Updated on January 12, 2024 – Azadi Times

Insurance, often discussed as a protective shield against financial uncertainties, goes beyond the simple act of paying to mitigate potential losses. In this comprehensive guide, we aim to unravel the intricacies of insurance, shedding light on its fundamental principles, the need for different types, and the underlying dynamics of insurance contracts.

What is Insurance?
At its core, insurance is a sophisticated form of risk management. In technical terms, it involves the insured entity transferring the potential loss to another entity in return for a monetary compensation, known as a premium.

This payment is akin to a proactive investment, a safeguard against unforeseen financial downturns. In simpler terms, it’s like paying a lump sum to an institution to shield oneself against potential future losses. When adversity strikes, the insurer steps in, providing the necessary financial support.

Why Do We Need Insurance?
The fundamental question echoing in everyone’s mind is: do I really need protection? Life, as we all know, is replete with surprises – both good and bad. To navigate through the uncertainties, preparedness becomes crucial.

Also: Read: Bank of Azad Jammu and Kashmir, remittances crossed the highest level of 6 billion

Insurance offers a safety net, a means to feel secure and calm amidst life’s unpredictabilities. Whether facing a serious illness, the wrath of a natural disaster, or the unexpected loss of a loved one, being properly insured can provide invaluable financial support. It acts as a financial cushion, ensuring stability during turbulent times.

Types of Insurance

1. Life Insurance:
   Originally designed for family security, life insurance has evolved into a multifaceted tool, encompassing wealth protection and tax planning. The need for life cover is calculated based on factors like the number of dependents, current savings, and financial goals.
2. General Insurance:
   This broad category covers anything other than life insurance, addressing various aspects of life based on individual needs:

• Health Insurance: Covers medical and surgical expenses, often providing cashless facilities in registered hospitals.
• Motor Insurance: Safeguards against damages and liabilities associated with vehicles, offering protection against third-party liabilities as defined by law.
• Travel Insurance: Protects against emergencies or damages during journeys, covering unforeseen medical emergencies or loss of belongings.
• Home Insurance: Safeguards home contents against natural and man-made calamities.
• Marine Insurance: Protects goods, cargo, etc., from potential loss or damage during transit.

The Principle of Insurance: Risk Pooling
At the heart of the insurance concept lies the principle of ‘risk pooling.’ This involves a large number of people willingly paying premiums to be insured against a particular loss or damage.

The insurance pool, as this group of people can be termed, allows companies to collect funds at regular intervals. This way, they can settle claims if and when the need arises. The most common example of risk pooling is auto insurance, where many pay for the possibility of loss, even if only a few end up making claims.

Understanding Insurance Contracts
An insurance policy is a unique agreement, a contract of ‘utmost good faith,’ between the insurer and the insured. This implies an unspoken but crucial understanding that goes beyond formal contracts. It necessitates full disclosure and honesty.

The duty of ‘good faith’ is reciprocal – the insurer must uphold it toward the client, and vice versa. Failure to comply with this duty can result in claim rejection or legal consequences.

In essence, when an individual purchases an insurance policy, they pay a fixed amount as the policy premium. If and when a claim is made, the insurer covers the losses outlined in the policy. The process involves evaluating the risk to be insured, known as underwriting, where companies use risk data to calculate the probability of the event for which insurance is sought. Generally, the higher the likelihood, the higher the policy premium.

Different policies may have varying terms and conditions, but three fundamental principles remain consistent across all types:

1. The cover provided for a property or item is for its actual value and does not consider any sentimental value.
2. The probability of a claim must be spread across all policyholders to enable insurers to calculate the risk probability and set the premium.
3. Damages must not be intentional.

This comprehensive overview aims to demystify insurance, providing a roadmap for understanding its intricacies.

In an ever-changing world, insurance stands as a crucial tool for mitigating financial risks and providing a sense of security. By comprehending the various types and the principles underpinning insurance contracts, individuals can make informed decisions, tailoring their coverage to specific needs. Stay informed, stay covered.

GILGIT: In a recent turn of events, Gilgit-Baltistan’s rising youth TikTok sensation, Asif Kashi, has found himself at the center of a media storm.

The controversy revolves around his latest song, a modern collaboration with a female artist, breaking new ground in the region’s musical history.

