Site Loader
Get a Quote
Rock Street, San Francisco
Rock Street, San Francisco

Insurance is a term used to refer to an action, system, or business where financial protection (or financial compensation) for the soul, property, health and so forth get a replacement from unpredictable events that can occur such as death, loss , damage or illness, which involves paying premiums regularly within a certain period of time instead of a policy that guarantees such protection.




The term “insured” usually refers to everything that gets protection.

Basic Insurance Principles

In the insurance world there are 6 basic principles that must be met, namely:

• Insurable interest, namely the right to insure, arising from a financial relationship, between the insured and the insured and legally recognized.

• Utmost good faith, which is an action to disclose accurately and completely, all material (material fact) facts about something that will be insured whether requested or not. The meaning is: the insurer must honestly explain clearly everything about the extent of the terms / conditions of insurance and the insured must also provide clear and correct information on the object or interest insured.

• Proximate cause, which is an active, efficient cause that causes a chain of events that results in an effect without the intervention of one who starts and actively from new and independent sources.

• Indemnity, which is a mechanism by which the insurer provides financial compensation in an effort to place the insured in the financial position he had just before the loss occurred (KUHD article 252, 253 and affirmed in article 278).

• Subrogation, namely the transfer of claim rights from the insured to the insurer after the claim is paid.

• Contribution, which is the right of the guarantor to invite other guarantor who both bear, but do not have the same obligation to the insured to participate in providing indemnity.

Type of Insurance

1. Life Insurance

This type of insurance is known to provide financial benefits to the insured for his death. The payment system for this type of life insurance varies. There are insurance companies that provide payment after death and others can allow the insured to claim funds before his death.

Life insurance can be purchased for self-interest and on behalf of the insured alone or purchased for the benefit of a third person. Even life insurance is also known to be bought in other people’s lives. As an illustration, suppose a husband can buy life insurance that will provide benefits to him after the wife’s death. Parents can also insure themselves against the child’s death.

2. Health Insurance

This type of insurance is also quite well known by the people of Indonesia. Health insurance is an insurance product that handles the health problems of the insured because of an illness and covers the cost of the treatment process. Generally, the cause of the insured’s illness which can be borne by the insurance company is injury, disability, illness, until death due to accident.

Health insurance is also known to be bought for the benefit of the insured or the interests of a third person. Private health insurance companies such as Prudential, Allianz, AIA, Cigna, and Manulife are among the big names that provide a variety of insurance products to suit the needs of the Indonesian people and are widespread throughout the world.

3. Vehicle Insurance

The most popular vehicle insurance in Indonesia is a type of car insurance that focuses on injury coverage to other people or against damage to other people’s vehicles caused by the insured. This insurance can also pay for the loss or damage to the insured motor vehicle.

Vehicle insurance is one of the general insurance products. This type of insurance had become a boom when the riots broke out in May 1998 because the incident made people’s interest in protection ownership for private vehicles increase dramatically.

The financial site Cermati.com has partnered with well-known insurance companies in Indonesia so you as a customer can compare the best car insurance products with low rates.



4. Education insurance

Dizziness with children’s education costs? This type of insurance will help you overcome. Education insurance is the best alternative and a solution to ensure a better life, especially in children’s education assets. The cost of the premium that must be paid by the insured to the insurance company varies according to the level of education to be obtained later. Understanding the importance of using education insurance for children is now a matter of concern for parents. The high cost of education and other conditions that exacerbate the economy such as the weakening of our currency against the US dollar affect the cost of education for children later. Realizing that this clearly will burden parents, it is not uncommon for parents now to choose to have education insurance. So, education insurance can be classified as the types of priority insurance too, right? You will certainly be helped in taking care of the child’s future.

5. Travel insurance

Maybe for those of you who often travel or travel are familiar with this type of insurance. The various types of insurance also create a variety of protection for travelers. Overall, the function of travel insurance is not much different from the ordinary insurance function as a form of protection for customers with a short period of time that is for the premium buyer to travel until returning home. Benefits and protection that will be gained from having travel insurance include obtaining protection and coverage for accidents that affect premium buyers, personal accident benefits, dependents for emergency medical expenses, repatriation of bodies, medical evacuation, to protection of luggage that has a risk of being lost. or damaged.

6. Business insurance

For those of you who have a business field, this type of insurance is important to consider. In addition to the types of insurance that involve individual protection, insurance that protects businesses is also needed. Business insurance is a protection service against damage, loss and loss in a large amount that may occur in one’s business. This insurance provides compensation for damage caused by fire, explosion, earthquake, lightning, flood, hurricane, rain, collision, until riots. Insurance companies usually offer a variety of benefits from business insurance such as protection of employees as business assets, investment and business protection, comprehensive life insurance for all employees, to health insurance protection packages for employees.

Advantages of Insurance Companies

Insurance companies also benefit from investment. This is obtained from the investment premium received until they have to pay the claim. This money is called “float”
Insurers can get profit or loss from float price changes and also interest rates or dividends in float. In the United States, property losses and deaths recorded by insurance companies were US $ 142.3 billion in the five years ended 2003. But total profits in the same period were US $ 68.4 billion, as a result of the float.

