National Insurance Awareness Day 2020 - Important Date, History, Benefits & How to celebrate the National Insurance Awareness Day

National Insurance Awareness Day 2020 - On 28 June 2020, National Insurance Awareness Day is observed to spread awareness about insurance policies and encourage the people to take insurance plans for their lives. Get more information about the history of National Insurance Awareness Day, insurance and its benefits & how to celebrate the National Insurance Awareness Day 2020.

Keerthana | Updated Jun 27, 2020 13:26 PM

National Insurance Awareness Day 2020 - Important Date, History, Benefits & How to celebrate the National Insurance Awareness Day

National Insurance Awareness Day 2020

National Insurance Awareness Day is celebrated on June 28 of every year. National Insurance Awareness Day 2020 remains the people to know more about the insurance policies and take the suitable plan. On this National Insurance Awareness Day, one should realise the importance of insurance and its benefits linked to life.

Insurance provides security, protects loved ones and recovers damages in the event of injury, sickness, or death. It offers protection but over time it can appreciate or change the value of our homes and the things inside them. So, it is essential for people to review insurance policies on a regular basis. This day remains to review the insurance plans and also to know more about the different policies that are updated in the insurance plan.

What is the history of National Insurance Awareness Day? 

The founder and the history of National Insurance Awareness Day is unknown. Indeed insurance has a history that extends well back into the past, with the earliest recorded examples of it being found in 3000-2000 BC. Insurance has been around so long it has even been found engraved on the Hammurabi Code, the first laws written. 
Since the Great Fire of 1666, the fire insurance gained momentum in England, when the fire losses were terrible. In 1681, Nicholas Barbon and eleven associates established the first fire insurance company, the "Insurance Office for Houses".  After 1800, the business of life insurance flourished in the U.S.A.  Over the years, the insurance industry is well developed and continues to grow with the consumer's time and need.

What is Insurance?

Insurance is a legal agreement between two parties - a person or organization that receives financial security and the insurance company that agrees to pay for the damages in return for the insured 's money. In clear terms, insurance offers protection. Insurance is a risk management system whereby a person transfers the risk to the insurance company by paying the premium to the insurance provider.

They are different types of insurances are available namely Life Insurance, Motor insurance, Health insurance, Travel insurance, Property insurance, Education insurance etc.,

How does insurance work?

The insurer and the insured sign a legal insurance contract, which is called the insurance policy. The insurance policy includes descriptions of the terms and conditions under which the insurance provider will pay the insurance amount to the insurer or the nominees.

What are the benefits of insurance?

  • The insurance policy is an agreement used to indemnify covered risks for people and organisations

  • Insurance exposure is distributed over a variety of individuals rather than being concentrated on a single individual

  • A trader can easily receive bank loans if his stock or property is insured, because insurance gives the borrowers a sense of security

  • With the amount of premium charged, the insured earns tax benefits

  • Insurance firms have the requisite funds to build the infrastructure

  • Insurance promotes trade and industry by offering protection for the risk

  • It provides sense of security and also employment opportunities

  • It enabled the country to obtain foreign exchange (49 per cent of FDI is allowed in India's insurance sector)

  • Insurance firms pay taxes on earned profits. It is a major source of income for the government

How to observe the National Insurance Awareness Day?

Celebrate National Insurance Awareness Day by visiting the insurance agent and discuss the various types of policies such as life insurance, car insurance, health insurance which needs to protect the family. Some of the other ideas to observe this day are as follows:

  • Review the already taken insurances policies and ensure its coverage plan

  • Learn more about terms and conditions of insurances

  • Know about the different types of new policies that are currently available

  • Have some fun on reading crazy insurance policies that are taken all around by famous people

  • Use #NationalInsuranceAwarenessDay on social media and spread a message about this day to friends and family

Insurance - Interesting facts

  • Starbucks pays more on health insurance for workers than it does for coffee

  • Actress America Ferrera had her smile, her teeth and gums included, insured for $10,000,000 by her client, Aquafresh

  • In 19th century, Film-goers were so fearful of dying due to excessive laughter that they obtained insurance from Lloyd's of London

  • While the insurance idea can be traced back to ancient times, the first recorded insurance contract was signed in Genoa , Italy, in 1347

  • In 1971, whisky maker Cutty Sark offered a one million pound reward to those capable of capturing the Loch Ness Monster

  • Alien abduction insurance has been available in the United States from 1987

  • Steven Spielberg has $1.2 billion, World's costliest life insurance scheme.

  • Astronauts were not given life insurance on Apollo 11, but instead they left hundreds of autographed posters for their families to sell if anything happened to them

  • Jackie Chan has paid the medical expenses of his stuntmen, as his stunts are too dangerous to underwrite for insurance companies
     

Disclaimer: The above information is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

National Insurance Awareness Day 2020 - FAQ

1. What was the first insurance company?

The first life insurance company in the world was the Amicable Society for a Perpetual Assurance Office founded in 1706.
 

2. When did insurance start in India?

The Bombay Mutual Life Insurance Society was the first insurance company established in 1870. Many insurance companies were founded during the dawn of the twentieth century. In the year 1912, the insurance industry was regulated by the Life Insurance Companies Act and the Provident Fund Act.
 

3. What is the best age for life insurance?

The average age for buying life insurance is under 35, but there are few people in that age group who can afford life insurance. Approximately 57 percent of Americans have life insurance, and over half are 45 or older.

4. What are the 3 main types of insurance?

The three most important types of insurance are property, life and liability.
 

5. What are the functions of insurance?  

The insurance's primary function is to provide protection against likely chances of loss. The time and amount of loss is uncertain and the individual will incur loss in the absence of insurance at the risk occurring.