IndexIntroductionElementWhat are term insurance plans?What are my rights towards insurance companies?ConclusionReferenceIntroductionThe world we live in is full of instability and risks. Individuals, families, businesses, properties and assets are exposed to different types and levels of risk. These include the risk of loss of life, health, goods and property, etc. Although it is not always possible to prevent the occurrence of unwanted events, the financial world has evolved by creating products that protect individuals and companies from these losses by compensating them with financial resources. resources. Insurance is a financial product that substantially reduces or eliminates the cost of loss or the impact of loss caused by various types of risk. Regardless of protecting people and businesses from many types of potential risks, the insurance industry contributes very significantly to the nation's overall economic growth, primarily by providing stability to businesses' work and generating long-term financial resources for industrial projects. Among other things, the insurance sector also promotes savings among individuals and generates jobs for millions of people, especially in a country like India, where savings and employment are important. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay ElementIt is a way of addressing the risks that a person is exposed to in his being or his money during his life in order to mitigate the risks. The purpose of this means is the cooperation that is achieved with the participation of people at risk faced with the effects that derive from carrying it out for some of them, paying each of them a contribution or an instalment, and the sums collected are collected and then distributed to the populations affected by the disaster. In this way, the effects of the disaster will be felt on those involved in this cooperation. We understand in detail how and why the insurance sector is fundamental to the development of any economy. Human life in all its forms has unlimited social and economic value. Since ancient times, humans have tried many ways to preserve prosperity despite adversity and prosperity. In modern times, life insurance is one such financial arrangement that provides social and economic security to individuals and corporations. (1)Insurance provides financial support and reduces the uncertainty faced by citizens and businesses at every stage of their lives. It provides ideal services to mitigate risks against events that could cause a financial problem for individuals and businesses. For example, with medical inflation growing at, say, 15% every year, even simple medical procedures cost enough to break a well-calculated family budget, but health insurance will ensure the family's financial security. In the case of commercial insurance, financial compensation is provided for financial losses due to theft, fire, accidents related to maritime activities, other accidents, etc. The insurance sector significantly influences the overall economy by mobilizing domestic savings. Insurance converts accumulated capital into productive investments. Insurance also reduces losses and financial stability and supports business and commercial activities that lead to sustainable economic growth and development. Therefore, insurance plays an important role in economic growth. Insurance facilitates the transfer of the insured's risk to the insurance company. The fundamental principleof insurance is to spread the risk among a large number of people. A large population gets insurance services and pays a premium to the insurance company. When a loss occurs, it is compensated by the pool of funds collected from millions of policyholders. (2)The main function of risk management is to ensure an optimal relationship between risk and return through a variety of available risk management methods. Risk retention usually complements the transfer of risk to insurance, and this type of coverage is applicable in cases where the risk potential and severity of negative penalties are reduced. Commercial insurance refers to the insurance of companies such as (manufacturers, distributors, trading and wholesale companies) and other companies. (3) What are term insurance plans? Term insurance plans are the simplest and most useful form of life insurance. Term insurance plans are life insurance plans that promise to pay a benefit only if the insured dies during the insurance period. There is usually no right or entitlement under the plan. Therefore, separation plans are called pure protection plans. (4) Development of Supervision and Control of Insurance Funds The historical development of insurance funds in Egypt: Private insurance funds or aid funds are considered a type of mutual or cooperative insurance company, known in many countries as brotherhood associations. Egypt has known fraternal societies thousands of years ago, when ancient Egyptians formed societies to cover the costs of burying the dead, and historical records indicate that from more than 4,500 years BC ancient Egyptians established insurance companies that paid certain amounts to their members upon death. Romanians have similar societies that serve almost the same purpose, during the time of the Roman Empire there also existed societies that gave certain sums of money to the heirs upon the death of one of its members. Private insurance funds in Egypt are considered to be a translation of the principle of social solidarity among workers in their working entities and it is noted that their work is minor mainly in insuring people. (5)What are my rights towards insurance companies? Treatment with credibility: Insurance companies must act reliably by fulfilling their financial and legal obligations in accordance with relevant laws and regulations and provide special services to their customers, in particularly elderly and low-income people and people with special needs, of both sexes. Non-discrimination: Insurance services and products must be provided to insurance company customers without distinction of race, sex or religion. To keep client information confidential: to protect client financial, personal and insurance information and use it for specific business purposes with the client's consent, and not to disclose such information to anyone else without prior authorization from the institution except authorities competent. There are many rights that induce a person to contract with insurance companies because they have many advantages that induce a person to contract. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Conclusion Insurance is a way of addressing the risks that a person is exposed to or their money is exposed to during their lifetime to mitigate their impact. The essence of this method is the cooperation that is achieved with the participation of people at risk in dealing with the effects that derive from its implementation towards some of..