The answer for this question is,Yes it is necessary to do that because they could each have a unique job with a unique set of perks. It is important to follow the guidelines positively so that everyone gets equal and good opportunities to everyone so that everyone could get benefits.
What is Insurance?
An organisation that offers Insurance is referred to as an underwriter, insurer, insurance business, or insurance carrier.
A person or company that purchases Insurance is referred to as a policyholder, while someone or anything that is protected by the policy is referred to as an insured.
Despite the fact that the terms policyholder and insured are usually used synonymously, they are not necessarily the same since, occasionally, additional insureds who did not purchase the Insurance may be protected.
In exchange for the insurer's pledge to reimburse the insured in the case of a covered loss, the policyholder accepts a predictable, limited, and guaranteed loss in the form of premium payment to the insurer. The loss may or may not be quantifiable in dollars, but it must be.
So with this we can conclude that in exchange for a certain premium, a corporation or the government agrees to give a guarantee of reimbursement for specified loss, damage, disease, or death which is again known as Insurance.
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