Abstract:
Insurance is one of the important instruments designed to deal with risk through sharing. Life Insurance is a contract by which one can protect oneself against specific losses by paying a premium over a period of time. Since each one of us, during our lives are faced with numerous risks-failing health, financial losses, accidents and even fatalities, our instinct drives us to cover ourselves against those risk. Though an insurance cover can’t protect the emotional losses arising out of these risks, it softens the economic crisis that usually accompanies these losses. A family is generally dependent for its food, clothing and shelter on the income brought in at regular intervals by the breadwinner of the family. So long as he lives and the income is received steadily, that family is secure; but should death suddenly intervene the family may be left in a very difficult situation and sometimes, in stark poverty. Uncertainty of death is inherent in human life. It is this uncertainly, that is risk, which gives rise to the necessity for some form of protection against the financial loss arising from death. Insurance substitute this uncertainly by certainty.
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