Viability and relevancy of insurance products sold to businesses and individual
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Insurance is simply a product to transfer risk from a person who cannot bear the risk to a person who is willing to bear that risk. To compensate the latter, the former pays a commission known as an insurance premium.
Insurance products are relevant. For example, a person may not be able to bear high medical costs were the person to get sick. So he goes ahead and buys a medical insurance thereby transferring this risk to the insurance company. However what needs to be seen is whether one has bought the right insurance product that suits his or her need. There is a lot of misselling that happens in the market. If that is the case, surely the insurance product may be irrelevant.
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The maintenance of law and order in district is the principal duty of the District Collector. ... As an Executive Magistrate, he was responsible for the maintenance of law and order and as a JudicialMagistrate, he was responsible for the trial of criminal and civil cases by interpreting the laws.
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