For This Time I will Tell you The Meaning of Insurance in my Opinion ( Kar Komalasari :D )
Insurance is :
A mechanism of transfer of risk from the insured (customer) to the underwriter (the insurance company)
With a precise amount of premium the insured free of uncertainties loss which may be suffered
Another definition of insurance is degree agreement between the underwriter ( nondepository financial organisation ) with a coated ( insurance participants ) to receive compensation premiums
from the position of a business entity , insurance can be a prepare that involves the incorporation of a bunch of people to maneuver the possibility that belongs to each
From the social purpose of browse : Insurance can be a social tool for the buildup of funds in achieving unsure losses by transferring risk to parents asuradur
Another which implies of the insurance / underwriting is :
An agreement where somebody binds himself the insured to receive a premium for compensation to him for any loss, injury or loss of expected edges which can be suffered as a result of a selected event
conclusion ,
Insurance is :
Agreement between a pair of or lots of parties by that the parties move penangggung the insured to receive the payment to provide compensation to the insured for loss , injury or loss of expected edges or legal liability to third parties which may be suffered by the insured arising out of an occasion that is unsure or to provide a payment supported the death or life of degree somebody
Elements among the insurance
The insured (insured)
is a party that secure to pay the money to the underwriter
The underwriter (insurer)
is a party that secure to pay if events happen on the third element
An event (accident)
An event is not basically aiming to happen (evenement)
Interest (interest
Insured is :
Or a private person or legal entity that features a financial interest among the merchandise / property insured thus he has the proper to urge insurance protection
Insurers unit of measurement :
Insurance firms indemnify the insured for the losses suffered in accordance with the policy issued
Insurance functions
1.Economy
Reduce the uncertainty of the results of labor done by somebody or company thus on fulfill the wants or bring home the bacon goals
2.Law
Moving the risks of degree activity to a special party
3.Trade system
Divide the risks to any or all program participants
4.Social
Bear losses on between insurance program participants
MAIN PERFORME OF INSURANCE
Insured financial position back to the time before there is a loss / loss
BENEFITS OF INSURANCE
Sense of security and protection
Distribution of costs and edges lots of equitable
Policy is employed as loan collateral
As savings and gain sources
Risk-spreading tool
Help increase endeavour
BENEFITS INSURANCE SERVICES GET
Reduce the possibility of uncertainty
Certainty of the existence of insurance protection
Reduce the financial burden as a result of the losses
Obtain the input of information and recommendation on the thanks to cut back / minimize the possibility
Ensure peace for making an attempt / operative .
Profits for the insurance firms come back from :
Premiums received
Equity investments in several firms
Interest gain from investment securities
Difference in insurance premiums to insurance
Differences Insurance and Savings
1 . INSURANCE
- the amount of money that will be received is decided solely by the shopper once the agreement was created
- there is a element of compulsion to pay premiums on associate degree everyday basis
- the amount of premium to be paid is determined in line with the calculation
- there is a element of financial protection , that guarantees positive money received beneath the agreement
- once the insured dies amount of money received , although exclusively paying atiny low premium
Characteristically collective -
2.SAVINGS
- the amount of money that is received depends on the temperament of savers
- there is no element of compulsion
( voluntary )
- bundle saved whenever savings are not constantly mounted
- there is no protection against the possibility perform
- the amount of money received depends on the amount of deposits and interest
Characteristically individual and free -
Equation Insurance and Speculation
- Purpose contracts alike to transfer risk
- they're doing not contain elements of gambling , as a results of it does not produce a risk of a replacement
Differences Insurance and Speculation
1.INSURANCE
- Contract approval is underwriting
- Risk is handled can be a loss which can arise
- human activity may be a ton of favorable insurance so on cut back the possibility
2.SPECULASION
- Contract approval is promoting
- Risk is that the chance that worth changes unit of measurement handled
- Risk is not reduced , merely move to others that they're going to be able to bear the possibility .
Things that will be insured
- Soul , property , rights and interests
- one factor that will be insured
- it is a legal relationship with the item
Terms of insured risk
-Loss and stunning
Losses need to be measured / confirmed time and place and unit of measurement robust to estimate incidence
-Reasonable
Insured value comfy material
-catastrophic
Risks mustn't cause large losses
-homogeneous
Insured property is not distinctive but several comparable things or similar
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