Insurance Terms Important to Comsumers - 2250 BC in the Tigris and Euphrates rivers (now Iraq). At that time, the merchants or ship owners can take the merchandise to be sold to other places without paying the price of goods in advance. However, they are required to pay for it later, with interest, and coupled with some money in return for the risks that have been incurred by the provider of goods. However, if it turns out these items were robbed on the way, traders will be exempt from the requirement.
The concept of risk management has been practiced for more than four millennia ago that is now known to modern man as an insurance loss is generally defined as an attempt to get protection against financial loss arising from unexpected events.
Not only haulage insurance that has been known for a long time, Insurance Terms Important to Comsumers which is also a fire insurance loss insurance has also been practiced since time immemorial. In England at the beginning of the 10th century, for example, the artisan and the merchant has entered into agreement to bear with the losses if one member of the fire association. The society collects funds from its members in the form of dues every month. Of funds raised that amount of money given to members of the association whose house was on fire.
Practice of the British people to ensure the risk of fire on the house members are highly similar to known fire insurance today. In this concept today, people who want to insure your home from the risk of fire (insured) pays a premium to an insurance company acting as underwriter. Well, the insurer (insurance company) Insurance Terms Important to Comsumers is what will indemnify the insured to the value of the agreed time of signing the policy.
Thus, the concept of insurance was the same old as human civilization itself. That is, the insurance activities may be regarded as one of the most important things in human life. The concept of insurance is basically no different from life insurance, which is the protection by shifting the burden of risk to the insurer.
Life insurance and loss differentiated only on the object to be protected. In life insurance, the family finances to be protected is if the head of the family breadwinner died. Adapun insurance is meant to replace the financial loss due to damage and loss of goods and damages it or not obtaining the expected benefits. Therefore, the insurance, the maximum insurance coverage equal to the loss suffered by the insured.
Type of insurance of all sorts, such as transport insurance, property insurance, motor vehicle insurance, mortgage insurance, and liability insurance. Throughout the risk is not associated with the human soul, considered insurance.
Insurance practitioners, Munawar Kasan said, insurance is also an effort to shift risk to others. Insurance Terms Important to Comsumers If the risk occurs, the other party will bear. With covered by insurance, life would be quiet because they do not need to be wary of the risk occurs. For example, a large company do not have to go bankrupt and lay off employees when the factory burned. With insurance, the losses could be replaced. Imagine if without insurance, employers go bankrupt and hundreds, even thousands of employees, can get laid. In insurance, there are also social mission. The position of insurance can be very instrumental in the development.
According to Munawar, each individual or family should put the insurance a priority. "As long as we need to control the risk to ourselves, our possessions, and our responsibility, meaning that when the right insurance," he said.
At least against the most threatening risks and significant impact, such as a house fire and contents insurance, car insurance and personal accident insurance / health. If not insured, said Munawar, concerned will hold (retain) your own risk. That is, it must be ready the next time really affected, such as his home burned. If this happens, the question will be a massive loss. If the price of the house and its contents around USD 200 million, the automatic loss will reach that number. Future cost savings for school children could be sold to build houses again.
The incident would not have happened if the relevant purchase fire insurance policy which is only about Rp 200,000 per year. Set aside money for it every year would not disrupt the family budget, especially for cost savings eroded schoolchildren in the future.
According to Munawar, all types of policies mentioned risks covered. There are all risks, which ensures that all risks except those mentioned in the policy exclusion. There is also a detailed risk mentioned anything guaranteed.
Total losses were replaced as the price of coverage in the policy. Each claim is generally no deductible (own risk), that reduces the value of the claim payment. Deductible applied to be careful because the insured will bear the loss if there is a claim even a small value. Insurance premium rates are relatively small compared to the risks faced. At least someone has insurance to basic insurance, such as Standard Fire Insurance Policy Indonesia (Psaki) the premium is only 0.56 per mile per year. Warranty is covered by fire, explosion, lightning, falling aircraft or goods from the aircraft, and caused smoke damage to the insured house fire
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