As one of the non-bank financial institutions, insurance is known as a fairly good investment alternative and minimizes the risk of unexpected events.
The Financial Services Authority is an agreement between the insurance service provider as an insurer and the person holding the policy and known as the insured who is required to pay a certain amount of premiums in order to provide reimbursement for the risk of loss, damage, death, and loss of expected profits, which may occur in unexpected events. let's find out the types of insurance in this article
Principle In Insurance
The term describes any action taken to protect against the threat of risk. The policyholder has an obligation to pay a sum of money called a premium to the insurance company which in turn agrees to provide compensation and protection against future losses that may befall the policyholder of the insurance company.
When the policyholder or insurance participant or insured suffers a disaster and gets losses or damages listed in the contract, the insured has the right to file an insurance claim. The recipient of this insurance is not only the insured whose name is listed as a policyholder of the insurance company but also can be someone else who is directly appointed by the insured.
Insurance itself is known in various types or types and is grouped according to focus and risk. This focus and risk determines the measure of uniformity in the risks borne according to the type of policy. This will be used by insurance companies to anticipate potential losses as well as set the premium rate offered according to their respective types of insurance.
The Types of The Insurance
Death Insurance
This type of insurance is known to provide financial benefits to the insured for his death. Payment systems for this type of life insurance also vary. There are insurance companies that provide after-death payments and others can allow the insured to claim funds before his death.
Life insurance can be purchased for self-interest and on behalf of the insured only or purchased for the benefit of a third person. Even life insurance is also known to be purchased on the lives of others. As an illustration, suppose a husband can buy life insurance that will provide benefits to him after the death of his wife. Parents can also insure themselves against the death of the child.
Health Insurance
This type of insurance is also quite well known by the people of Indonesia. Health insurance is an insurance product that handles the health problems of the insured due to an illness and covers the cost of the treatment process.
Generally, the cause of insured pain whose costs can be borne by the insurance company is injury, disability, illness, to death by accident. Health insurance is also known to be purchased for the benefit of the insured only or the interests of third people.
Vehicle Insurance
The most popular vehicle insurance in Indonesia is a type of car insurance that focuses on the dependents of injury to others or against damage to other people's vehicles caused by the insured. This insurance can also pay for the loss or damage of the insured motor vehicle. Vehicle insurance is one of the general insurance products.
Home and Property Ownership Insurance
As an asset that is considered quite valuable, usually homeowners will protect themselves and their assets that can be in the form of a house or personal property with home ownership and property insurance.
This insurance provides protection against loss or damage that may occur in certain personal belongings of the insured. This insurance also protects and provides relief when the home or property of the other insured experiences a disaster such as a fire
Education Insurance
This is the most popular insurance and a favorite of policyholders. Education insurance is the best alternative and the solution guarantees a better life, especially in the educational assets of children. The cost of premiums that must be paid by the insured to insurance companies varies according to the level of education that you want to get later.
Understanding the importance of the use of education insurance for children is now something that concerns parents.
The high cost of education and other conditions that worsen the economy such as the weakening of our currency against the U.S. dollar affect the cost of children's education later. Realizing that this will obviously burden parents, then not infrequently parents now choose to have education insurance.
Business Insurance
This insurance is a protection service against damage, loss, or loss in large amounts that may occur in a person's business. This insurance provides reimbursement from damage caused by fires, explosions, earthquakes, lightning, floods, hurricanes, rain, collisions, to riots.
Insurance companies usually offer a wide range of benefits from business insurance such as protection of employees as business assets, investment and business protection, comprehensive life insurance for all employees, to health insurance coverage packages for employees.
General Insurance
General insurance is the protection against the risk of loss or loss of legal benefits and responsibilities to third parties. This general insurance guarantee is short-term (usually about a year). General insurance can be classified into several types, including:Social Insurance (Social Security)
This type of insurance is an insurance that must be owned by everyone or residents with the aim that everyone has an old age guarantee. Premium payments are made by force, one example by cutting someone's salary every month.
Voluntary Insurance
This insurance is run voluntarily. This type of voluntary insurance can still be divided into 2 classifications, namely Government Insurance and Commercial Insurance.
Government insurance is insurance run by the government, while commercial insurance is insurance intended to provide protection to a person or family and company from risks that may arise due to unexpected events.
Credit insurance is protection against the risk of the failure of debtors to pay off credit facilities or cash loans such as working capital, trading credit, and others. It is closely related to banking services, especially in the field of credit. Credit is a loan in the form of money provided by banks and financial institutions as lenders to their customers.
This credit insurance aims to protect banks or other financial institutions from the possibility of not regaining credit lent to customers and help provide briefing and credit security. Credit insurance managers in Indonesia are entrusted by the government to
Marine Insurance
This type of insurance is specifically in the field of marine whose function is to ensure the carrier and cargo owner. The risks that may occur so that the formation of this insurance is cargo damage, ship damage, and passenger injuries. Marine insurance or naval insurance is a risk transfer both for yourself and your luggage who uses sea freight services.
This insurance involves the use of shipping services in delivering goods. Some of the factors that affect marine transportation insurance premiums are insured goods, packing goods, insured risks, transportation, and travel.
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