Chapter 1 Introduction to Life Insurance

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Introduction to Life Insurance Agenda:

Introduction to The Concept of Insurance:Introductory Business Classification

Assets are anything that has economic value.

Assets can be tangible (can be observed) or intangible (non-observable).” Premium business aims to protect the efficient value of assets.

Assets can be destroyed or cannot be used again due to an accident or an accidental event.

Damage to the extent that may be caused by disasters is the risk that is owned by assets. Thus, risk means the possibility or uncertainty of loss or destruction faced by assets.- Life insurance provides protection against risks.

Mental Insurance Mechanism: people who face the same risk unanimous decision to collect a certain amount of funds (premiums) to be saved. Then they are paid for their risk, so they will be compensated according to the deposit fund earlier.

Life insurance is a legal agreement between a premium company and a party that uses the dues.’ The rule agreement is considered a contract for life insurance contributions.

People who are still alive and healthy are the object of the life premium policy, which is considered the insured party(insured).•The physical form of the contract between the insurer (insurer) and the insured party claimed by the life insurance contribution policy.

For life insurance policies, the party who will get payment according to the death of the insured party (insured) is the beneficiary.

“IdedasarcarakerjaAnuransiJiwa is: se uah risikoke u gki ati ul ya kerugiaatau or damage cannot be based, but da pak the risk is terse to be on i i alisir.

Ways to manage risk:

Avoiding risk;can be done by ghiing habits of activities that may cause risk.

Controlling risk;can be done by how to reduce frequency and impact from losses that may arise.

Accepting risks; can be done by maintaining the risks that exist.

Diverting risk; can be done by transferring risk according to an individual to a company. Life insurance manages risk by:

Moving the impact of losses from an individual person to a group; &»Divide the losses experienced by the individual to all members of the group.• Stages of life insurance business:

Uniting people with the same insurance interests, with the aim of sharing the same risk, collecting funds (insurance) from a group of people who have been put together earlier,

Pay compensation (claims) to those who suffer. Factors that need to be considered in determining the amount of coverage dues:

•Possible loss»Value based on each loss

Administrative costs expected to run a business: The threshold of errors that may arise when predicting losses and other factors such as financial, health and social factors.

Business insurancejiwalahlahsalingberberi.The goal is to make a loss of moneywhichiderita get someone all members of the group facing the same risk.

A risk can be insured if:

It is possible for Life Insurance companies to calculate losses financially.• There are several types of the same risk.

[Economic value or spirit insured and at risk who is insured to have an insurance interest (insurableinterest).

•LawofLargeNumbers says if the number of exposékerugis increases, then the predicted%kerugianakansemas is close to the amount of real loss

The use of the law of large numbers will allow the amount of losses to be predicted better. Insurance Business Classification

There are 2 major categories of coverage contributions, namely Life Insurance / Life Insurance and General Insurance (Loss) / General Insurance)” Life Insurance

Life Insurance for Individuals

• Life Insurance for Groups (Groups)• Health Insurance

Accident Insurance»Policy Pension Fund:

Published for long periods of time – several years, or even a lifetimeThe risk borne:

Death due to illness is also an accident• Illness (outpatient roofing inpatient)• Total & permanent disability

General Insurance (Loss) Coverage:

• Motor Vehicle Insurance• Fire Insurance

Travel Insurance (Business and Tourism)• Marine Insurance

Professional Insurance (Doctor, Lawyer) & otherPolicies:

Policies are usually issued for a period of 12 months or shorterthe risk borne:

Loss or damage to goods

Debt caused by the sale of a product or goods or the process that accompanies it– Building or house fire

Damage to buildings or homes affected by floods or earthquakes• Claims for damages due to malpractice for doctors

Lost or damaged cargo: Theft

Importance of Life Insurance Agenda:

Individual Life Insurance: Life Insurance &Individual Life Insurance Society

Financial benefits of Life Insurance (Savings Products vs Life Insurance)

– A product will end somebiapemilikrekening left the world.AndAhliWarishanya will get a certain amount of funds listed in his savings account.

– On The Insurance Spirit, when the police department leaves the world, the citizen can get a number of life insurance recommendations listed on the Life Insurance contract.

Non-financial benefits of Life Insurance: – Offers conducive investment options- Encourages to downsize

– Free yourself from feelings about financial matters in the future- Keep you in when you reach old age

Life & Community Insurance

Benefits of Life Insurance for the Community:

– Life Insurance in lieu of the Government’s Social Safety Net Program

– Life Insurance can be used as a vehicle to heighten the stability of the people’s economy

-AsuransiJiwa is a resource and development of collateral for government and aumberberuanganindividu by offering loans

– Life Insurance opens job opportunities as a result of reducing the level of unemployment- Life Insurance is one of the long-term savings instruments

Traditional Life Insurance Products Agenda:

• Life Insurance Products• Term Life Insurance•Life Insurance For Life Insurance• Dual-Use LifeInsurance Products

Life Insurance products are promises written in the premium policy, which is formed by the insurer to the insured, to provide financial compensation if something happens to the insured.

Types of Life Insurance products:- Traditional Life Insurance

Term Life Insurance (Term)

Life Insurance For Life (Whole Life)Dwiguna Life Insurance (Endowment)- Unit Link Life Insurance

Single Unit Link Life Insurance (Single Premium)Unit Link Regular Life Insurance (Periodic Premium)Term Life Insurance (Term)

– A distinctive feature lies in the maximum protection using low coverage dues.

– This type of product is attractive to prospective insured who have a large premium need but whose purchasing power is limited.

Prospective policyholders who want to protect the future of their childrenProspective policyholders who are just pursuing a career

Life Insurance (Whole Life)

– Its characteristics are the type of Quarantine Of The SoulMan who provides life-saving insurance protection for a person.

– Customer profiles suitable for this type of product are:

Prospective policyholders who want to have life protection while generating savings funds that can be used for emergency needs

Prospective policyholders who need permanent income protection

Prospective policyholders who want to get a certain amount of investment capital growth• Dwiguna Life Insurance (Endowment)

– His characteristics are protected which provides additional money to the insured when the insured dies in a certain period and at the same time puts all the sum insured if he is still alive at the end of thecoverage period.

– Produkinibergunabagicalonpemegangpoliswhich is responsible for protecting from the impact of anxiety due to early death.

– Customer profiles suitable for this type of product are:

Prospective policyholders who need funds for children’s education

Prospective policyholders who want to raise money to buy a place to live Prospective policyholders who want to have full-time funds

Unit Link Single Life Insurance (Single Premium)

– The characteristic is the contribution of coverage paid at once (lump sum).

– Usually desired by prospective policyholders who want to invest long-term.- Customer profiles that are suitable for this type of product are:

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