th role of insurance in society

insurance protects us all against unforeseen events that could cause financial hardship. The protection insurance provides allows us to • purchase cars; • purchase homes and businesses; and • safeguard our families' financial futures. Overall, insurance is what helps us have peace of mind in an uncertain world. After completing this chapter, you will be able to • trace the history of insurance from its origin in China to current times; • define insurance; • list and recognize the benefits of insurance; and • distinguish between the costs and benefits of insurance to society.