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How does insurance of the human asset differ from other assets like land and building /plant and machinery?

Does a group life and health insurance policy provided by the company help to reduce the ATTRITOIN level in the company?

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Question added by Subhranshu Ganguly , Quality Analyst. , WIPRO
Date Posted: 2013/11/28
Pinaki Chatterjee
by Pinaki Chatterjee , Freelancer , Freelance Graphics Design

Can you fix the price of a human life value? Though mathemetically we do, but we assume the value, But the price for other items you can fix, you can add depriciation to them. You could arrive at the correct insure value for them. You have to keep in mind about all the principles of Insurance. But while Insuring Life, forget about Subrogation, Indemnity.

MOHD AMIR MOHAMED HANIFFAH
by MOHD AMIR MOHAMED HANIFFAH , UNIT MANAGER , TAKAFUL MALAYSIA

Different life insurance with general insurance because life insurance is entirely dependent on human life, guaranteed updates and help from the run the risk that can not be expected

Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

Being humans and the other tangible assets have different features and risk elements.

 

So obviously It differ to the exent of its risks and vulnerabilities and insurance companies coverage. 

 

Group life insurance may help you to reduce attrition levels depends on if all your competitors in the market also providing the similar facilities to their staff or your company is the initiator in your own industry.

Mamoun elbaghir abdalla mhamad Eltayeb
by Mamoun elbaghir abdalla mhamad Eltayeb , Insurance agent / Producer , Albaraka Insurance Company

 General speaking regarding insurance principles which implied that insurance indemnify  means that insurance return the insured to his financial position before the incident no worse no better , this is applicable to the insurance of property such as building , plants , machinenry ,motor vech.  boats , ships ...etc but it is definitely not applicable to the life insurance.

  Kind regards.

mukkur srinivasan varadhan
by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

value of land and buildings and plant and machineries can be tangibly fixed and the sum can be insured.Value of human life cannot be so fixed.Maximum sum can be insured based on some criteria for general insurance like personal accident etc.,but for medical individual's option based on expected expenses.

For life insurance, sum insured is individual's option.

Group life and health policy need not help reduce the attrition of employees.

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