The song, which features Asif Kashi alongside a female counterpart, has not only captured attention for its catchy beats but has also ignited a debate on social media in Gilgit-Baltistan and AJK.

Critics argue that the song delves into aspects of society and culture, raising concerns about the potential impact on the region’s identity.

As the controversy unfolds, social media platforms have become a battleground, with a faction of users targeting Asif Kashi for allegedly compromising cultural values. On the flip side, many supporters applaud his talent and artistic expression, emphasizing the importance of embracing diversity in modern artistic endeavors.

While a facebook media user post “young people in Gilgit-Baltistan face issues in everything beyond political compulsion. Before creating a stir over Asif Kashi’s song, consider your own identity. Appreciate your artists; the threat to your culture comes not from within but from external influences.”

Asif Kashi’s latest song, seen by some as a groundbreaking collaboration and by others as a potential threat to cultural norms, highlights the nuanced challenges faced by artists navigating the delicate balance between innovation and preserving cultural heritage in regions like Gilgit-Baltistan.

The ongoing discussion raises questions about the evolving dynamics of identity and expression in the age of social media and digital artistry.

Hattian Bala (Azadi Times): The case gained attention when it was reported to local authorities, leading to a gathering of concerned individuals to address the issue.

Alongside the judicial process, a statement surfaced from the Daman community supporting the decision, bearing multiple signatures, including those of unnamed dignitaries.

Rather than immediate arrest, the police reportedly allowed the accused to remain at large, providing an opportunity for escape. Journalists in the Jehlum Valley brought the case to light, spotlighting alleged perpetrators, including former President of the District Press Club, Ijaz Ahmad Mir, and former Secretary General Mubarak Hussain Awan.

Despite facing pressure and accusations, the Hattian Bala Press Club held its ground, persistently working to secure justice for the victim. After an extensive investigation, Chaudhry Muhammad Shafi was eventually arrested. The case was filed under Section 377A PPC, and the accused was apprehended in September 2023, 25 days after the incident.

In a recent announcement, Session Judge Jehlum Valley, Syed Wasim Ahmed Gilani, declared Chaudhry Muhammad Shafi guilty under Section 377A PPC, imposing the death penalty (pending confirmation by the Honourable High Court).

Additionally, Shafi is required to pay a fine of twenty lakh rupees, with non-payment resulting in the forfeiture of the convict’s immovable property as per the law.

In response to the court’s decision, lawyers Chaudhry Fawad ul Hassan and Advocate Raja Abdul Rauf Khan, along with social activists Faisal Mahmood and Muhammad Bashir Awan, expressed satisfaction. The public, too, has welcomed the verdict, seeing it as a significant stride toward justice.

This ruling signifies a pivotal moment in the quest for justice for survivors of sexual violence, underscoring the commitment of the judiciary and the community to ensuring severe consequences for perpetrators of such crimes.

Hattian Bala: In a heartening display of solidarity and swift action, Dr. Tahir Rahim Mughal, the District Health Officer, and the dedicated staff of the Jehlum Health Department have set a remarkable precedent for humanity.

The evening of December 30 witnessed a personal tragedy at the residence of Mr. Syed Zulfiqar Haider Kazmi, where a short circuit resulted in his home turning into ashes.

As soon as the news reached District Health Officer Dr. Tahir Rahim Mughal, he promptly mobilized the employees across the district to extend support to Mr. Syed Zulfiqar Haider Kazmi and his family during this challenging time.

In a compassionate effort, essential items, including food and necessary provisions, along with bedding to endure the severe cold, were swiftly delivered to their home.

During the visit, District Health Officer Dr. Tahir Rahim Mughal expressed his sympathy and conducted a thorough examination to ensure the well-being of the affected family.

He conveyed a message of unity, stating, “We stand with you in your time of distress, and you are not alone in facing this difficult hour.”

This act of kindness and rapid response exemplifies the commitment of the Jehlum Health Department to the welfare of the community, showcasing that compassion and collective effort can make a significant difference in times of adversity.

Muzaffarabad: – Under the auspices of the Azad Kashmir and Gilgit-Baltistan Business Forum, a special session was organized in Islamabad to propose recommendations for economic and business revival and practical wisdom for the future.

