Best insurance policy suggestion for you, choose your best insurance for your life

Best insurance policy suggestion for you, choose your best insurance for your life

My dear sweet visitor's, firstly I will thank you very much to visit my site website,I hope you have a good life and stay with your family and enjoy with them.please tell us about your feelings and about your families to stay happy with them. Thank you. Now I am describing the insurance

So today we wanted to talk about came up with the idea to talk about insurance and it is a very old idea. In fact, in some sense it is used by animals as well as non-human animals. If they share the loss, maybe it’s some kind of insurance. Hence it is very basic. I think you really have some idea what insurance is, 

but some insurance company or government insurance is involved. Policyholders have an agreement with the insurance company to protect themselves from certain defined losses and for this they pay a regular premium to the insurance company to be prepared to handle those losses. There is a principle behind insurance and this principle is risk pooling.

 That is, a risk to an individual, not a big risk to society if they are independent. Because according to the law of large numbers, the number of poor results is very capable of reversible. The insurance company regulates all of these risks and in large numbers is not really dangerous by law.

 The mathematical formula for risk pooling is very low, independence, if umes holds that it is life insurance. If each death is independent of another, there will be no epidemic or war that will bring many deaths at once. The risk you face if you write each policy against one life, the standard deviation given by pp (1-p) / n, where p is the probability of death. As N gets larger, you can see that the standard deviation approaches zero. The ratio of policies leading to death becomes a practically unknown number. This is the main consideration of insurance.

According to the law of large numbers, the results obtained from a large number of trials should be close to the average estimated value and the performance of further tests should be close. The law is important for a large number of people because it guarantees consistent long-term results with an average of a few random events. So, let's take an example. Although the casino is likely to lose money in a single spin of the roulette wheel, its earnings increase by an estimated percentage compared to a large number of spins.

 This way the casino can confidently pay its monthly bills. Another example is that if we take six-sided dice and roll several times, the average of their values ​​is sometimes called the sample average, which is likely to be closer to 3.5 as more dice are rolled. Unfortunately, this idea is not so easy to put into practice, mostly due to moral risk and choice bias. Moral risk occurs when people are insured and take greater risks. For example, if you have fire insurance in your home, you might say, "I don't care, I'm negligent because the fire was cured." Then the risk increases. Or worse, if the insurance company insures your home more than you think it can sell, you say, "I'll burn it down and pretend to be accidental.

 Then I'll get even more money." The house is for sale. Selection bias is different. That is, if the insurance company does not see all the risk parameters that define the risk, then their customers can see more of them. For example, health insurance attracts sick people. That’s why health insurance companies traditionally ask medical tests to let people know they are already ill. If they are not successful in doing so, the selection bias will harm their business and it will ruin the insurance business because if people know that they are sick, only sick people will sign. Do-up insurance is expensive. Healthy people will not sign up because they are unwilling to pay the costs and the whole thing will collapse and not work. So the choice you can make through testing and exposure has to deal with bias. 

The government may make it mandatory for insurance companies to ignore the option. Obamaker is known for taking care of situations that worry health insurance companies. I will give an example of moral catastrophe and choice bias in insurance. Many people in this world today live in marginal economies, subsistence farmers. You have a farm in the most underdeveloped part of the world and you depend on the crop every year to feed your family. But unfortunately, the weather throws those trails every time. There will be a storm or some kind of drought. So farmers need to buy insurance, right? But how do we do that? Crop insurance is a type of insurance that has been introduced for many centuries. The farmer therefore buys insurance against crop failure. It feels good and practical. But there is a problem. 

The problem is that it is subject to manipulation. The farmer can lie about the crop, right? “I didn’t get much this year,” he might say. He may grab a portion of it and sell it, and then try to claim the insurance. Or the farmer may be careless. Maybe he's not that focused person right now, okay. He doesn’t do things right. He is drunk and does not do the necessary work. This is a moral danger. And then there is the choice bias. Farmers who know they live on marginal land go for insurance. Therefore, crop insurance is almost complete, but it is not working properly. It is a breakthrough in the last 20 years or pushed by the World Bank, an international development body.

How to insure the weather instead of the crop? Well, because the farmer can not cheat the weather. He cannot create bad weather. We have weather stations. So is this a good idea? Well this is a new idea. This is especially important for climate insurance for farmers and especially in developing countries. For some of these farmers it could be life or death. However, does it seem clear and practical? Can you think of any weather insurance issue? You

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