General insurance General myths and assumptions of the disadvantages of insurance policies

Phabbyfundz

Valued Contributor
I have had several discussion with a lot of people on the matter of the importance of insurance policies, its benefits and even possible disadvantages.
Listening to their opinions and thoughts about insurance policies I have come to realize that the true problem or cause hindering individuals, firms or companies from purchasing insurance policies with insurance companies is due to lack of proper or adequate information (ignorance) this has closed the eyes of a lot of this individuals to the true benefits or importance of insurance policies.
Some know myths or fallacy I have heard about the insurance companies and insurance policies is that they feed in the fears of the clients , that they capitalize on the uncertainty of life and use it has a way of generating in come for themselves.
 

btaliat

VIP Contributor
You are very correct. If you check how insurance companies work, you as well enlightened person on insurance will even take your time to think whether to join or not. Insurance will collect your money with the aim of indemnify your risk in case it happens but they will want to go for the risks that are not likely to happen
 
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Chibson

VIP Contributor
What makes people to go into insurance is definitely for safety and some people take it out fear . It is very important to insure your properties and also health insurance is so important that everyone can fall sick at anytime. Some of these mentalities need to be taken out of people by proper education.
 
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Inspirator1

Verified member
Are the myths and fallacy you stated above not the reality of insurance company. One of the reason every corporation organization makes gains and keep functioning, is by creating fears, feeding fears and then finding solutions to these fears. Maybe you should explain further how these reasons you stated can be disputed.
 
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Mandy96

Valued Contributor
People are very ignorant of insurance especially in a place like my country. This is one of the reasons why it seems like it is not a lucrative business because the amount of illiterates in Nigeria is higher than that of the literates. So it takes a load of work to try to enlighten them about it
 
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Chibson

VIP Contributor
Are the myths and fallacy you stated above not the reality of insurance company. One of the reason every corporation organization makes gains and keep functioning, is by creating fears, feeding fears and then finding solutions to these fears. Maybe you should explain further how these reasons you stated can be disputed.
Yeah definitely you are right but even that insurance is very necessary because the unexpected may happen. I know that a lot of people make money by creating problems and solving them but that is not the same case with insurance. Health insurance particularly is very important because humans fall sick time to time.
 
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btaliat

VIP Contributor
People are very ignorant of insurance especially in a place like my country. This is one of the reasons why it seems like it is not a lucrative business because the amount of illiterates in Nigeria is higher than that of the literates. So it takes a load of work to try to enlighten them about it
You are right but to be factual, it is not only the Ollie treatment that do not partake in insurance company. There are some literate persons as well that do not take insurance company serious for some reasons or the others. If you can prevent or reduce your risks yourself, why still going for insurance policy.
 
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Wisdom01

VIP Contributor
Not that they just feed in fear , the insurance company also needs profit , so you don't expect them to go for the risk that won't happen , but they would go for the risk that are not likely to happen so they would also try as much as possible to benefit too
 
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Inspirator1

Verified member
Yeah definitely you are right but even that insurance is very necessary because the unexpected may happen. I know that a lot of people make money by creating problems and solving them but that is not the same case with insurance. Health insurance particularly is very important because humans fall sick time to time.
Your second comment brought fresh memories to me on how my distant cousins where scamming insurance companies. The day I knew this dirty secrets, I was really dumbfounded. See what they do, if the want to get a Range Rover, the use a less expensive car to get into accidents, I mean arranged robbing. Take their evidences to the insurance company and get paid. Before now, the must have arrange a buyer for the other car. Together with the money the made from insurance company, the buy the Range Rover.

So many people with dirty mind out there but thank God, they have stopped and outgrown such acts.
 
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