"Insurance or coverage is an agreement between two or more parties, with which the parties committed themselves to the Insured Person, to accept insurance premiums, providing reimbursement to the insured for loss, damage or loss of expected benefits, or legal liability to third parties who may be suffered by the insured, arising out of an uncertain event, or provide a payment based on a life or death of the insured ".
Our understanding of the meaning or definition of the above will be more complete when compared with the notion of insurance set forth in article 246 K. U. H. Trade, which reads as follows:
"Insurance or coverage is an agreement by which the undertaking is binding to the insured, to receive a premium, for reimbursement to him for any damage or loss of expected benefits that might be experienced as an event that is not necessarily".
Important elements contained in the second definition is:
i) Insurance is a contract
ii) The premium is a pre-requisite agreement
iii) The party will give the turn to the Insured
iv) The possibility of the occurrence of certain events or no uncertain events
Insurance as an agreement or a commitment as other contracts subject to the laws of the engagement (the law contracts) as described in Book Third Book of the Law of Civil Law of the engagement.
For a legal contract of insurance is required 4 requirement, namely:
i) Agreed they commit themselves
ii) Ability to make an engagement
iii) A specific case
iv) A lawful cause
Insurance premiums or the cost of air-insurance is a pre-condition for the existence of insurance agreements, because in the absence of any insurance premiums will not be (No No insurance premium).
So, in other words, insurance is a form of risk control is done by way of transfer / transfer of risk from one party to another party (in this case the insurance company).
Understanding of the other insurance is a transfer of risk from the first party to another party. The delegation is controlled by rules of law and the enactment of the principles and teachings which are universally adopted by the first or the other.
Permalink : The Basics Insurance
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