Global Insurance Miscellaneous

These are 60 Insurance Terms You Need to Know, So You Don’t Fail To Understand

Many terms in the insurance world are not widely known or understood by ordinary people. Even though this is important so that they can understand when buying insurance products and can choose insurance that suits their needs.

For those of you who want to take out insurance or plan to buy insurance. Understanding insurance terms is something that cannot be underestimated.

Generally, a number of terms in insurance use English, but some use loanwords. All terms in the insurance can be found in the handbook provided by the insurance provider/company to policyholders.

But you don’t need to worry about this first. For those of you who don’t know much or don’t have enough time to study policiesPolicy The policy is a binding agreement and is agreed upon by the insurance company and policyholder in writing. An agreement made by the policyholder with an insurance company., here is a summary from about common terms in insurance that are important to know and their definitions.

Global Insurance

7 Benefits of Insurance That Can Not Be Ignored, the 5th is Really Surprising

Insurance companies can be said to be popular in today’s era. With good marketing methods, insurance has succeeded in reaping a large number of customers from year to year. In fact, the products offered are increasingly varied, so customers can choose according to their needs.

In addition, insurance companies also provide attractive benefits that are a pity to pass up. The following are the insurance benefits that can be obtained after being valid as a policyPolicy The policy is a binding agreement and is agreed upon by the insurance company and policyholder in writing. An agreement made by the policyholder with an insurance company..

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Global Insurance

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.