Insurance Refusal

Some people consider insurance to be a form of betting that applies during the policy period. The insurance company bet that the buyer’s property will not be lost when the buyer pays the money. The difference in fees paid to insurance companies against the amount they can receive if an accident occurs is almost the same as if someone bet on horse racing (for example, 10 to 1). For this reason, some religious groups including the Amish avoid insurance and depend on the support received by their community when disaster occurs. In communities where close and supportive relationships where people can help each other to rebuild lost property, this plan can work. Most people cannot effectively support the system as above and this system will not work for big risks.






Learn the basics of life insurance and how important it is for protecting your loved ones. For more information about life insurance visit …

Post Author: admin

33 Replies to “Life Insurance 101 | My Insurances Info”

  1. I know first hand about it. my dad died. 35 yrs. Ago it happened on the job thank God he had the foresight to buy it. Don't let your family suffer because you think its either too expensive or un necessary trust me you,ll be glad you did and your family will be glad too.

  2. I think level term insurance is the way to go 100%. I have done so much research in the past month. There are a few companies that "shop" the market in order to find you cheapest level term policy. I went with 1st Option Insurance because they shop more companies than the rest.

    Thanks
    Bill

  3. Beyond the known death assistance, life insurance has numerous significant rewards that can equally develop and guard your financial security. For this matter having a reputable advisor will be a big help for your future. With an expert financial advisor like Financial Engines and Taylor Brunswick Group (https://www.facebook.com/TaylorBrunswickGroup/), you'll assure that you will have your needed life insurance.

  4. only things is ,when the person dies ,life insurance will try to find one way not to pay, like one little mistake that papa wrote on the policy​, like did he write down he a non smoker and 5 year of quiting​ smoking, and then the the doctor cut papa open to see how he die , and see the black lungs from being a smoker all those years ,but quitted the last 5 years of his life. and now life insurance will deny payment all because they will say papa was a smoker and didn't write it down on his policy ,not thinking 3 party in this will say he a smoker in the end, all because a the black lungs that been damage all the years of smoking! trust me it happen!

  5. 5 Things that Separates FAMILY FIRST LIFE from the Rest of the Industry
    1. Aggressive Compensation + Bonuses
    In the insurance industry most companies will start you at 55% and cap you at 110% so they can keep more of your commissions. Here at FFL we start our agents at 100% they can advance up to 140%.
    FFL pays producer bonuses, agents can earn up to 2% additional commission on their annual production.
    2. FREE exclusive leads for the first 30 days
    One of the biggest concerns for life insurance agents is the upfront cost of leads. Most companies do not offer an exclusive lead program, and when they do the cost is too much for the agent to handle when getting started.
    Here at FFL we offer our agent’s free exclusive leads for their first 30 days so that they can begin cash-flowing immediately regardless of their financial situation at the time. Our leads are NEVER resold so you don’t have to worry about competing with your peers.
    3. LIVE regional training from REAL top producers
    It can be very difficult to find an IMO that offers sales training to its agents that isn’t limited to online modules. Here at FFL we offer hands on regional training from qualified producers. It doesn’t matter where you live in the U.S. we can provide local support.
    All of our trainers issue pay $20,000 MINIMALLY each month, so we can guarantee you’ll be well equipped to quickly learn how to close over 75% of your appointments.
    4. Do you know what Vested Renewals are?
    If your answer to this question was no than you are probably not being paid renewals. Renewals are residual commission payments that you receive for the life of certain policies you write.
    At FFL, these residuals are vested day one meaning if you ever leave FFL you take your renewals with you.
    5. No contract or fees
    FFL is one of the few true independently owned IMO’s in the industry. We are not contracted through another IMO, FFL works directly with several Top Rated Insurance Carriers which allows us to offer the most aggressive compensation in the industry, pay bonuses and give out vested renewals because there is no other entity to share the commission with. FFL agents are also truly independent, there is no contract for you to sign with FFL we understand the independent contractor relationship as FFL is a company that was built by producers for producers.
    We Pride ourselves on the fact that there are no fees associated in working with FFL. No startup cost, no cost for training or to attend our Sales Conferences. If you are looking for an MLM or Networking Marketing Organization FFL would not be a good fit for you.
    Are you currently being offered these benefits?
    If the answer to that is no then why are you not working with Family First Life?

  6. Anyone experiencing difficulties in trading forex and you are tired of losing, i vividly advice you to take your hands off it and follow my steps by making MR Alessandro your account manager, with his consistent won of $50k biweekly for me. For more info kindly reach him on email. He's strategy super rocks. thank me later! [email protected]gmail.com

  7. So if I get life insurance for my son , If I died he would get taken care of? Or would I have to buy life insurance for myself for my family to be taken care of when I'm gone? This is confusing.

Leave a Reply

Your email address will not be published. Required fields are marked *