Insurance is an agreement between two or more parties, with which the insurer tie themselves to the Insured, with insurance premiums, to provide reimbursement to the Insured for loss, damage or loss of profits that are expected or legal responsibility to third parties that may be suffered Insured, arising from an incident that is not certain, or provide a payment that is based on dead or someone who lives be.

Agency that provides risk-called “Insured”, and accept the risk that the body of the “guarantor”. Agreement between the two agencies is called the policy: this is a legal contract that explains every term and condition that is protected. The cost paid by the “tetanggung” to the “guarantor” for the risk borne by the “premium”. This is usually determined by the “guarantor” for the funds that can be claimed in the future, administrative costs, and benefits.

For example, a couple buying a house worth USD 100,000. Knowing that they will lose their homes to bring them to financial ruin, they take the insurance policy in the form of home ownership. The policy will pay for replacement or repair their homes when the disaster occurred. Insurance companies on their premiums of Rp1 million per year. The risk of losing the house has been distributed to the owner’s home insurance companies.

The science of using a specific method to calculate the risk that they expected. This specific method use mathematics, particularly statistics and probability, which can be used to estimate the risk for claims in the future with the accuracy that can be relied upon.

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