Uninsured Life Insurance

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Insurance is Integral to Society Insurance provides protection against economic misfortune or ruin. Health insurance protects against financial loss due to sickness or accident, life insurance protects against financial loss due to death, property insurance protects against financial loss due to destruction of property, and casualty insurance protects against financial loss due to negligence or even crime. If citizens are not able to purchase insurance to protect their fortunes against these risks, many would suffer economically Impact of Uninsured Financial Loss: Uninsured financial loss can harm the individual, his or her family, and any employees the individual may have. Financial loss can effect following generations due to an inability to fund higher education or to fund the development of a trade or skill. Financial harm to members of society can cause a loss of economic health to the public, since business owners may have to lay off employees or may go out of business if the financial harm is severe enough. Because there is an element of welfare in our society, those financially harmed could potentially look to the government for the funds for housing, food and education lost due to the uninsured financial harm, causing taxes to rise. Speaking of taxes, businesses and their employees forced out of work due to uninsured risks do not earn any income on which to pay taxes. Because of all these negative potentialities, insurance is viewed as an important industry, whose well-being benefits the public-at-large. Hence, any unethical conduct by agents have multiple bad effects.…show more content…
They include legal terms, industry specific language, potentially complicated premium calculations or return guarantees, and myriad conditions and exclusions limiting the risks the insurer
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