Insurance...why we need it

♠ Posted by Anju Satyal in College and University

Human life is full of risks and uncertainty. Each and every step of life is full of risks. We cannot eliminate risk. However, we can make provision for financial security against risk. Insurance is the means to get financial security against risk. Insurance is a way of reducing uncertainty of occurrence of an event. Insurance is an investment, from which we get return only when certain loss occurred from predetermined incident.

Insurance has wide scope and area nowadays. So there is no single definition of insurance. Insurance can be defined from the viewpoints of several disciplines. The definition of insurance cane be expressed from the viewpoints of law, economics, history, sociology and risk theory. However, it is better to define the insurance from common viewpoint. Some of the most important definitions are presented below: • “Insurance is a promise by an insurer to an insured protection or service”

A.H. Mowbray and R.H. Blanchard • “Insurance is simply a co-operative form of distributing a certain risk over a group of persons exposed to it” M.K. Ghosh & A.N.Agrawal • “Insurance may be defined as a social device providing compensation for the effects of misfortune, the payment being made from accumulated contribution of all parties participating in the scheme.” D.S. Hansel • “Insurance is a contract by which one party for compensation called premium assumes particular risk of the other party and promise to pay to him or his nominee a certain sum of money on a specified contingency.” Edwin W. Peterson • “Insurance is a contract in which a sum of money is paid by insured in consideration of the insurer’s incurring the risk of paying a large sum when the given contingency arise. Tindal

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Continuing Education

♠ Posted by Anju Satyal in Continuing Education

At times, university students might doubt the usefulness and relevance of higher education. They might feel more concerned towards their families and friends and relatives and would like to avoid pains of university education as it does demand hard work. They could be working and earning money instead of paying fees. Many more arguments can be discussed against higher education. However, the general opinion intuitively favors and values university education. But mere intuition can’t always keep you going. One can give the other following argument in defense of

University education:

I. Higher education opens up job opportunities and tends to raise the income level. Statistics show that the better educated a person is , the higher his income level happens to be. University degrees help employers get promotions faster than others. The same principle applies to nations. Better educated nations, though lacking in natural and other resources, are known to have shown rapid economic growth.

II. An education person is likely to be more aware of problems and challenges and know solutions. He tends to be more rational, tolerant, humble, open-minded and quick thinking and therefore, is better equipped to deal with conflicts and tensions. He has an ideal model of conduct in mind and can resolve difficulties in a rational manner.

III. Another practical advantage of knowledge is that it offers ways to enjoy good health. With all other things being equal, an education person’s health is bound to be better as he recognized the existence of disease and hazards of bad habits and polluted environment. Education also provides greater social mobility and freedom is it enables man to lead a meaningful life and be less vulnerable to stress-related disease.

IV. Exercise of mind is far more important than physical exercise because mind is the seat of thoughts and emotions. It is the most distinctly human portion of human existence. If mind is not kept exercised by education, it is bound to rust away like an unused iron tool and a body that grows clumsy without regular exercise.

V. Another advantage of education is that it is likely to ensure better social respect. An educated person enjoys higher social standing even without wealth whereas an ignorant man, lucky to possess other privileges, is bound to be considered deficient in some ways. Education makes one feel secure and increases one’s self-confidence.

VI. Education and training gives continuity to child-like inquisitiveness which vanishes in most people when they grow up. This curiosity of love of knowledge is blunted due to lack of proper education. And, if we are not curious or inquisitive, we are not so much human. Love of knowledge is a reward in itself. Learning should not be conditioned, as happens in many cultures, as to suit its needs. Education aims at giving joy and not at amassing wealth.

VII. University education offers you a society of scholar and provides a useful setting for satisfying our needs for companionship, personal growth and friendship.

VIII. Higher education helps learners break out of the man-made prison-walls of false religious beliefs and dogmas. Open-minded pursuit of knowledge enables us to get rid of the realm of indoctrination and false certitude considerably. In short it refines our innermost thoughts and desires towards liberalization and perfection.

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