What is the most important function of insurance?
The main function of insurance is to reduce or eliminate the harmful consequences of sudden and unexpected events as much as possible with the precautions to be taken, and thus to provide an assurance to individuals against uncertainty.
What is the main purpose of insurance?
Insurance covers the losses incurred in the event of the realization of the risks, thus ensuring that the future becomes financially certain. Insurance provides trust to individuals and institutions, thus making it possible to plan the future and encouraging entrepreneurship.
Is it compulsory to have insurance?
If your vehicle is involved in an accident for any reason or under any circumstance, it is a compulsory insurance in accordance with the conditions of the Traffic Law in order to secure the damage to another vehicle or persons.
How many types of insurance are there?
The main types of insurance in this category are; private health insurance, group life insurance, personal accident insurance, death insurance, disability insurance and special condition insurance. Thanks to these insurances, the person lives a safer life with an increased quality of life.
Why is insurance important?
Insurance covers the losses incurred in the event of risks, financially. The insurances fully cover the amount of damage and prevent people from being in a difficult situation. Insurance ensures that individuals and institutions stay safe. It becomes easier to plan for the future.
How does insurance work?
The working logic of insurance is that people who are under common risk combine their financial strengths and help each other. Here insurance companies find people with similar risks and ensure that when the damage occurs, they are repaired.