Insurance is a word which has become synonymous with the phrase
“assurance of stability”. An individual can reliably consider himself
to be safe if he or she has got a certain entity insured. The concept
of insurance came into being because in his endless search for wealth,
man acquired things that were costly or expensive.
Now man either invested so much in that entity that he could not invest in it again i.e. it was a one time investment or another case was some men were such misers that they did not want to pay again in order to buy a replacement for something which was severed by any means.
Insurance companies charge a definite amount as a premium and reimburse the amount whenever the insured i.e. the person who insured the entity invokes his insurance policy. The procurement of insurance money is sometimes a cumbersome process as the insurance company first assesses the extent of damage caused to the individual’s home or anything that is insured. Some people complain that by the time the remittance is done the need for the insurance money is itself wiped out. The is true as in a certain case in South Dakota, United States of America, the home of a person was destroyed due to a typhoon.
Now he didn’t have the money to rebuild or buy a new home immediately. Hence, he needed the insurance money desperately. The insurance company following their procedures gave the full amount but one year later; at a time when the man was settled in some other city and had begun a totally new life with a totally new house. In their defence, however the insurance companies claim that their procedural checks are of utmost importance. This is due to the fact that some notorious individuals in order to lay their hands on the insurance money feign the destruction of the entity insured.
The procedural checks ensure that the person, with whom the insurance company is dealing or has entered into an agreement with, is truly claiming the insurance money. Thus the only solution that can be made for this problem is that although the procedural checks are important the companies dealing in home insurance should speed up their processes so that the genuine and real people who have really suffered get their dues on time. In this matter, both the insurance company and the person who has insured anyone of his entities such as home should enter into a proper agreement and the insured should read the terms and conditions applicable thoroughly.
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