2. DICTIONARY / INSURANCE TERM SECOND PART
3. DICTIONARY / TERMS OF INSURANCE TERM THIRD or LAST SECTION
LIST of DICTIONARY / TERMS OF INSURANCE TERM THIRD or LAST SECTION
1.REVOLUTION
2.OWN RISK
3.REINSTATEMENT
4.REPLACEMENT COST
5.SABOTAGE
6.SUBROGATION
7.TOTAL LOSS ONLY (TLO)
8.LEGAL RESPONSIBILITY TO THIRD PARTIES (TJH-III) or
THIRD PARTY LIABILITY (TPL)
LEGAL RESPONSIBILITY TO PASSENGER
(Passenger Legal Liability / P.L.L)
9.TERRORISM
10.THIRD PARTY SHARING AGREEMENT
11.UTMOST GOOD FAITH (Good Faith)
12UNDER INSURED (Under Market Price)
13.WARANTY
REVOLUTION is a violent people's movement to make radical changes to the constitutional system (government or social circumstances) or overthrow the de jure or de facto de jure Government, which has not yet been regarded as an Uprising.
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OWN RISK
A certain amount of value which is the responsibility of the insured in every claim event.
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A certain amount of value which is the responsibility of the insured in every claim event.
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REINSTATEMENT = Returns a policy to its full value upon payment of a claim. This return may require an additional premium or may not.
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REPLACEMENT COST = Payment of reimbursement fee to the Insured on damaged property without prejudice to its removal value. With the condition of damaged property must be replaced before the insured receives payment claims.
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SABOTAGE is the act of destruction of property or the detriment of the smoothness of work or which resulted in the decline in the value of a job, carried out by a person in an effort to achieve a goal which, in the opinion of the general political background.
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SUBROGATION (Trusteeship)
The principle of subrogation is stipulated in article 284 of the Law on Trade Law, which reads: "If an insurer has paid full compensation to the insured, the insurer shall replace the position of the insured in all matters to prosecute a third party that has caused loss to the insured".
In other words, if you suffer a loss due to a negligence or error of a third party then we, after indemnifying you, will replace your position in filing the claim with such third party.
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The principle of subrogation is stipulated in article 284 of the Law on Trade Law, which reads: "If an insurer has paid full compensation to the insured, the insurer shall replace the position of the insured in all matters to prosecute a third party that has caused loss to the insured".
In other words, if you suffer a loss due to a negligence or error of a third party then we, after indemnifying you, will replace your position in filing the claim with such third party.
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TOTAL LOSS ONLY (TLO)
Ensure loss of the insured vehicle either by accident, fire or theft, in which the loss fulfills one of the following conditions:
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Ensure loss of the insured vehicle either by accident, fire or theft, in which the loss fulfills one of the following conditions:
- As a result of accidents / fires, where the cost of loss / damage reaches 75% or more than the price of the vehicle.
- As a result of theft, if within 60 days the vehicle has not been found.
- Own risk for accident risk (item 1) and theft (item 2) shall apply the amount stated in the policy.
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LEGAL RESPONSIBILITY TO THIRD PARTIES (TJH-III) or
THIRD PARTY LIABILITY (TPL) Provides assurance:
1. Against losses suffered by third parties caused by insured vehicle.
2. The reimbursement of the costs and / or assistance of a legal expert regarding the loss in point 1 provided that the insurer first grants written approval of the expenses. Assured includes: financial loss, material loss, physical.
Exceptions to this warranty are for:
1. The passengers who are in motor vehicles are in the liability.
2. When the individual is insured to his wife / husband or children.
3. If the insured Firma, CV, to perseronya.
4. If the insured takes the form of PT to its managers.
5. To those who work with the insured with a reward.
6. To animals or goods that belong to the insured under his guard or lifted / loaded up / unloaded from the insured vehicle.
This legal liability also applies even if the vehicle is carried by another person with the permission of the insured and as required by the policy.
LEGAL RESPONSIBILITY TO PASSENGER
(Passenger Legal Liability / P.L.L)
Ensure loss of passengers of insured motor vehicle as a result of an insured motor vehicle accident, except:
a. When that is insured private motor vehicle, to the driver, owner, wife & children of the insured, as well as those who work to the insured.
b. If the passenger motor is Limited Perseroaan, to the driver, the managers, and the people who work for the company.
c. If the passenger vehicle belongs to CV / Firma, to the driver, the owner of CV / Firma, the people who work on the CV / Firma.
Note: You may only add this coverage, if you have chosen a guarantee for legal liability to third parties.
