List Of DICTIONARY / TERMS OF INSURANCE A-I [ bab 1 ]
Adjustable Premium
Additional Insured
Annuitant
Appraisal
All Risk / Comprehensive
Appreciation
Danger Flood / Earthquake
Contribution
Depreciation
Deductible Sum Insured
Hazard
AUNREST (Riot)
Indemnity (Indemnity)
Insurable
Interest
Invasion
ADJUSTABLE PREMIUM = Right of Insurance Company to change the premium rate imposed to certain Insured, for example as condition of renewal of insurance contract. back to top
ADDITIONAL INSURED = A non-Original Insured who is covered by insurance coverage against loss under the terms and conditions of the existing Policy. back to top
ANNUITANT = Policyholder who is eligible to receive benefits from the Insurance Company for a certain period of time. back to top
APPRAISAL = Estimation of quantity, quality and value. Through this way the value of the assets to be insured is determined. back to top
COMPREHENSIVE / ALL RISK (Combined Losses) Provide assurance against:
Loss / damage to motor vehicles insured by collision, collision, upside down, slipping from the road.
Financial loss / damage to motor vehicles due to the malicious actions of persons except by their own family / persons working with the insured or carrying the vehicle as seizintertanggung.
Fires caused by fire emerging from within and from outside the vehicle. Theft, including violent theft. Thunderstormed. back to top
APPRESIATION = Increase in the exchange rate of property caused by certain factors (eg economic) that may be temporary or permanent. back to top
DANGER (perils) is a possible occurrence. The source of the danger comes essentially from three things:
a. Nature, for example: Natural disasters such as earthquakes, floods, etc.
b. Man, for example: Negligence, crimes such as theft, robbery, etc.
c. Equipment / property, for example: Car accident, short circuit, exploding stove, etc. back to top
FLOOD / STREAM / EARTHQUAKE (AOG) Provides guarantees against: financial loss / damage to vehicles due to geological and meteorological events such as earthquakes, volcanic eruptions, whirlwinds, storms, typhoons, landslides, floods. back to top
CONTRIBUTION (Contributed) You can just insure the same property on several insurance companies. However, in the event of loss of an insured object it automatically applies the principle of contribution. The contribution principle means that if we have paid your full compensation, we are entitled to demand that other companies involved in a coverage (jointly cover your property insurance) to pay a share of each other's comparable losses with the amount of coverage covered. Example:
You insure a $1000 residential building unit into three insurance companies:
Insurance A = $1000.
Insurance B = $500.
Insurance C =$500.
Total =$2000.
If the building is burned down (total loss) then the maximum compensation you get from:
Insurance A = (1000 / 2000) x 1000 = $500. Insurance B = (500 / 2000) x 1000 = $250 Insurance C = (500 / 2000) x 1000 = $250 Total = $1000.
Means the amount of compensation you receive from the 3 insurance companies is not $2000 but $1000 according to actual house price. back to top
DEPRESSION = Missing or diminishing value or difference in value of an object at different times. back to top
DEDUCTIBLE (Own Risk / OR or commonly called Risk Alone): Is the number of the first few dollars of a claim that is not borne by the policy. Its function: to avoid small claims and for the insured will pay attention to the prevention of losses and to reduce the losses suffered by the Insurer. back to top
CUSTOMER'S PRECISION serves as:
HAZARD is a state or nature, both physical hazards or tangible behavior, character and human nature (moral hazards) that affect the possibility of danger.
Examples of physical hazards:
1. Fire insurance
- Unfavorable electrical installation
- Storage of combustible material
2. Motor vehicle insurance
- High traffic density
- Use of vehicle for taxi
Examples of moral hazards:
1. Insured
- Less initiative to minimize losses
- Angry nature, drunkards, etc.
2. Employers and employees
- Unfavorable relationships between employers and employees
- Employers who pay less attention to workplace conditions back to top
AUNREST (RIOT) is a situation in a city where a large number of masses together or in small groups lead to an atmosphere of disorderliness of public order and security by noise and using violence and a series of destruction of large amounts of property, in such a way that arises common fear, marked by the cessation of more than half the normal activities of the center of commerce / shop or office or school or public transport in the city for at least 24 (twenty four) hours continuously beginning before, during or after the event. back to top
INDEMNITY If the insured object is hit by an accident causing a loss then we will give compensation to restore your financial position after the loss becomes equal to the moment before the loss occurs. Thus you are not entitled to a compensation greater than the loss you suffer.
Example: The market price of vehicles of $1000, insured of $1000. In case of accident, the vehicle: Missing, and current market price of the vehicle:
Damaged due to accidents, repair costs, replacement of parts, workshop costs will be our responsibility to a maximum of $1000.
Several means of payment of applicable compensation:
INSURABLE INTEREST (Important Interests): You are said to have an interest in the object of the insured if you suffer financial loss in case of an accident causing harm or damage to the object. This financial interest allows you to insure your property or interests.
