What is insurance? this is the understanding and kinds of insurance products

What is insurance? Insurance is a two-party agreement between the insurance company and the customer (in that insurance is called the policy holder). In the agreement stated that, insurance companies receive insurance premiums to provide compensation to policyholders due to loss, damage/illness, or loss.

In insurance, there are three elements that serve as the main guideline for the insured risk reduction mechanism. What are the elements in insurance?

Elements in insurance

1. Premium

Premium is an obligation that must be paid by the insured (which will be included in insurance) to the insurance company. The obligation to pay premiums is a form of desired risk transfer service. Don't forget the Squad, paying this premium must be paid off. If you join insurance, you have to pay this premium. The number of figures varies by insurance company.

2. Insurance Policy

The party paying the premium has the right to get a policy. The insurance policy itself is a contract or agreement issued by the insurer to the insured. What are the contents of the insurance policy? It contains all the provisions that guarantee what losses are borne by the insurance until the insured data is clearly stated.

The function of insurance is to transfer risk from one party, namely the insured (customer) to another party, namely the insurer (insurance company).

3. Claims

Okay, if the claim is a filing process for compensation compensation requests from the loss experienced. For example, like the picture of the accident above. For example, a car damaged by the accident, the damage was borne 100% (including replacement of the engine, car body, etc.). The insured party who registers the car to the insurance party, can file a claim, Squad. Keep in mind, yes, before making a claim, first check the risk has been insured and listed in the policy or not.

There are many things because the insured does not read the insurance policy, when a loss occurs, it comes to the insurance company and asks for a claim. But, the claim was rejected because the policy was not covered. Finally, the insured was embarrassed because he did not carefully read the insurance policy.

After you know about the meaning of insurance, we now discuss the various types of insurance products. There are four types of insurance products that we will discuss namely, health insurance, life insurance, education insurance, and general insurance.

The best types of insurance products that are popular in the world

What is insurance? this is the understanding and kinds of insurance products

1. Health insurance

Have you taken health insurance yet? Usually, a child joins health insurance owned by his father / mother. Health insurance that guarantees the health costs or care of insurance members if sick or having an accident.

2. Life Insurance

Life insurance provides protection if there is a risk of death to the policy holder. For example, providing long-term protection to the heirs of policyholders if they are dead.

3. Educational Insurance

Squad, has anyone joined insurance education yet? Try you ask your parents. Educational insurance can be said as a future savings that guarantees the education of the children of policyholders (parents). Usually, insurance premiums are paid since the child is born until the grace period specified in the agreement.

4. General Insurance

General insurance is a form of risk coverage that provides compensation to policy holders for losses suffered. An example of this general insurance is motor vehicle insurance. There is insurance that guarantees vehicle damage of up to a few percent.

Important Notes About Insurance

  • Insurance is a two-party agreement between an insurance company and a customer (policy holder).
  • Various types of insurance products are health insurance, life insurance, education insurance, and general insurance.

How now, do you understand the definition and kinds of insurance products? If you are still confused, please learn more about insurance to experienced insurance experts.

The World's Best Insurance Company

Insurance is one of the financial products that provide protection against the risk of financial losses that can occur at any time. There are various companies that offer a variety of the best insurance products in the world and in Indonesia.

Get the best health insurance from the best insurance companies through Lifepal!

Speaking of these companies, each has an advantage in terms of financial resilience as well as performance quality.

Well, Lifepal has summarized various insurance companies in the world with the superior predicate from the side of large capital and the best service delivery in the world.

Top 10 Largest Insurers in the World

Choosing the best insurance certainly can not immediately see it in terms of premiums only, but we should also pay attention to how big the network of companies. The reason, by looking at how big the company is we can ensure the opportunity of redress guarantee we as customers.

Check out the 10 largest insurers in the world below.

1. Berkshire Hathaway

Insurance in the United States has a revenue value of up to US$223.6 billion in 2016 and total assets of US$620.85 billion. The figures are fantastic for the size of a financial services company. Founded in 1839, the company is one of them thanks to the role of Warren Buffet, one of the richest people in the world.

Headquartered in Omaha, Nebraska, USA, the company handles conglomerates' investments in the energy, transportation and services sectors.

2. China Life Insurance

From the name we can know where this insurance company came from. That's right, this Chinese or Chinese company has actually been established since 1949.

In 2015, its total assets reached US$362.1 billion with several key figures, namely Dairen Lin and Yang Minsheng.

Headquartered in Beijing, the company underwent a restructuring in 2003 with its main businesses of life insurance, asset management, property and investment.

Even cooler, this insurance has listed its name on the stock exchanges, New York, Hongkong, and Shanghai.

3. Ping An Insurance

Established in 1988, Ping An Insurance is believed to manage Chinese citizen insurance funds with a market capitalization of US$130.9 billion. Headquartered in Shenzhen, Guangdong, one of its characters is Ma Mingzhe.

4. AIA Group

Well known for being a sponsor of one of The Europa League's football clubs, AIA Group has a market capitalization of US$80.5 billion. The Hong Kong-based company was founded in 1919 by Cornelius Vander Starr.

5. Allianz

Originally from Germany, allianz insurance company has been established since 1890 and has revenues of up to 95.76 billion euros with total assets reaching 848.9 billion euros. Headquartered in Munich, the company has expanded to Indonesia.

Allianz serves health insurance and asset management. Its customers now cover 70 countries in the world with diverse insurance products, both individual and corporate.

6. American International Group (AIG)

The insurer, headquartered in New York, United States, has a market capitalization exceeding US$76.4 billion. Once a sponsor of one of the european league football clubs, AIG company has the same founder as AIA, cornelius vander starr.

7. Prudential

Being one of the oldest insurance companies established since 1848, Prudential had revenues of up to 71.84 billion euros in 2016. Headquartered in London, England, one of the key figures in his success was Paul Manduca.

Prudential now has a large network of markets in Asian, European and African countries. Prudential was last listed on the London, Hong Kong, Singapore, and New York stock exchanges. It is estimated that its customers exceed 24 million people.

8. AXA

The French insurer dates back to 1817 and had revenues of up to 98.53 billion euros in 2015 and total assets of 887.07 billion in the same year. Headquartered in Paris, one of the key figures in AXA's success is Thomas Buberl.

Currently, AXA has more than 102 million customers and has expanded its business to 56 countries, including Indonesia. Its main businesses revolve around property, life insurance, accident insurance, and asset storage and management.

9. NG Group

NG Group is a Dutch insurance company headquartered in Amsterdam. Established in 1991, its market capitalization has exceeded US$59.3 billion. One of the CEOs who has served is Ralph Hamers.

10. Metlife

An American insurance company headquartered in New York, Metlife has been established since 1868. Its last CEO was Steven A. Kandarian, the company has a market cap value exceeding US$57.8 billion.

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