Let's Get To Know The Insurance

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Let's Get To Know The Insurance

A more appropriate understanding of the insurance (assurance) is the economic value of a person in case of unfortunate death, so that the left still can receive a certain amount of money in the insurance policy agreement, in which the money could be used as the cost of living by the testator.
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Insurance is a form of financial protection provided upon the soul, one's health against the risk of death, illness or accident, the insurance company based on the agreement between the insured and the policyholder as Life Insurance Company as an undertaking in accordance with the terms set forth in the policy.
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Insurance functions:

    Risk Transfer
    By paying a relatively small premium, a person or company can move the uncertainty of life (risk) to insurance companies
    Collection Fund
    Premiums received and collected by the insurance company as a fund to pay for the risk incurred.
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Advantages of Having a Life Insurance
Life insurance needs to be held with the aim to provide protection against financial loss caused by the uncertainty in the risk to human life or retirement plans are happy and prosperous.

Forms of Life Insurance Let's Get To Know The Insurance
Before determining life insurance that fits your needs, you should first know the form of life insurance itself.
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    Traditional Life Insurance
    Is a pure form of life insurance where the Beneficiary will receive the sum assured only if the insured dies during the insurance period, or after a certain period of time (the time period of insurance due).
    Unit Linked Life Insurance
    An individual policy that provides life insurance protection, coupled with an investment element using the unit price, which at any time the value varies according to the value of the investment assets.
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Definition of insurance pursuant to Article 246 Code of Commercial Law (Commercial code) of the Republic of Indonesia:
"Insurance or coverage is an agreement by which a guarantor is binding on the insured to receive a premium, to provide reimbursement to him for any loss, damage or loss of expected profit, which may be suffered because of an event that is not certain."

Based on these definitions, then the insurance contained four elements, namely:
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    Insured person (insured) who promises to pay the premiums to the insurer, at once or gradually.
    Insurer (insure) that promises to pay a sum of money (compensation) to the insured, all at once or gradually, when something happens that contain certain elements.
    An event (accident) that no terntentu (previously unknown).
    Interest (interest) which may be suffered losses because of certain events that do not.
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Definition and Principles of Risk
In everyday life we ​​often hear the term "risk". Various risks, such as the risk of fire, hit by another vehicle on the road, the risk of flooding in the rainy season and so on, may cause us to bear the loss if such risks are not we anticipated from the beginning. The next question is, what is the notion of "risk", especially in the insurance?

What is a "risk"?
Definition of "risk" insurance is uncertainty about the occurrence of an event that can cause economic losses.
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Any forms that risk?
Forms of risk include pure risk, speculative risk, particular risks and risk fundamentals.
Pure risk is the risk that as a result there are only two kinds: a loss or break even, for example, theft, accident or fire. Speculative risk is the risk that as a result there are three kinds: loss, profit or break even, for example gambling. Particular risk is the risk that comes from individuals and local impacts, for example, a plane crash, car crash and the ship ran aground. While the fundamental risk is the risk that is not derived from the individual and the impact area, for example, hurricanes, earthquakes and floods.

RISK MANAGEMENT
As an organization, companies generally have a goal in implementing risk management. The objectives include: reducing spending, prevent companies, individuals and families of failure, to increase profits, reduce the cost of production and so on.

What is "risk management"?
Risk management is the process of risk management that includes the identification, evaluation and control of risks that could threaten the survival of the business or activities of the company.
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What are the stages in risk management?
The steps taken by the company in implementing risk management is to first identify the risks that may be experienced by the company, after identifying it conducted an evaluation of each risk in terms of severity (risk value) and frequency. The last stage is a risk control. In the risk management phase is divided into two namely physical control (the risk is eliminated, minimized risk) and financial control (retained risk, the risk is transferred).

Eliminate risk means eliminating all possibility of such losses in driving in the wet season, limited to a maximum vehicle speed of 60 km / h. Minimize the risk carried by efforts to minimize such losses in production, the chances of a failed product can be reduced by quality control (quality control). Restrain themselves bear the risk means the whole or part of the risk, for example by setting up reserves in the company to face the losses that would occur (retention). While the transfer / transfer of risk can be done by moving losses / risks that may occur to other parties, eg insurance companies.

Insurance
Insurance is a form of risk control is done by way of transfer / transfer of risk from one party to the other party in this case is an insurance company.

What understanding of insurance?
According to article 246 Commercial code or insurance coverage is an agreement by which one is binding to an insured, to receive a premium, for reimbursement to him for damage to or loss of expected benefits that may be suffered as a result of uncertain events.

Understanding the other insurance is a transfer of risk from the first party to the other party. In the transfer is controlled by the rules of law and the enactment of the principles and teachings universally adopted by the first party and the other party.
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The economics of insurance means a fundraiser that can be used to cover or provide compensation to those who suffered losses.

What are the benefits of insurance?
In addition as a form of risk control (financially), insurers also have a variety of benefits which are classified into: the main function, secondary functions and additional functions.

The primary function of insurance is risk transfer, fundraising and balanced premium. Insurance secondary function is to stimulate business growth, prevent loss, damage control, and social benefits as savings. While insurance is an additional function as investment funds and invisible earnings.

Are all risks can be insured?
Not all risks can be insured. The risks can be insured are: risk can be measured by money, homogeneous risk (the risk of the same and pretty much guaranteed by insurance), pure risk (the risk is not profitable), particular risk (the risk of individual sources), the risk that occur suddenly (accidental), insurable interest (the insured has an interest in the object insured) and risks that are not contrary to law.
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Basic Principles of Insurance
In the insurance world there are six basic principles that must be met, namely the insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution.

Insurable interest
Right to insure arising from a financial relationship between the insured and the insured with legally recognized.

Utmost good faith
An action to disclose accurately and completely, all facts material (material fact) about something that would be insured, whether requested or not. The meaning is: the insurer must honestly explain clearly everything about the extent of the terms / conditions of the insurer and the insured must provide a clear and correct for objects or interest insured.

Proximate cause
is an active cause, efficient cause that chain of events that lead to a result without the intervention of the start and actively from new and independent sources.

Indemnity
A mechanism by which the insurer to provide financial compensation to place the insured in a financial position that he had prior to the loss (Commercial code article 252, 253 and confirmed in article 278).
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Subrogation
The transfer of rights required of the insured to the insurer after a claim has been paid.

Contribution
While is the right person to invite another person equally bear, but it does not have the same obligations to the insured to help provide indemnity.


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