a sector is the key to the development of any economy. Human life in all its forms has unlimited social and economic value. Since ancient times, humans have tried many systems to preserve prosperity in the face of adversity and prosperity. In modern times, life insurance is one of those financial devices that ensure the social and economic security of individuals and societies. (1) Insurance provides financial support and reduces the uncertainty faced by individuals and businesses at every stage of their lives. It provides ideal services to mitigate risks against events that may cause financial problems for individuals and businesses. For example, with medical inflation rising at 15% per year, even simple medical procedures cost enough to break a well-calculated family budget, but health insurance will keep the family financially secure. In the case of commercial insurance, financial compensation is provided for financial losses due to theft, fire, accidents related to maritime activities, other accidents, etc. The insurance sector greatly affects the general economy by mobilizing domestic savings. Insurance converts accumulated capital into productive investments. Insurance also reduces losses and financial stability and supports business activities that lead to sustainable economic growth and development. Insurance therefore plays a major role in economic growth. Insurance makes it easierthe transfer of risk from the insured to the insurance company. The basic principle of insurance is to spread the risk among a large number of people. A large population benefits from insurance services and pays a premium to the insurance company. When a loss occurs, it is offset by the pool of funds collected from millions of policyholders. (2) The primary function of risk management is to ensure an optimal relationship between risk and return through a variety of available risk management methods. Risk retention generally complements the transfer of risk to insurance, and this type of coverage is applicable in cases where the risk potential and severity of negative penalties are low. Commercial insurance refers to the insurance of businesses such as (producers, distributors, trading companies and wholesalers) and other businesses. (3) What are term insurance plans? Term insurance plans are the simplest and most useful form of life insurance. Term insurance plans are life insurance plans that promise to pay a benefit only if the insured dies during the policy period. Usually, there are no rights or entitlements under the plan. Separation plans are therefore called pure protection plans. (4) Development of supervision and control of insurance funds and historical development of insurance funds in Egypt: Private insurance funds or aid funds are considered a type of mutual or cooperative insurance company , known as fraternity associations in many countries. Egypt had brotherhood societies thousands of years ago, when ancient Egyptians formed societies to meet the costs of burying the dead, and historical records indicate that for over 4,500 years BC, the ancient Egyptians established insurance companies that paid certain amounts to their members based on their needs. death. Romanians have similar societies that serve almost the same purpose. During the time of the Roman Empire, there were also societies that granted certain sums of money to heirs upon the death of one of their members. Private insurance funds in Egypt are considered as a translation of the principle of social solidarity between workers in their work entities and it should be noted that their work is minor in terms of personal insurance mainly. (5) What are my rights with insurance companies? Credible treatment: Insurance companies must act reliably in fulfilling their financial and legal obligations in accordance with applicable laws and regulations, and provide special services to their customers, especially low-income elderly people. , and people with special needs, of both sexes. Non-discrimination: Insurance services and products must be provided to customers of insurance companies without distinction of race, gender or religion. To keep customer information confidential: Protect customers' finances, people and insurance. information and use it for specific professional purposes with the consent of the client, and not to disclose this information to anyone without the prior authorization of the institution, except the competent authorities. There are many rights that require a person to contract with insurance companies as they have many benefits that attract a person to contract.Keep in mind: This is just a sample.Get a document now personalized from our expert writers.Get a personalized essayConclusionInsurance is a way of dealing with the risks that a..