Insurance is a risk transfer agreement according to the insured to the insurance contribution company, using the condition that the insured must pay a premium premium. There are two types of premiums, namely life coverage contributions and loss insurance.
Life insurance is the coverage of losses to death or health cases of the insured. In the case of the insured died, compensation is given to the heir or designated person.
Meanwhile, loss premium is the coverage of losses on an object or object, such as fire coverage dues, mount coverage dues, to credit insurance.
The following are similarities based on life insurance contributions & loss insurance:The purpose of life and loss insurance is the same, namely to transfer the risk from the insured to the synchronous insurance company using the initial convention.The transfer of risk both to life insurance and loss premiums is equally implemented with the terms agreed on an agreement.In life insurance and loss insurance contributions, the agreement is equally closed by the person who has an interest in the object of coverage.The coverage dues agreement is both closed in good faith according to each party.
Meanwhile, the difference between life insurance dues and loss coverage dues is:Objects covered. In the dues of loss coverage, the object borne is an object. While in the premium of the soul, what is borne is the existence of a person.Granting coverage. In loss insurance, the compensation prize is based on the calculation of real losses experienced by the insured. While in life insurance, the provision of coverage is based on self-proof.Insurance validity period. Generally, the validity period of the average life insurance contribution is longer when compared to loss insurance.Termination of coverage dues. Different from using loss coverage dues, life insurance contributions can end before the official period. The end of this premium period can be caused by the will of the policyholder himself.
Life insurance itself is divided into 3 types, namely: Read yes How Long The New Car Insurance Policy Comes OutLifetime insurance / whole life insurance
Life insurance in addition to its benefits as a premium, but can also be used as an investment or savings. Every policyholder pays a premium, then the amount of investment will continue to grow. Generally, this premium provides protection until the insured is 99 years old.Term insurance / term life insurance
Term life insurance provides protection to the insured according to the approved period. If until the premium period ends the insured is still alive, then the coverage dues can end without the policyholder paying the company the coverage dues company.Dual-use insurance / endowment insurance
Dual-use insurance provides protection either in the condition that the insured is still alive or when the insured dies before the coverage dues expire. If until the end of the insurance payment the insured is still alive, then the sum insured is given according to the premium policy. Meanwhile, if the insured dies, the coverage will be given to the party appointed in the coverage contribution policy. Read Cheap Car Insurance Prices All Risk Plus The Advantages Types of Loss Insurance
In general, loss insurance is divided into five types, namely:Mall insurance
Which includes property insurance are fire coverage dues, residential package insurance, store package coverage dues, property premiums to earthquake insurance.Engineering insurance
Engineering insurance is insurance that covers objects such as construction, installation of machinery, heavy senses, electronic equipment, machinery, civil work to stock.Motor vehicle insurance
Motor mount insurance covers the risks in motor vehicles (damage from accidents, theft, or travel) & policyholders (health & family or life).Collateral insurance
Collateral insurance is divided into tender guarantees, down payment collateral, application guarantees to maintenance guarantees.Professional liability insurance
This insurance covers if there is a risk in professional practice such as health malpractice.
That’s the fact about life insurance contributions & loss coverage dues. Insurance is a crucial protection when facing future uncertainty as well as uncertainty concerned using eonic losses. Read Some Causes of Motor Insurance Claims Rejected
Anyone has the potential to experience these losses, both individuals, business entities and generic society. One way to manage risk so as not to incriminate yourself is to use following premiums, as a result of which the risk is transferred in the coverage dues company.
Before registering premiums, it is crucial to find out the needs of coverage dues, do research to find synchronous insurance products, to determine a trusted premium company.