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What is insurance and risk.

What is Insurance? 

Insurance is a Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s). Under an insurance contract, a party (the insurer) indemnifies the other party (the insured) against a specified amount of loss, occurring from specified event within a policy period, provided a fee called premium is paid. In general insurance, compensation is normally proportionate to the loss incurred, whereas in life insurance usually a fixed sum is paid. Some types of insurance (Auto, home) are an essential component of risk management, and are mandatory in several country.

This system that enables a person, family or business to transfer the costs of losses to an insurance company. The insurance company , in turn, pays for covered losses and, in effect, distributes the costs of losses amongst all insured’s. Thus insurance is a system of both transferring and sharing the costs of losses.

This is contract of two partied the insured and the insurer.

What is Risk?

·       Risk is the uncertainty about the future.

·       Possibility of a loss.

If there is no possibility of loss, then there is no risk. Likewise, if loss is a certainty, then again, there is no risk.

Types of Risks

·       Pure Risk 

·       Speculative Risk

What is Aadhar Virtual ID?

What is Aadhar Virtual ID?

According to a circular issued by the Unique Identification Authority of India the Virtual ID, which would be a random 16-digit number, together with biometrics of the user would give limited details like name, address and photograph, which are enough for any verification. Once you have generated a Virtual ID, you can provide that 16-digit number, instead of your Aadhaar number, to any agency seeking to use Aadhaar to authenticate you.
From March 1, we will have to generate a Virtual ID and will have to use that instead of Aadhaar for any sort of authentication.

 How does it work?

Virtual ID will be mapped with the Aadhaarnumber, but is otherwise a random-generated number just like the Unique ID. This means that someone who only has access to your Virtual ID should not be able to use that to derive your Aadhaar number. Last digit of the VID is the checksum using 'Verhoeff' algorithm as in Aadhaar number. There will be only one active and valid VID for an Aadhaar number at any given time," the UIDAI said in a statement. Verhoeffalgorithm is a checksum formula for error detection developed by the Dutch mathematician Jacobus Verhoeff.

When you give your Virtual ID to an authentication agency, they will enter it into the system and then receive a UID token that authenticates it, and provides a limited set of demographic details. Simply, these agencies will now be able to authenticate you without ever actually seeing your Aadhaar number.

UIDAI will provide various options to Aadhaar number holders to generate their VID, retrieve their VID in case they forget, and replace their VID with a new number.