Type of Insurance

Type of Insurance



An assortment of insurance, we consider categorized into 2 types;

1. An assortment of insurance under the Insurance Department.

2. An assortment of insurance in accordance with the insurance industry.



An assortment of insurance under the Insurance Department, can be classified into three major categories;

1. Insurance of the person is insurance on the risks that cause damage concern to a person or damage to a person as following; 

     1.1 Life insurance
     1.2 Personal accident insurance
     1.3 Health Insurance


2. Property Insurance is insurance contract insurers agree to indemnify or reimburse the amount of the insured in case of damage to the property insured as following;

     2.1 Fire insurance
     2.2 Car Insurance
     2.3 Marine and transportation insurance
     2.4 Miscellaneous insurance


3.  Liability Insurance is the insurance company agrees to indemnify the insurer contracts or pay a sum of money to an individual who has been damage to life or property of a third party, arising from the acts of the insured as following;


     3.1 Insurance individual responsibilities to others.
     3.2 Insurance individual responsibilities to others.
     3.3 Liability insurance business to others.

Benefits of Insurance

Benefits of Insurance



Benefits of Insurance broadly summarized into 3 categories;

1. Insured benefits

• As collateral against the person and the family of the insured when a family member died.

• When there is damage to the property of the insured. Insured will receive compensation for Compensation from the insurer

• Help cultivate the habit of saving and savings.

• Tax deductible for Individual income tax

2. Economic and social benefits

• Help strengthen the social

• Reduce uncertainty in society

• A social welfare

• Help with funding to developing countries

3. Business Benefit

• Contributes to the efficiency of the business.

• Approval of the Bank as collateral for loans.

• Contribute to international trade as well.

• Allows to calculate the cost close to reality.

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The meaning of the Insurance

The meaning of the Insurance


Definition of insurance as many words as follows:

Mark S. Dorfman: Insurance is a financial management, the distribution of losses are not expected.

Frederick G.Crane: Insurance is the management of risk by the losses that have occurred. The value of the loss is then averaged to give the participants the total risk.

Subcommittee on Research and Academic Association of Insurance: Insurance was a person who serves as collateral to a third party, the other party. The promise that he would not have suffered from the disaster to happen in the future, which caused the loss or damage to life and his property.

By the primary insurer to pay compensation in the amount and terms of the agreement. Or may cause the insured to return as well, or as close to the original. By the collateral will be paid according to the number of the other party agreed.


Civil and Commercial Code, Section 861 provided that;
" Insurance contract is a contract in which one party agrees to compensation claims or the amount of money in case if there is a casualty or circumstance else in the future as stated in the contract. In this regard, another person agrees to remit called premium "




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RISK MANAGEMENT

RISK MANAGEMENT

Risk Management means the planning and evaluation of the risk by choosing the best disaster. To manage the loss and the effects of the ongoing process of risk management are as follows.

1. The analysis of hazards that could cause damage.

2. Finding ways to manage the risk.

3. Selection of the best.

4. Compliance plan or method selected.

5. Check and change the way to suit the changing threat.


There are multiple types of the ways to manage the risk;

1. Risk avoidance: done by 

Do not get involved with the event, or to pose a risk it such as 

• Horror crash, do not going to fly

• Can not be used to finance investments for fear of loss. It takes money to the bank or invest in businesses with less risk.

However, to avoid the risk can sometimes be a disadvantage, because sometimes we may reject projects with high risk but there are many benefits to society such as ; Atomic Power Project, important minerals industrial. The risk of causing pollution, but with high economic benefits. So sometimes the management of risk by the way, this should be a last way. 

2. Risk Reduction: may be achieved by reducing the number of times (frequency), or reduce the severity of the disaster (severity). There are 3 methods;

   2.1 Loss Prevention

   It is done before any damage occurs such as replacing old wiring or electrical equipment. Labeling No smoking in the factory.

   2.2 Loss Control

   This is done during or after the damage occurs. In order to control the intensity of damage or decrease damage such as the firefighters fight fire in a timely manner. The installation of automatic fire sprinkler. 

   2.3 Separation

   This is done before the damage such as keep your valuables in different places. Separation products for several warehouses.


3. Risk Retention

We accept the burden of damage caused by the disaster itself, if there is intentional or not, and this may be responsible for some or all of any risk management method is realistic. There are;

   3.1 Disaster occurs, causing little damage, enough to undertake such disaster caused by the loss of affordable pen.

   3.2 Risk can not be transferred to others, such as the exporter or foreign investors must accept the risk that their assets are foreign governments to seize or attach a number of reasons.

   3.3 Has determined that this cost is minimal.

Types Of Loss

Types Of Loss

Types of loss can be divided to 3 categories;  

1. Personal Loss 

: Loss of income of individuals caused by the premature death, the unemployed, people with disabilities

2.  Property Loss

: A loss, whether directly or as a result of the disaster occurred.

3. Legal Liability Loss

: A financial loss to the responsibility of the property owner or businesses that are causing the damage caused to others.

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Types Of Hazard

Types Of Hazard

Types of Hazard can be divided be 3 catagories;

1. Physical Hazard

: That are physical properties that allow or encourage a lot more damage such as

• House in the slums would have to risk of fire than the isolated house with extensive grounds.

• Professional racer sole risk of death or injury than a bank manager.

racing

2. Moral Hazard

: The conditions are at higher risk of mental condition of the person. The action is no moral or dishonest. The hope is one of the benefits of insurance coverage such as

• Another corruption of the property insured by the insured to hope to get compensation from the insurer.

3. Morale Hazard

: The conditions in which the person is trying to do or not do to minimize the risk or reduces damage or condition that caused the damage was deliberate but due to lack of security precautions. 

This article presents a higher risk caused by psychological conditions like Moral Hazard but it is not intended as an act of corruption. It caused by person's habit. such as 

• Negligence; smoking in bed sleeping

• Do not put the incense or candles before leaving home.

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Types Of Peril

Types Of Peril

Types of peril can be divided into 3 categories;


1. Natural Perils

: mean the causes beyond man's ability to control, such as storms, forest fires, volcanic eruptions, and so on.

2. Human Perils

: mean the actions of person such as murder, arson and rioting.

3. Economics Perils

: This is caused by economic conditions, such as deflation, changes in consumer tastes.

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