Summary |
Insurance is an important tool in the hands of civilized man to protect him, his next of kin and other fellow beings against the multiplicity of hazards to which his and their lives and properties are subject. Such hazards may be due to natural causes, to human failures and devices, to materials and situations created by and for himself. Some of the hazards may be of great magnitude and some of small; some are unavoidable and some may be avoidable but only at great cost to an individual man which is beyond his means to master. To assure the well-being and welfare of man these hazards need to be faced, to be controlled where possible but where not, it is necessary to reduce the force of their impact by distributing the burden of the resulting losses over time, space and persons. This latter is the function of insurance.
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