Asian Journal of Management and Commerce
2021, Vol. 2, Issue 1, Part A
Growth and performance of insurance sector in Odisha: A case study of Keonjhar District
Author(s): Manoranjan Nayak
Abstract: The business of insurance is related to the protection of economic values of assets. Every asset has a value. The asset would have been created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some benefit from it. The word possibility implies uncertainty. Insurance is relevant only if there are uncertainties. If there is no uncertainty about the occurrence of the event, it cannot be insured. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The risk can sometimes be avoided, through better safety and damage control measures. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depend on that asset. Insurance only compensates for the losses not fully. Only economic consequences can be insured .If the loss is not financial, insurance may not be possible .The risks in case of a human being are related to early death, Living too long, Disabilities, Sickness, Unemployment.
Pages: 25-29 | Views: 67 | Downloads: 17
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How to cite this article:
Manoranjan Nayak. Growth and performance of insurance sector in Odisha: A case study of Keonjhar District. Asian J Manage Commerce 2021;2(1):25-29.