This subject is of much practical significance to all persons engaged in any form in insurance as a career. It reminds me of a quote from Alfred Adler. In the rough and tumble of our workday world we should never lose sight of our goal to achieve a worthwhile and soul satisfying life. Insurance career has the potential to provide it for you. The very raison d'etre of insurance industry is to compensate the sufferer.
Insurance comes into play only after there is some loss, sustained by somebody or some firm.
It is a remedy. It seeks to restore the original position fully, or partly to the extent it can within the bounds of insurance contract entered into with the client. The contribution insurance makes to the society is to lift the scene from a negative station to which it has been depressed by the risk undertaken to be protected having materialized and brings it back to par. By using funds the insurance has gathered and nurtured, out of insurance premium collected as fee for insurance service offered, he can and does help lift the economy, the Adam Smith way. Of course, the total resources required by economy are much too large in comparison with financial assets provided by insurance industry.