Posted by RAMA MELOW | 6:11 AM | | 3 comments »

Insurance is a system for lowering the financial loss by distributing the risk of loss of a person or body to the other ..

Insurance Law in the No.2 Year 1992 on business companiesare is an agreement between two or more parties, with which the underwriter tie themselves to the insured, the insurance premiums received, to provide reimbursement to the insured because the loss, damage or loss of expected profit or legal responsibility of a third party that may suffer insured, arising from an event that is not certain, or provide a payment that is based on a person lives or dies ordeathofaninsuredperson.

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

For example, one partner to buy a house worth Rp. 100 million. Knowing that lost their homes will 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 premium of Rp1 million per year. The risk of losing the house has been home to the owner of an insurance company.

Insurer use actuarial science to calculate their risk estimate. Studies using actuarial mathematics, especially statistics and probability, which can be used to protect the risk to estimate the claims in the future with reliable accuracy.

For example, many people buy insurance policies ownership of the house and then they pay a premium to the insurance company. When you lose a protected happen, in charge must pay the claim. For some insured, the insurance benefits that they receive far more than the money that they have to pay surety. Others may not make a claim. If you are averaged from all policies sold, the total claims paid out lower than the total premiums paid to the insured, with the difference is the cost and benefits.

Insurance companies also benefit from the investment. This is obtained from the investment of premiums received until they have to pay claims. Money is called the "float". Insurer can gain or loss from price changes and also float the interest rate or dividend on the float. In the United States, loss of property and death recorded by the insurance company is U.S. $ 142.3 billion in the five years ended in 2003. But the total profit 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 that apply during the period of the policy. Insurance companies bet that property buyers will not be lost when the buyer pay the money. The difference in cost to be paid to the insurance company against the amount they can receive when the accident occurred almost the same as if someone bet on horse racing (for example, 10 to appeal 1). For this reason, several religious groups including the Amish avoid insurance and depend on the support received by their communities when disasters occur. In the close-knit community and support where people can help each other to rebuild the lost property, this plan can work. Most people can not effectively support the system as above, and this system will not work for risk.



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