Insurance comes from the word that means the insurance coverage. Insurance is a contract between the insured or the customer to the insurer or the insurance company. The insurer was willing to bear some losses that may arise in the present or in the future, after the insured agreed on the payment of money that has been determined together atu set by insurance services company or a more dikelan as premiums. Where the premium is the money spent by the insured as compensation to the insurer.
Formally, in law, Insurance is defined as an agreement between two or more parties, which is binding to the parties, by receiving insurance premiums, to reimburse the insured for loss, damage or loss. The expected profit or the legal responsibility of a third party which may be suffered by the insured, arising out of an event or an uncertain event, or provide a payment based on death or life of an insured person.
Based on the book of the Law of Commercial Law (Commercial code), Insurance or Coverage is defined as an agreement by which a binding to an insured, to receive a premium, to provide reimbursement to him for a loss, damage or loss of expected profit, which may be experienced as an event that is not certain in the present or in the future.
The terms of the insurance agreement and the rights and obligations of both parties contained in an insurance policy. Examples of which insurance is life insurance, accident, loss, health and fire insurance.
Party risk that channel referred to as the "insured", this is the customer or society, delegate or transfer the risk to be received, while the party receiving the risks referred to as the "insurer" is the insurance companies that underwrite or replace the loss from the customer.
The agreement between the two parties is called policy. This policy is a legal contract that explains each of the terms and conditions are protected. fees paid by the "insured" to "insurer" for the risk borne referred to as "premium". It's a big premium value is generally determined by the "insurer" consisting of funds that can be claimed in the future, administrative costs, and profits.
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