INTRODUCTIONS1.1Background Of Study
Insurance is a very important part of personal financial planning. Because it is thequickest & easiest source of cash for family upon death & cover the any claim.Because those today lots of customers are join the insurance. So automaticallyincrease competition companies. When increases the competitors the originationsshould retaining their customer. They cannot do that haven’t their profit & they can’tachieve originations objectives.Insurance is “Basically a protection against a financial loss which can arise on thehappening of an unexpected event. Insurance companies collect premiums to providefor this protection. By paying a very small sum of money a person can safeguardhimself and his family financially from an unfortunate event.”Insurance only spread the financial loses of insurance members over the whole of remaining insured. Whole assets are not damaged thus insurance company act asmiddle man for such social cooperation.Life insurance policy affords protection to individual, widows and dependents to meetthe critical situation. Fire marine and miscellaneous polices help the development of trade, commerce and industry hence the importance of insurance from social andeconomic point of view is immense of economic growth.
Insured reduce the losses
It is means of savings
It is helpful in competition
Insurance helps in spreading education
It promote international trade
It accumulates large funds for nation
Insurance companies contribute an important part to the financial sector & wholeeconomy. In Badulla ceylinco insurance company provide service to the customers but continuously monthly premium payment decreased.