Tuesday, May 17, 2011
Bhima Permana Putra
Insurance is a system for financial loss by channeling lower risk of loss from a person or entity to another. Insurance
Act No.2 of 1992 on insurance companies' Th is an agreement between two
or more parties, by which the insurer is binding to the insured, by
accepting the insurance premium, to provide reimbursement to the insured
for loss, damage or loss of expected benefits or legal
liability to third parties that may be suffered by the insured, arising
from an event that is uncertain, or provide a payment based on death or
life of an insured person.
Agency risk that channel called "the insured", and the agency receiving the risk is called "insurer". The agreement between the two bodies is called the policy: this is a legal contract that explains each of the terms and conditions protected. Costs paid by "tetanggung" to "insurer" for the risks assumed called "premium". This is usually determined by the "insurer" for funds that can be claimed in the future, administrative costs, and profits.
For example, a couple bought a house for Rp. 100 million. Knowing that lost their homes will bring them to financial ruin, they took the insurance protection in the form of home ownership policy. The policy will pay for replacement or repair their homes in case of disaster. Their insurance company regarding a premium of Rp1 million per year. Risk losing their homes have been channeled from the homeowner to the insurance company.
Insurers use actuarial science to calculate the risks they assume. Actuarial science uses mathematics, particularly statistics and probability, which can be used to cover risks to estimate the claim at a later date with reliable accuracy.
For example, many people buy insurance policies for housing and then they pay a premium to the insurance company. When you lose a protected place, the insurer must pay claims. For some of the insured, the insurance benefits they receive are far greater than the money they had paid to the insurer. Others may not make a claim. If it is averaged from all policies sold, the total claims paid out was lower than the total premiums paid to the insured, with the only difference is in cost and profit.
Insurance companies also get a return on investment. It is obtained from investing premiums received until they have to pay the claim. This money is called "float". Insurers can benefit or loss from price changes in the float and also interest rate or dividend on the float. In the United States, loss of property and death are recorded by insurance companies was U.S. $ 142.3 billion in five years ended in 2003. However, total profits in the same period was U.S. $ 68.4 billion, as a result of the float.
Some people consider insurance as a form of betting in force during the policy period. Insurance companies are betting that the property buyer will not be lost when the buyer paid the money. The difference in fees paid to the insurance company against the amount they can receive when the accident happened almost the same as if someone bet on horse racing (eg, 10 to 1). For this reason, some religious groups including the Amish avoid insurance and rely on the support received by their communities when disasters occur. In communities close and supportive relationships in which its people can help each other to rebuild lost property, this plan can work. Most people can not effectively support the system as above and this system will not work for large risks.
Agency risk that channel called "the insured", and the agency receiving the risk is called "insurer". The agreement between the two bodies is called the policy: this is a legal contract that explains each of the terms and conditions protected. Costs paid by "tetanggung" to "insurer" for the risks assumed called "premium". This is usually determined by the "insurer" for funds that can be claimed in the future, administrative costs, and profits.
For example, a couple bought a house for Rp. 100 million. Knowing that lost their homes will bring them to financial ruin, they took the insurance protection in the form of home ownership policy. The policy will pay for replacement or repair their homes in case of disaster. Their insurance company regarding a premium of Rp1 million per year. Risk losing their homes have been channeled from the homeowner to the insurance company.
Insurers use actuarial science to calculate the risks they assume. Actuarial science uses mathematics, particularly statistics and probability, which can be used to cover risks to estimate the claim at a later date with reliable accuracy.
For example, many people buy insurance policies for housing and then they pay a premium to the insurance company. When you lose a protected place, the insurer must pay claims. For some of the insured, the insurance benefits they receive are far greater than the money they had paid to the insurer. Others may not make a claim. If it is averaged from all policies sold, the total claims paid out was lower than the total premiums paid to the insured, with the only difference is in cost and profit.
Insurance companies also get a return on investment. It is obtained from investing premiums received until they have to pay the claim. This money is called "float". Insurers can benefit or loss from price changes in the float and also interest rate or dividend on the float. In the United States, loss of property and death are recorded by insurance companies was U.S. $ 142.3 billion in five years ended in 2003. However, total profits in the same period was U.S. $ 68.4 billion, as a result of the float.
Some people consider insurance as a form of betting in force during the policy period. Insurance companies are betting that the property buyer will not be lost when the buyer paid the money. The difference in fees paid to the insurance company against the amount they can receive when the accident happened almost the same as if someone bet on horse racing (eg, 10 to 1). For this reason, some religious groups including the Amish avoid insurance and rely on the support received by their communities when disasters occur. In communities close and supportive relationships in which its people can help each other to rebuild lost property, this plan can work. Most people can not effectively support the system as above and this system will not work for large risks.
Source : wikipedia.org
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