The principles of microinsurance are: (1) Risk-sharing and Pooling of Resources: The main principle of any micro-insurance scheme is that a group’s (community) resources are pooled to share risks (such as health, death, pension, accidents etc) in order to organise protection directly for … [Read more...] about The Principles of Microinsurance
What is Microinsurance?
Insurance is a kind of a financial service whereby clients pay a premium on regular basis in return for reimbursement at higher rate when a risk occurs. In principle, it is one of the risk management tools to counter the losses suffered from a crisis. It is a pool of resources developed by the … [Read more...] about What is Microinsurance?
Specific characteristics of the formal economy and informal economy
The formal economy: (1) has an organised system of employment with clear written rules of recruitment, agreement and job responsibilities. (2) has a standardised relationship between the employer and the employee is maintained through a formal contract. (3) the employee is expected to … [Read more...] about Specific characteristics of the formal economy and informal economy
What is the difference between formal economy and informal economy?
Mr. ABC gets a job at a software company. His letter of appointment is enclosed with a contract explaining his job responsibilities. He gets a fixed salary in addition to incentives based upon his qualifications and experience. He works in an organized environment where his colleagues enjoy similar … [Read more...] about What is the difference between formal economy and informal economy?
What is Informal Economy?
The term, “Informal Economy” was first used by Keith Hart (Informal Income Opportunities and Urban Employment in Ghana” in Journal of Modern African Studies) during the 1970s to describe the temporary economic strategies adopted by migrant workers in Ghana. Over time, various definitions have come … [Read more...] about What is Informal Economy?