In the event of an accident on an object insured and proven that you have no financial interest in the object, then you are not entitled to indemnification. back to top
INVASION is the act of a country's military power entering the territory of another country with the intention of occupying or mastering it temporarily or permanently. back to top
Adjustable Premium
Additional Insured
Annuitant
Appraisal
All Risk / Comprehensive
Appreciation
Danger Flood / Earthquake
Contribution
Depreciation
Deductible Sum Insured
Hazard
AUNREST (Riot)
Indemnity (Indemnity)
Insurable
Interest
Invasion
ADJUSTABLE PREMIUM = Right of Insurance Company to change the premium rate imposed to certain Insured, for example as condition of renewal of insurance contract. back to top
ADDITIONAL INSURED = A non-Original Insured who is covered by insurance coverage against loss under the terms and conditions of the existing Policy. back to top
ANNUITANT = Policyholder who is eligible to receive benefits from the Insurance Company for a certain period of time. back to top
APPRAISAL = Estimation of quantity, quality and value. Through this way the value of the assets to be insured is determined. back to top
COMPREHENSIVE / ALL RISK (Combined Losses) Provide assurance against:
Loss / damage to motor vehicles insured by collision, collision, upside down, slipping from the road.
Financial loss / damage to motor vehicles due to the malicious actions of persons except by their own family / persons working with the insured or carrying the vehicle as seizintertanggung.
Fires caused by fire emerging from within and from outside the vehicle. Theft, including violent theft. Thunderstormed. back to top
APPRESIATION = Increase in the exchange rate of property caused by certain factors (eg economic) that may be temporary or permanent. back to top
DANGER (perils) is a possible occurrence. The source of the danger comes essentially from three things:
a. Nature, for example: Natural disasters such as earthquakes, floods, etc.
b. Man, for example: Negligence, crimes such as theft, robbery, etc.
c. Equipment / property, for example: Car accident, short circuit, exploding stove, etc. back to top
FLOOD / STREAM / EARTHQUAKE (AOG) Provides guarantees against: financial loss / damage to vehicles due to geological and meteorological events such as earthquakes, volcanic eruptions, whirlwinds, storms, typhoons, landslides, floods. back to top
CONTRIBUTION (Contributed) You can just insure the same property on several insurance companies. However, in the event of loss of an insured object it automatically applies the principle of contribution. The contribution principle means that if we have paid your full compensation, we are entitled to demand that other companies involved in a coverage (jointly cover your property insurance) to pay a share of each other's comparable losses with the amount of coverage covered. Example:
You insure a $1000 residential building unit into three insurance companies:
Insurance A = $1000.
Insurance B = $500.
Insurance C =$500.
Total =$2000.
If the building is burned down (total loss) then the maximum compensation you get from:
Insurance A = (1000 / 2000) x 1000 = $500. Insurance B = (500 / 2000) x 1000 = $250 Insurance C = (500 / 2000) x 1000 = $250 Total = $1000.
Means the amount of compensation you receive from the 3 insurance companies is not $2000 but $1000 according to actual house price. back to top
DEPRESSION = Missing or diminishing value or difference in value of an object at different times. back to top
DEDUCTIBLE (Own Risk / OR or commonly called Risk Alone): Is the number of the first few dollars of a claim that is not borne by the policy. Its function: to avoid small claims and for the insured will pay attention to the prevention of losses and to reduce the losses suffered by the Insurer. back to top
CUSTOMER'S PRECISION serves as:
- 1. The value of the limit of responsibility of the insurer, meaning the Compensation provided by the Insurer as high as the amount of the Insured Price.
- 2. The phrase "as high" is important to understand and it implies that the substitution of the Insurer may be lower than that value. The occurrence of a lower replacement if the market price of the vehicle is lower than the sum insured.
- 3. The basis for determining whether there is an "average" in the event of claim. The basis for calculation of premiums. (Coverage Price x Rate = PREMI). The premium amount will be adequate in accordance with the magnitude of the risks encountered if the Sum Insured really represent or equal to the value of risk (var); or in other words the risk is fully insured.
HAZARD is a state or nature, both physical hazards or tangible behavior, character and human nature (moral hazards) that affect the possibility of danger.
Examples of physical hazards:
1. Fire insurance
- Unfavorable electrical installation
- Storage of combustible material
2. Motor vehicle insurance
- High traffic density
- Use of vehicle for taxi
Examples of moral hazards:
1. Insured
- Less initiative to minimize losses
- Angry nature, drunkards, etc.
2. Employers and employees
- Unfavorable relationships between employers and employees
- Employers who pay less attention to workplace conditions back to top
AUNREST (RIOT) is a situation in a city where a large number of masses together or in small groups lead to an atmosphere of disorderliness of public order and security by noise and using violence and a series of destruction of large amounts of property, in such a way that arises common fear, marked by the cessation of more than half the normal activities of the center of commerce / shop or office or school or public transport in the city for at least 24 (twenty four) hours continuously beginning before, during or after the event. back to top
INDEMNITY If the insured object is hit by an accident causing a loss then we will give compensation to restore your financial position after the loss becomes equal to the moment before the loss occurs. Thus you are not entitled to a compensation greater than the loss you suffer.
Example: The market price of vehicles of $1000, insured of $1000. In case of accident, the vehicle: Missing, and current market price of the vehicle:
- $1000, then you receive compensation of $1000.
- $1250, then you receive compensation of the value of the insured, which is $1000.
- $750, then you receive compensation at market price, which is $750.
Damaged due to accidents, repair costs, replacement of parts, workshop costs will be our responsibility to a maximum of $1000.
Several means of payment of applicable compensation:
- Payment by cash, or
- Repair, or
- Replacement, or
- Recovery.
INSURABLE INTEREST (Important Interests): You are said to have an interest in the object of the insured if you suffer financial loss in case of an accident causing harm or damage to the object. This financial interest allows you to insure your property or interests.
In the event of an accident on an object insured and proven that you have no financial interest in the object, then you are not entitled to indemnification. back to top
INVASION is the act of a country's military power entering the territory of another country with the intention of occupying or mastering it temporarily or permanently. back to top