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