Risk Management: -
By definition risk management is managing the risks we can fore see or managing the risks that may come between our planning and execution. Many a times we don’t have sufficient funds to cover the risk which may come before we can reach our objective. To cover such uncertainty it is important to have insurance.
We are always associated to many risks in our day today life.
Examples of Risks associated: -
Health or medical expenses
Life Risk
Risk associated to our assets we have
Risk of Inflation
Everyone is associated with many risks few known and unknown to them.We should cover the risks if we can to save our wealth which we have created for some other purposes.This might look like a waste of money or few may say “Nothing can happen to me.” But this is just a myth.Value of risk management is equally important as a value of saving.