INSURANCE is one form of risk control is done by way of transfer / transfer of risk from one party to another party in this case is an insurance company.
What is the meaning of Insurance? According to article 246 Commercial code that "Insurance is an agreement by which an insurer is binding to an insured, to receive a premium, for reimbursem*nt to him for any damage or loss of expected benefits that may be experienced as an event that is not necessarily" . Understanding other insurance is a transfer of risk from the first party to another party. In the devolution governed by rules of law and enactment of the principles and teachings which are universally adopted by the first or the other party. In terms of economics, insurance means a collection of funds that can be used to cover or compensate people who suffered losses.
What are the benefits of insurance? Besides as a form of risk control (financially), the insurance also has a variety of benefits that are classified into: the main function, the function of secondary and additional functions. The primary function of insurance is a transfer of risk, premium collection and a balanced fund. Insurance secondary function is to stimulate business growth, prevent loss, damage control, have social benefits and the savings. While insurance is an additional function as an investment fund and invisible earnings.
What is the definition of risk? According to article 246 Commercial code that "Insurance is an agreement by which an insurer is binding to an insured, to receive a premium, for reimbursem*nt to him for any damage or loss of expected benefits that may be experienced as an event that is not necessarily" . Understanding other insurance is a transfer of risk from the first party to another party. In the devolution governed by rules of law and enactment of the principles and teachings which are universally adopted by the first or the other party. In terms of economics, insurance means a collection of funds that can be used to cover or compensate people who suffered losses.
What is Risk? Definition of 'risk' in insurance is the "uncertainty of the occurrence of an event that can cause economic losses".
What are the forms that risk? Other forms of risk among other pure risk, speculative risk, the particular risk and fundamental risk. Pure risk is the risk that consequently there are only two kinds: loss or break even, for example, theft, accident or fire. Speculative risk is the risk that consequently there are three kinds: loss, gain or break even, for example, gambling. Particular risk is the risk that comes from individuals and local impacts, such as plane crashes, 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, such as hurricanes, earthquakes and floods.
Are all risks can be insured? Not all risks can be insured. Risks can be insured is: risk which can be measured by money, the risk of hom*ogeneous (the same risks and are pretty much guaranteed by insurance), a pure risk (the risk is not profitable), particular risk (the risk of individual sources), risk occur suddenly (accidental), insurable interest (the insured has an interest in the objects insured) and the risks that are not contrary to law.
In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution.
In insurance, there are 7 basic principles that should be upheld, ie Insurable interest, Utmost good faith, proximate cause, indemnity, subrogation, contribution and loss of minimization.
Utmost good faith, or “uberrima fides” in Latin, is the primary principle of insurance. In fact, many would argue that utmost good faith is the most important insurance principle. Essentially, this principle states that both parties involved in an insurance contract should act in good faith towards one another.
Insurance is a legal agreement between two parties – the insurer and the insured, also known as insurance coverage or insurance policy. The insurer provides financial coverage for the losses of the insured that s/he may bear under certain circ*mstances.
Insurance is a contract between the insurer and the insured, where the insurer agrees to compensate the insured in case of a loss or damage. The fundamental principles of insurance are: Utmost good faith. Insurable interest.
The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.
Insurance is a helping device of bearing the burden of risk of a person on the backs of many. All the policyholders help the premium out of which the person who suffers a loss is financed or is paid up, insurance is an instrument to share the monetary loss of a group of people among many other groups.
A Principal in insurance usually represents a company (i.e. a insured) that has purchased the insurance of their own property at a lower price than they would have paid to an agent. One of the main advantages of purchasing insurance from a principal is the possibility of early cancellation.
What is the principle of subrogation in insurance? The principle of subrogation in insurance enables the insurer to take over the policyholder's legal right to recover damages. In other words, the insurance company has the right to pursue any third-party liable for the damages that it has paid out to the policyholder.
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