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Insurance is an agreement between two or more people with conditions stating that the insured party will pay a premium to the insurer to get reimbursement for the risks experienced. The insurer is the insurance company, while the insured party is the policyholder/customer.
Insurance is essential because it has protection benefits that can protect us from financial losses due to certain risks. The reason is, we are faced with uncertainties such as various risks that may arise in life, ranging from illness, death to assets or property that is damaged. Therefore, you need to have protection as a substitute for the lost economic value due to all these risks.
Insurance won't keep us risk-free, but it will. Insurance can minimize the losses that occur, such as when we are sick, the company (the insurer) will pay for hospital bills, and we need to use personal savings again. Just imagine if we rely on savings and investment, private funds will disappear. Meanwhile, it is even possible for us to get hospital coverage up to millions of Rupiah with insurance.
An insurance premium is an amount of money paid by the customer (the insured party) to the company (the insurer). This compensation is a service fee for the insurer against risk transfer for losses experienced by the insured in the future.Premiums can also be used as proof of someone's participation in the insurance program. It can be paid regularly, either monthly or annually, depending on each company's regulation.
Insurance claims can be made according to the applicable procedures of each company. However, it can also be classified according to three methods:

  1. Cashless

    The cashless method is a non-cash claim method by providing a membership card to participants. Generally, this cashless replacement method applies to health protection products.
  2. Reimbursement

    The reimbursement method is a claim method that requires the insured party to spend money first, but then it will be reimbursed by the company (the insurer). Generally, this reimbursement method applies to vehicle protection products, such as cars and motorbikes.
  3. Cash compensation

    The cash compensation method is a claim method by giving cash that can be done regularly, even daily. Generally, the compensation method in the form of money applies to protection products from loss to personal accidents.
Insurance companies are included in non-bank financial institutions. In its activities, the company must obtain a permit from the Otoritas Jasa Keuangan (OJK) because the business activity is the existence of economic activities/transactions in collecting funds (premiums) from customers.
Accessing insurance online gives you a variety of benefits. In addition to processing transactions without meeting directly with agents or representatives of the company, costs are also offered at a relatively cheaper premium price, more product variations, and features available to make comparisons of various protection products much more accessible. You can also find reviews and recommendations about the company to the best protection product you want. Besides, the existence of a portal or application also allows you to buy and manage policies online without any physical files.
Based on the fatwa of Dewan Syariah Nasional Majelis Ulama Indonesia (DSN MUI) 21/DSN-MUI/X/2001 about the General Guidelines for Sharia Insurance, insurance is an effort to protect each other and help among several people in the form of joint assets. Its purpose is to provide a return to a member who experiences a particular risk.However, you don't need to worry because sharia insurance does not include usury if it is carried out according to the contract and legal principles in Islam and is supervised by the Dewan Pengawas Syariah (DPS). Majelis Ulama Indonesia (MUI) has also issued Halal fatwas. However, it is essential to remember that you have to check whether the sharia insurance product has obtained a sharia unit business license or not.
Insurance is not included as an investment but as protection from risk. However, you can now find various products that combine insurance and investment, such as unit-linked insurance or other types of products with premium returns.
Shipping insurance or the transportation of goods is a protection product that aims to protect goods transported by land, sea, or air. Protection for shipping is intended for goods owners, both individuals and companies that need protection for goods' transportation. An example is JNE and J&T (JNT) insurance.
Here is a list of terms that you commonly find in the world of insurance.

