An insurance company collects premium from clients
and in return provide financial protection to the assets
or life of the client.
For example, Joe pays a health insurance premium of
$3000 every year. If he gets terminally ill, the insurance
company will pay him a lump sum of $200,000 to cover
his medical bills.
Reflection:
Economics is definitely a fun and really applicable subject for me in the future. Although Economics was quite a burden for me in the beginning, I learnt to be discipline as in able to put theories into practises and understand ethical issues in the context of study.
Lifelong learning: I have learnt to learn independently, with only Mr Joe and his slide's help.
Being in a group for assignments also helped me understand team dynamics and mobilise the power of teams.
