Term In Understanding Insurance
TERMS IN UNDERSTANDING INSURANCE
In terms of insurance, there are several terms that are often confusing for new people in the world of insurance. The following are terms in terms of insurance that are important to be known by insurance users so as not to experience difficulties when transacting and claiming insurance that they follow.
1. Insurance Policy
An insurance policy is an agreement letter containing an insurance agreement between the insurer and the policy holder. In terms of insurance, everything written in an insurance policy must be carefully considered and understood by both parties. This insurance policy in the sense of insurance is what will later be used as a basis for transactions and insurance claims.
2. Applicant
The applicant or applicant is the person applying for an insurance. When the insurance submitted by the applicant has been approved, then according to the understanding the insurance status of the applicant will change to the policy holder.
3. Policy Holder ( Policy Owner )
As explained in the previous point, the policy holder according to insurance is the holder of an insurance policy that has been approved in advance.
4. Insured
The insured is the person who is the object of insurance coverage. Simply put, according to the definition of insurance, the insured is the person who is insured by an insurance body if something happens to that person.
5. Beneficiary ( Beneficiary )
The recipient of the Sum Insured or beneficiary in the sense of insurance is one or several persons appointed to receive the sum insured when something happens to the insured. Usually, the person who is the beneficiary is the child or close family of the insured.
6. Sum Insured
Sum Insured according to the definition of insurance is the value of money stated in the insurance policy that will be paid by the insurer to the holder. In other words, the sum insured is "compensation" that will be paid when something happens to the insured.
7. Premium
Insurance premium according to insurance is the amount of money that must be paid by the insured during insurance. This amount of money has been stated in the insurance policy and has been agreed by both parties to be paid.
8. Cash Value
The cash value in the sense of insurance is the amount of money that must be paid to the policy holder if the policy is canceled before the insurance period expires or when the insured dies. As with premiums and sum insured, cash value has also been included in insurance policies approved by both parties.
9. Insurable Interest
Insurable interest in the sense of insurance is the relationship between the insured and the insured object by the insurance company. Insurable interest in terms of insurance concerns matters that have the potential to cause harm that can cause financial losses to the insured.
All insurance in terms of insurance can provide benefits which of course can be felt by all customers. In particular, insurance in terms of insurance can provide benefits that can only be felt if we follow certain types of insurance.
1. Insurance Policy
An insurance policy is an agreement letter containing an insurance agreement between the insurer and the policy holder. In terms of insurance, everything written in an insurance policy must be carefully considered and understood by both parties. This insurance policy in the sense of insurance is what will later be used as a basis for transactions and insurance claims.
2. Applicant
The applicant or applicant is the person applying for an insurance. When the insurance submitted by the applicant has been approved, then according to the understanding the insurance status of the applicant will change to the policy holder.
3. Policy Holder ( Policy Owner )
As explained in the previous point, the policy holder according to insurance is the holder of an insurance policy that has been approved in advance.
4. Insured
The insured is the person who is the object of insurance coverage. Simply put, according to the definition of insurance, the insured is the person who is insured by an insurance body if something happens to that person.
5. Beneficiary ( Beneficiary )
The recipient of the Sum Insured or beneficiary in the sense of insurance is one or several persons appointed to receive the sum insured when something happens to the insured. Usually, the person who is the beneficiary is the child or close family of the insured.
6. Sum Insured
Sum Insured according to the definition of insurance is the value of money stated in the insurance policy that will be paid by the insurer to the holder. In other words, the sum insured is "compensation" that will be paid when something happens to the insured.
7. Premium
Insurance premium according to insurance is the amount of money that must be paid by the insured during insurance. This amount of money has been stated in the insurance policy and has been agreed by both parties to be paid.
8. Cash Value
The cash value in the sense of insurance is the amount of money that must be paid to the policy holder if the policy is canceled before the insurance period expires or when the insured dies. As with premiums and sum insured, cash value has also been included in insurance policies approved by both parties.
9. Insurable Interest
Insurable interest in the sense of insurance is the relationship between the insured and the insured object by the insurance company. Insurable interest in terms of insurance concerns matters that have the potential to cause harm that can cause financial losses to the insured.
All insurance in terms of insurance can provide benefits which of course can be felt by all customers. In particular, insurance in terms of insurance can provide benefits that can only be felt if we follow certain types of insurance.
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