  • Actuaries: a profession in insurance that applies actuarial knowledge about financial risk management in the future (a combination of opportunity science, mathematics, statistics, finance, to statistics) to calculate risks and premiums
  • Acquisition Costs: costs charged to customers by the insurance company when buying or when the policy is to be issued
  • Adjudication: steps or processes for dispute resolution to decide if the claim submitted by the insured can be accepted or rejected by the insurance company (the insurer)
  • Agent: insurance company partner who acts to offer and market products for and on behalf of the insurer, submits policy provisions, explains the contents of the policy agreement, and provides information needed by customers after becoming an insurance participant
  • Annuity: benefits of regular payments made by the insurance company periodically for a particular time to the policyholder
  • Assignment: the term used to describe transfers in insurance, such as the transfer of rights in an insurance contract from one party to another
  • Assignor: the party in charge of assigning insurance rights and benefits from the policyholder (the insured party) to another person
  • Automatic Premium Loan (APL): provisions for automatic cash value withdrawal from the policy if the insurance participant (the insured party) does not pay the premium until the grace period ends
  • Bancassurance: insurance products marketed by banks to provide insurance products that offer protection and investment products to meet customers' long-term financial needs
  • Cash value: total money given by the insurance company (the insurer) to the insurance participant (the insured party) at a particular time or the end of the policy period
  • Claim: submission of reimbursement for the risk from the insurance participant (the insured party) to the insurance company (the insurer) so that the insurer pays the conditions according to the existing procedure so that the insurance participant gets the right properly
  • Clause: the articles contained in the policy agreement that must be obeyed by both parties, both insurance participants and insurance companies
  • Contestable Period: the time given to the insurance participant (the insured party) to cancel the policy
  • End of Contract Claim: a claim of rights filed by an insurance participant because the contract has ended with the insurance company
  • Endowment Plan: an insurance program that offers two benefits in the form of protection and savings/investment
  • Excess (cut limit): costs that need to be incurred by the insurance participant (the insured party) to cover the shortage of expenses paid by the insurance company (the insurer) to the hospital
  • Explanation Of Benefits (EOB): a letter from the insurance company (the insurer) as a sign of receipt of a claim which will later be given to the insurance participant (the insured party)
  • Field Underwriting: the initial selection process for prospective insurance participants carried out by the insurance company
  • Flat Rate: premium fee determined by the insurance company with the same nominal for each pay period during the policy period
  • Free-Look Period: 14 days given to prospective insurance participants to make decisions about cooperating or canceling the policy because they disagree with the terms and conditions written in the policy
  • Grace Period: period or grace period given to the insurance participant (the insured party) for 30 days from the due date of payment
  • Guarantee Statement: a statement issued by a prospective insurance participant regarding the condition of the object to be insured (person or thing)
  • Insured: the party who gets insurance benefits, in this case, is the policyholder and/or other people who have been listed as the insured party
  • Insurer: the party that provides insurance coverage (reimbursement for the risk that occurs) and in this case is the insurance company
  • Investment-linked Plan: or what is also known as unit-linked insurance is insurance that offers two benefits, namely protection and investment
  • Investment Funds: the number of funds obtained from the premium payment within a certain period which has been deducted by the acquisition cost and several other costs
  • Investment Value: the total value of a company or stock (business interest) that is specific to an individual or group of investors, which is generally included in unit-linked insurance because it has investment benefits.
  • Joint Life Annuity: a term for premium payments that will stop when the insured dies
  • Key Employee (Key Person): experts from the insurance company (the insurer) with all the abilities that support the success of an insurance company
  • Lapse: the period of the premium that is not paid causing the policy to be canceled (or the effective period of the policy to stop)
  • Life Insurance Company: an insurance company that offers insurance products to accept the risk of economic value related to life, such as death to physical disability
  • Loan of Policy: a condition when an insurance participant (the insured party) applies for a loan to the insurance company (the insurer) in a certain amount and is approved with a cash value guarantee
  • Late Remittance Offer: the final offer from the insurance company that is used to make the restoration of canceled insurance policies
  • Law of Large Numbers: a calculation with the legal concept of large numbers based on statistical data to provide an overview of the percentage of all possibilities that may occur to insurance participants
  • Mail Kit: documents or sales brochures that are used to send various information about the insurance program that is sent to prospective insurance participants to facilitate decision making for these prospective customers to join the insurance program
  • Main Reserve: premium reserve held by the insurance participant (the insured party), which will be calculated at the middle of the year
  • Minor: insurance participant (the insured party) who is under 21 years of age
  • Mortality: or what is often referred to as the frequency of death is the number of deaths that occur in a certain group
  • Net Asset Value (NAV): the market value of each type of investment asset which is generally contained in a unit-linked insurance policy (which has investment benefits)
  • Occupational Risk or Hazard: the risk from the type of work performed by the insurance participant
  • Payor: the term used for the insurance participant (the insured party) as the party who pays the premium
  • Pending Claims: claims made by insurance participants but have not been able to be paid by the insurance company due to specific causes
  • Policy: an agreement contract that determines what conditions are the responsibility of the insurer agreed by both parties, both the insurance participant as the insurer and the insurance company as the insured party
  • Policy Illustration: description or projection of insurance benefits to be received by insurance participants
  • Policyholder: someone who is bound by an agreement made with an insurance company and has responsibility for fulfilling all obligations to the insurance company
  • Premium: nominal payment approved by insurance participants and insurance companies whose payment process is carried out according to the agreement, starting from monthly, annually, or according to applicable policies
  • Premium leave: a feature available in insurance that allows insurance participants to stop paying premiums temporarily
  • Protection Guarantee: a guarantee provided by the insurance company (the insurer) so that the insurance participant (the insured party) can purchase additional insurance products without the need to go through a selection process
  • Quarterly Premium: premium payment in stages every three months
  • Reinsurance: the effort made by an insurance company to protect itself by transferring insurance risk to other companies
  • Rider: other additional benefits that can be obtained outside of the primary benefits
  • Risks: various unexpected bad possibilities that can befall a person in the future
  • Sum Insured: the amount of money that must be paid by the insurance company in the event of a claim from the insurance participant for the risks guaranteed in the insurance program and previously agreed upon
  • Top-up fees: costs that cut a particular nominal value from the investment side, which is incurred when the insurance participant pays periodic premiums and single premiums, which generally range between 5-10%
  • Underwriter: someone who has the expertise to review various risks from insurance participants so that he can determine whether the prospective participant is entitled to receive insurance or not
  • Unit Price: the results obtained from an investment portfolio whose calculations are obtained from the products of the asset value plus the profit from the investment
  • Waiting Period: a specific period that must be passed until the benefit or claim can be withdrawn