Who pays Medical, Property,Marine ,Travel ,Car insurance or Life Insurance Losses.

A worker, who had no Life Insurance, married for 5 years, 27 years of age, with3 children dies in the factory, leaving his wife, children, and parents. Who must support them? Who will pay for the education of children? Who will pay for the medication of children, and parents .
Car insurance or Life Insurance Losses.,
An airbus or Boeing valued at 80 million dollars with 300 passengers vanishes after the terrorist attack. Who will pay for the losses of the airline company? Who will pay for the damages due to the losses of Travel Insurance of passengers, their luggage, the reputation of the company?

A group of children dies due to car accident .The owner of the car also dies. Who will pay for the loss due to car Insurance. who will pay for the death of car owner, who will replace the car.
Who pays Medical, Property,Marine insurance
A fire in a hotel causes 100 deaths and complete loss of the hotel. The cars in the hotel parking belonging to the guests are destroyed. Who will pay for the losses due to property Insurance? Who will pay for the life of guests . who will pay for the loss of cars due to hotel fires.

A well-known bank losses a billion dollars in a bank fraud. Who will replace the losses of the bank? Who will compensate the losses or will be allowed to stay with the bank.

A ship full of oil catches fire on the high seas .All the oil on the ship along with the ship is lost due to the fire. Who will compensate for the loss of cost of oil due to marine insurance? Who will replace the ship to the shipping company?

Some one has to share the burden of Financial Loss. If the loss remains where it falls or it is shifted to someone else by law, the loss may cause very serious financial difficulty. The family ,owner of property or airline company ,shipping company are likely to suffer heavy financial loss . A person who becomes legally liable to some one else for bodily injury or property damage. All such families or business , lookout for methods to offset these losses.

These people enter into a contract with a group, called insurers, to share these losses ,at a cost. This contract to share the losses is called insurance Policy.
To avoid these financial disasters , insurance is extremely important.