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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 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.

Baffled by premiums, deductibles and out-of-pocket maximums? Here is an overview of health insurance that will help clear things up and give you a better …

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32 Replies to “Understanding Your Health Insurance Costs | Consumer Reports | My Insurances Info”

  1. So I have to pump in 5,000 dollars every fucking year in order to be covered.

    I was foolishly hopeful that once o hit the "5,000" mark, I'd have a lesser price to pay every fucking month.

    Bloody hell.

    Socialist bullshit isn't the way to go. But this is shit.
    I'd be better off keeping it all in my fucking savings

  2. Lithuania has universal healthcare system. We pay about 9 % taxes (about 35 eur) from our stated minimum salary to the gov company each month and we get all kind of medicare when we need. But of course there are other issues such as bribing the doctors to get a good and professional examination of ur condition etc. and thats because medics dont get paid what they expect. Then the lines are somtimes (e.g. in the autumn – season of viruses) get so long. But anyways i think its still wayyy better than the american healthcare system, to pay money for insurance company i get that, but to get it paid and not give a healthcare YOU NEED sounds stupid.

  3. In Canada you pay only income tax and get medical services covered from the provincial government except drugs, which can be covered from government or from employer with low low low premiums.

  4. Damn, it sucks to live in America. I mean it certainly beats a second or third world country, but we are like the bottom of the barrel of the first world countries.

  5. They should take the cutest cartoon shit out and explain plainly. NO ONE, ABSOLUTELY NO ONE IN THE US IS COMFORTABLE WITH THEIR INSURANCE. well rich people are, but everything is swell where money is no object

  6. This is helpful…but seemed rather rose colored. If anybody wants to point me towards something that can give me a more realistic idea of health insurance in all its gritty detail I would appreciate it.

  7. I did the math. It's cheaper for me to have a cavity, two eye exams, a $400 pair of glasses, a $250 pair of contacts, and 2 dental checkups RETAIL on the HIGH END of avg costs, than to have a PPO plan through my employer. $2100 vs $3400 a year. And that's not including all this deductible and co-pay nonsense!!

    I'm taking the penalty this year, and cashing in on my family's genes.

    I'm sorry for those born with pre existing conditions. I really am. It's not fair, and the system is built to farm you.

  8. WHAT IF… You are Paid By The Hour in America (Not A Salaried Employee But HOURLY) well those Monthly Premiums come OUT Of your Paycheck Each Pay Period.. BUT If your NOT WORKING and In the Hospital for several weeks You Are NOT MAKING ANY HOURS = NO PAYCHECK to take the premiums out of!! So Surprise.. Your Insurance Premium IS NOT BEING PAID = THEY CANCEL YOUR INSURANCE??? I mean What would happen? Remember, Hourly employees are ONLY PAID when they are ON the CLOCK.. No Work = NO PAY.

  9. The jolly music doesn’t help 😐, and let’s be real, most insurances disappear and don’t fulfill obligations via loop holes or “preexsisting conditions” by stage 2.

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