The session was attended by professors from various universities specializing in economics and finance, representatives of trade organizations, elected municipal representatives, and individuals from the social sector. The seminar featured prominent figures such as Dr. Mushtaq Khan, leader of the Islamic Jamiat Azad Kashmir and Gilgit-Baltistan; Dr. Dansh, an eminent economic expert; and Kashif Chaudhry, President of the Traders Association of Pakistan, along with Aqeel Khurshid, the co-founder of “Neytal.”

The President of the Business Forum Azad Kashmir and Gilgit-Baltistan, Imran Aziz, inaugurated the session and outlined its objectives and purposes. He emphasized the role of the Business Forum in promoting business activities and connecting local business individuals with business entities from other countries to enhance business relationships.

Imran Aziz stated that Kashmir, including Pakistan, holds significant economic commitments worldwide. The region is not only crucial for important alliances but also possesses major brands. Due to the lack of mutual relations, we cannot benefit from each other. The focus of today’s brief session is aligned with this narrative.

He expressed gratitude for the presence of Dr. Dansh Khan, who holds expertise in economics and politics, having obtained a higher education from Manchester University and is currently engaged in teaching at an American university.

Participants in the special session discussed economic conditions in the Poonch division, proposing initiatives for investment in various sectors such as economic situations, tourism, and other areas. They emphasized the need to improve the standard of living for ordinary people by fostering economic activities under conducive conditions, ethical practices, and better practical wisdom.

Participants also raised concerns about the lack of interest and inappropriate attitudes of government agencies towards improving infrastructure and not taking charge of supervising business institutions at the governmental level.

They stressed that tackling future challenges requires well-planned projects, prioritizing the improvement of domestic industry units and providing more employment opportunities in the private sector. It was suggested to determine the right direction and redirect the younger generation towards entrepreneurship instead of seeking jobs.

Dr. Dansh Khan highlighted the significant role of the government in the capitalist economy, emphasizing that investors invest where they get more benefits. He explained that unfortunate circumstances have prevented any government-level work in Azad Kashmir, which was urgently needed. He urged the state to take the lead, addressing fundamental issues that require attention.

Dr. Mushtaq Ahmad Khan, addressing the session, emphasized the potential positive impact of diverse sessions involving various classes on improving the quality of life for ordinary people. He specifically mentioned the health and education projects of the Islamic Jamiat, illustrating how they benefit the common man.

The participants included Dr. Sameena Sabir, Director of the Institute of Economics, University of Azad Kashmir Muzaffarabad; Dr. Abdul Rauf, Director of BISE University of Azad Kashmir Muzaffarabad; Professor Waseem Ali, Director of FMS Namal University; Abid Sadiq, Chief Editor of Kashmir Dharti newspaper; Waseem Khurshid, General Secretary of the Traders Association of Azad Kashmir; Amir Khurshid, Municipal Corporation Counselor Rawalakot; Javed Arif Abbasi, Vice President of the Business Forum Azad Kashmir and Gilgit-Baltistan; Professor Mariam Ijaz, University of Poonch; Atif Kiani, Wasif Khan, Wajid Iqbal, Asif Hanif, Abdullah Imran, and Muhammad Shakil.

This collaborative effort aims to address the economic challenges faced by the Poonch division and formulate strategies for sustainable growth and prosperity.

The participants urged the government to play a more proactive role in promoting business and ensuring equitable distribution of resources to enhance the overall economic landscape. The importance of private sector initiatives, job creation, and youth entrepreneurship was also highlighted during the discussions.

Overall, the session provided a platform for constructive dialogue and collaboration among various stakeholders to pave the way for economic development in the region.

Muzaffarabd: In a devastating incident near Garhi Dupatta, close to the Bedian area, a bus traveling from Muzaffarabad to Chakothi plunged into the Jhelum River.

The accident occurred in the vicinity of Bhediara in Chakothi, resulting in the loss of two lives, including the driver, Raja Tariq Sakanra, and passenger Hameed Akram from Kona, Channari.

Details reveal that the coaster bus, en route from Muzaffarabad to Chakothi, met with the tragic accident near Bedian while heading towards Gudhi Dupatta. The bus, carrying five individuals, including driver Raja Tariq Sakanra and passenger Hameed Akram from Kona, Channari, veered off the road and plunged into the Jhelum River.

