Question
In: Operations Management
What is the purpose of insurance and If Insurance is necessary,why do people resent paying...
What is the purpose of insurance and If Insurance is necessary, why do people resent paying for it so much?
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Expert Solution
With the help of an insurance contract, insurers ensure the people would restore their property or any possessions if any kind of incident occurs. It is just to give assurance to reestablish the normalcy in people's life. The purpose of insurance is to manage risks as much as possible and also to provide financial compensation and protection to the people.
There are many reasons why people resent paying for insurances. In case of healthcare insurance, people don't like to pay for insurance mainly because of the high insurance expense and they worry too much for its return. Besides, people have the illusion that they will not fall sick or no incident would happen to them. There is also a lack of awareness regarding the vehicle and other insurances among the common people. Sometimes, as claims are not clear, people don't want to trust insurance companies as they think they may cheat them.
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