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Global Insurance

What are the Risk Criteria that Can Be Insured? 4 Criterias you Should Know

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  • Last Modified Last Updated: March 21, 2021 at 8:57 pm
What are the Risk Criteria that Can Be Insured
Risk Criteria that Can Be Insured

What are the RiskRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. Criteria that Can Be InsuredInsured A person who is legally listed in the insurance policy to receive benefits from the policy. A person whose life/health is covered in accordance with an insurance agreement or contract.?

Not all risksRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. can or even need to be insured. Only risks that we think cannot be covered alone need to be insured, such as the risk of illness, accident, loss, fire, and so on.

Assets that are of small value are not included in the criteria covered in insurance. In principle, the risks that are protected by an insurance company have the following criteria:

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Global Insurance

How Does Insurance Work?

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  • Last Modified Last Updated: April 29, 2021 at 12:13 pm
How Insurance Work
How Does Insurance Work

The insurance business is a business of taking over the riskRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. from the customer to be borne by the insurance company. The way to cover the risk is to use the accumulated premiumPremium The money that must be paid at a certain time is the obligation of the insurance policyholder. The amount of premium paid is determined by the policy and approval of the insurance company in accordance with the conditions of the insured. The nominal payment approved by policyholders and insurance companies. Premium payment will be made according to the agreement, it can be monthly, yearly, or according to the agreement. funds paid by the customer to cover the claimsClaim The demands are given by the insurance policyholder to get the right properly so that the insurer pays the conditions according to the existing procedure. of the customer affected by the disaster/risk.

Simply put, take the example of a merchant association, there are 100 people who are members of insurance by paying a premium of USD 3 thousand. The total accumulated premium is USD 300 thousand. It is estimated that out of 100 traders, there are five people affected by the disaster with a loss of USD 50 thousand each so that the total loss is USD 250 thousand.

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