Essential Insurance Coverage and Chamber of Commerce Roles

Understanding Key Insurance Types and Business Support

Essential Insurance Coverage

Insurance provides crucial financial protection against various risks. Key types of personal insurance include:

Life Insurance

In life insurance, the life of the person is insured. The insured must pay a certain fee as a premium, which depends upon the age of the insured. In case of death, the payment of the premium is stopped, and the legal heirs or the nominated person by the insured receive the amount insured.

Accident Insurance

Losses arising out of accidents are covered under personal accident insurance. Accidental loss includes death, severe injury, partial, or total disablement.

Property Insurance

Loss arising out of damage to personal property is covered under personal property insurance. Personal property includes houses, flats, and buildings. The risks involved in such personal properties are:

• Theft
• Fire
• Snatching or robbery (at gunpoint)
• Damage due to certain accidents

Functions of the Chamber of Commerce

The Chamber of Commerce plays a vital role in supporting and representing the business community. Its primary functions include:

• Providing technical assistance and support.
• Safeguarding the interests of its members.
• Preparing a code of business ethics.
• Providing valuable information.
• Acting as a mediator in solving business disputes.
• Representing the problems and issues of the business community to the government.
• Advising its members in legal matters and providing services of legal experts.
• Creating business contacts and fostering cooperation among its members.
• Bringing about harmony and reconciliation among its members.
• Helping the government incorporate the business community's point of view in the preparation of the Federal Budget.
• Assisting businessmen and traders in obtaining business visas.