The mishap resulted in the unfortunate demise of two individuals, Raja Tariq Sakanra and Hameed Akram, while two others sustained severe injuries. The injured have been promptly transferred to Muzaffarabad Hospital by Rescue 1122.

This tragic incident serves as a stark reminder of the importance of road safety and the need for heightened caution, especially on routes prone to such accidents.

Authorities are investigating the circumstances surrounding the accident to ensure a comprehensive understanding and take necessary steps to prevent similar incidents in the future.

Muzaffarabad, (Azadi Times) – The Azad Jammu and Kashmir Youth Summit 2023 is set to take place in Muzaffarabad on November 27, during which the Youth Policy will be announced.

Recognizing the invaluable asset that the youth represent for any state, experts and representatives from various organizations, including UNFP, will participate in the summit.

Media is expected to provide extensive coverage of this significant event. Speaking at a press conference, Secretary Youth, Culture, and Sports, Madhat Shahzad, and Director-General Tourism, Chaudhry Mehrban, highlighted the importance of investing in the better education and guidance of the youth.

They emphasized the participation of experts in the summit, including four sessions where the opinions of the youth will be considered to formulate the policy.

The experts at the summit will provide guidance to the youth in the best possible manner. They acknowledged that unemployment is the biggest challenge in the state and stressed the need for the youth to shift towards educational and skill-building initiatives.

Skill empowerment is crucial at the national and international levels. The officials emphasized the need to create policies that focus on skill development and provide capital.

Furthermore, they mentioned the availability of excellent opportunities in various fields, such as IT, tourism, and hydropower, in the state. The media was recognized as a crucial partner in ensuring comprehensive coverage of the summit.

In attendance at the press conference were Sardar Liaqat Ali, Director Youth and Culture, Muhammad Bashir Marza, Director Information, and Rabia Naqvi, Deputy Secretary Sports.

The Youth Summit is expected to pave the way for strategic policies that address the challenges faced by the youth and create opportunities for their growth and development.

The final match of Cafe Kashmir League Season One took place on Thursday at Khilana Kundra, featuring a fierce competition between the teams of Atterla Khlana Khurd and Sadat Chakothi.

Following an intense battle, the Chakothi team emerged victorious, defeating Atterla Khlana Khurd and clinching the Keife Kashmir League trophy along with a cash prize of fifty thousand rupees.

Twelve teams participated in the tournament, narrowing down to four teams in the semi-finals. In the final showdown between Sadat Chakothi and Atterla Khlana Khurd, Sadat Chakothi won the toss and decided to bat. Setting a target of 118 runs in eight overs, they managed to restrict their opponents to 42 runs, securing a victory.

The final match was attended by special guests, including District Health Officer Dr. Taher Rahim Mughal and the league’s sponsor, MD Keife Kashmir, Chaudhry Tariq Sagar’s daughter, Parsa Tariq. The closing ceremony also saw the presence of District Press Club Secretary Mubarak Hussain Awan, Vice President Muhammad Zahid Awan, and Kashmir News Digital team.

Notably, the Chairman of the Union Council Khilana, Raja Ayub, Chaudhry Khadim, and Muhammad Tariq Abbasi were present during the tournament’s final match.

Scores of cricket enthusiasts witnessed the event, and during the closing ceremony, District Health Officer Dr. Taher Rahim Mughal commended the committee members for organizing such a beautiful sports event.

He praised the positive message conveyed beyond the boundary, expressing love for Pakistan’s armed forces. Dr. Taher Rahim Mughal presented a cash award of ten thousand rupees to the league committee. Additionally, Chaudhry Tariq Sagar offered a cash prize of fifty thousand rupees to the winning team and ten thousand rupees to the runner-up team.

Chaudhry Tariq Sagar, the sponsor of Keife Kashmir League, was also present at the tournament’s conclusion. Dr. Taher Rahim Mughal and Chaudhry Tariq Sagar’s daughter, Parsa Tariq, awarded the trophy to the captain of the winning team, Hammad Ali. Parsa Tariq expressed her gratitude to all the players, organizers, and teams for their excellent display of sportsmanship.

She conveyed best wishes for the health and well-being of her father, Chaudhry Tariq Sagar. In her closing remarks, she hoped for the continuation of the Keife Kashmir League in the coming years, making it an annual event that brings joy and excitement to the community.