What are the Risk Criteria that Can Be Insured

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

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  1. The customer is officially registered as a participant in the insurance program after signing an agreement which is translated into an insurance policyInsurance policy An agreement between the policyholder and the insurance company to perform the obligations as agreed by both parties..
  2. Customers registered with the insurance program are required to pay a 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.. All premiumsPremium 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. from customers will be included in the insurance pool. A new member or an old member has the same status, that is, the insurance company promises to be paid an amount of money if the 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. loss occurs, as long as the premium they are liable for has been paid.
  3. Joining an insurance program is like buying big money for small money. This means that risksRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. can occur at any time. It could be that you just joined the insurance program yesterday and today there is a riskRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. so you can claimClaim 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.. This is the advantage that can be obtained from the insurance program.
  4. The insurance company will consider every risk of the product that is carried out by conducting data collection and making it in the form of risk statistics which contain:
    • The prediction of the number of people who will actually file 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. in a period. Insurance companies must be smart in estimating the number of people who will experience losses in the first year, the following year, and so on.
    • Prediction of the number of customers who do not claim in a period so that the insurance company can pay claims that are far greater than the premiums received from policyholders.
    • Detailed customer information statistics so that they can be grouped according to risk characteristics to calculate the premium level based on the risk group. The term is a classification of risk or underwritingUnderwriting (Guarantee) The process of assessment/valuation and classifying the degree of risk associated with the prospective Insured, as well as making a decision to accept or reject the risk.. By charging a premium according to risk, insurance companies can act fairly to all policyholders.

Do you think you have other ideas about What are the Risk 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.? and How Do Insurance Companies Conduct Risk Management Businesses? you can comment and share your thought below or discuss more in the InsuranceWhat Forum. Also, read more articles about GLOBAL INSURANCE or other interesting insurance topic articles only at InsuranceWhat.com.

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