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THIRD PARTY LIABILITY (TPL) Provides assurance:
1. Against losses suffered by third parties caused by insured vehicle.
2. The reimbursement of the costs and / or assistance of a legal expert regarding the loss in point 1 provided that the insurer first grants written approval of the expenses. Assured includes: financial loss, material loss, physical.
Exceptions to this warranty are for:
1. The passengers who are in motor vehicles are in the liability.
2. When the individual is insured to his wife / husband or children.
3. If the insured Firma, CV, to perseronya.
4. If the insured takes the form of PT to its managers.
5. To those who work with the insured with a reward.
6. To animals or goods that belong to the insured under his guard or lifted / loaded up / unloaded from the insured vehicle.
This legal liability also applies even if the vehicle is carried by another person with the permission of the insured and as required by the policy.
LEGAL RESPONSIBILITY TO PASSENGER
(Passenger Legal Liability / P.L.L)
Ensure loss of passengers of insured motor vehicle as a result of an insured motor vehicle accident, except:
a. When that is insured private motor vehicle, to the driver, owner, wife & children of the insured, as well as those who work to the insured.
b. If the passenger motor is Limited Perseroaan, to the driver, the managers, and the people who work for the company.
c. If the passenger vehicle belongs to CV / Firma, to the driver, the owner of CV / Firma, the people who work on the CV / Firma.
Note: You may only add this coverage, if you have chosen a guarantee for legal liability to third parties.
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TERRORISM is the act of a person who uses violence to inflict fear of others in the pursuit of a goal which, in general opinion, is of a political background.
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THIRD PARTY SHARING AGREEMENT:
The insurers who are members of this agreement agree that if two car drivers are involved in an accident, and the accident causes a person when injured, then the third party's claim will be borne together by the insurers who are members of the agreement.
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The insurers who are members of this agreement agree that if two car drivers are involved in an accident, and the accident causes a person when injured, then the third party's claim will be borne together by the insurers who are members of the agreement.
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UTMOST GOOD FAITH (Good Faith)
What it means is that you are obliged to provide as clear and accurate as to all the important facts related to the object insured. This principle also applies to insurance companies, which explains the risks that are guaranteed or excluded, all terms and conditions of coverage clearly and thoroughly.
This principle becomes very important because:
What it means is that you are obliged to provide as clear and accurate as to all the important facts related to the object insured. This principle also applies to insurance companies, which explains the risks that are guaranteed or excluded, all terms and conditions of coverage clearly and thoroughly.
This principle becomes very important because:
- In general, the insured knows more fully the object to be insured than the insurer.
- The calculation of the amount of premium is greatly influenced by the burden of risk.
UNDER INSURED (Under Market Price) (Subject to Article 12)
Is a situation where at the time of loss, the Coverage Price is less than the Market Price of the Vehicle / Similar. If this is the case, then, the claim is paid on a prorated basis, and if Total Loss is as high as the Insurance Price.
Each insurance cover is expected to match the market price while considering the possibility of price increases due to inflation. If the Coverage Price is lower than the Market Price, then it is said to be the closing Under-Insurance. Such closure will result in inadequate premiums received by Insurance compared to the risks it incurs. Therefore, replacement of claims can not be made in full but is calculated on a prorated basis.
The calculation formula is as follows:
(Coverage Price / Market Price) X Loss
Example:
Price Coverage Your Car: $1000
Market Price at Claim: $1250
Loss / Repair Cost: $100
Indemnification you receive:
($1000 / $1250) X $100 = $80 (minus own risk, if any).
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Is a situation where at the time of loss, the Coverage Price is less than the Market Price of the Vehicle / Similar. If this is the case, then, the claim is paid on a prorated basis, and if Total Loss is as high as the Insurance Price.
Each insurance cover is expected to match the market price while considering the possibility of price increases due to inflation. If the Coverage Price is lower than the Market Price, then it is said to be the closing Under-Insurance. Such closure will result in inadequate premiums received by Insurance compared to the risks it incurs. Therefore, replacement of claims can not be made in full but is calculated on a prorated basis.
The calculation formula is as follows:
(Coverage Price / Market Price) X Loss
Example:
Price Coverage Your Car: $1000
Market Price at Claim: $1250
Loss / Repair Cost: $100
Indemnification you receive:
($1000 / $1250) X $100 = $80 (minus own risk, if any).
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WARANTY = An insured promise that something certain will or will not be done, or that a particular situation exists or does not exist. The breach of waranty waives the insurer from claim responsibility.
Back to the previous page dictionary / insurance term second part or dictionary / term insurance first part.
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Back to the previous page dictionary / insurance term second part or dictionary / term insurance first part.
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