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 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.
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. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.
Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursem*nt against losses from an insurance company.
Sample Answer: I'm motivated by the desire to help people. I like to make sure that everyone has the coverage they need and that they understand how it works. I want to make sure that everyone is protected and can sleep well at night.
Seven basic principles should be upheld in insurance: Utmost good faith, insurable interest, proximate cause, indemnity, subrogation, contribution, and loss of minimization.
That was how I best retained information, so I decided to take that approach for this article, which outlines the “5 Cs of Transformation in Insurance” which are: Communication, Customization, Connection, Cognition and Consensus.
There are essentially five different types of insurance - Death or total permanent disability, critical illness protection, disability income protection, accident protection, and lastly medical.
RISK – (1) Any chance of loss; (2) Uncertainty; (3) The insured or the property or object to which the insurance policy relates. RISK CONTROL – Techniques or programs used to reduce or eliminate the chance of loss and to reduce the total amount of loss should an event occur that results in a fortuitous loss.
In 1997, the company dropped mutual from its name, changing it to Pacific Life Insurance Company. This reflects the company structure's change from a mutual ownership to a mutual holding company structure.
Pacific Life has a reputation for quality customer service among industry sources. The company ranked fifth for customer satisfaction in J.D. Power's 2022 U.S. Individual Life Insurance Study.
At its core, insurance is a form of financial protection that helps cover the costs associated with various risks—be it a car accident, a house fire, or a medical emergency.
Stick to what you know for sure and be clear and concise in your answers. If you do not know the answer to a question, say so, rather than guessing or making assumptions. “I can't be sure, but I'll bet the other driver was on the phone” is classic speculation that is best left out of a statement.
Focus on the facts without adding opinions or assumptions. Describe what happened during the accident clearly and avoid discussing fault or other details. Never guess or estimate. If you don't know the answer to a question, admit that you don't know and move on.
Introduction: My name is Nathanael Baumbach, I am a fantastic, nice, victorious, brave, healthy, cute, glorious person who loves writing and wants to share my knowledge and understanding with you.
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