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| "Insurance Policy" |
"Insurance policy" When you buy an insurance product, you will get an insurance policy that contains an agreement and provisions related to the coverage benefits that you will get.
What is meant by an insurance policy is an agreement document between the policyholder (customer) and the insurance company that contains certain provisions related to the insurance product purchased.
So, if you experience a disaster or risk mentioned in the policy, you will get coverage benefits with the amount stated on the insurance policy.
Simply put, the insurance policy contains what things will be guaranteed and not by the insurance company.
Therefore, it is very important to understand the contents of the insurance policy to find out the coverage benefits that will be obtained and other provisions.
Often customers are too hasty in reading the policy, so that if something does not match expectations, it is considered a violation. In fact, all the rules and agreements have been explained on the insurance policy.
Let's get to know the insurance policy, its functions and benefits.
Policy function for customers
- As proof that customers will get coverage benefits for the risks stated in the policy in the form of compensation costs or compensation.
- A statement that nasaba will perform the obligation to pay premiums according to the specified time.
- As valid evidence if the insurance company does not perform obligations in accordance with the provisions written in the policy.
Policy function for the insurance
- As proof if the insurance company receives the payment of insurance premiums paid by the customer.
- As evidence if the company will carry out its obligation to pay claims in accordance with the risks contained in the policy.
- As proof that the insurance company refuses the claim, if the application is not in accordance with the provisions of the policy.
Types of insurance policy
How many types of insurance policies are issued on the basis of the purchased insurance product. Here are the details.
- Life insurance policy: contains provisions related to compensation provided if the customer dies.
- Health insurance policy: contains provisions related to coverage coverage for medical expenses to hospitals.
- Property insurance policy: contains provisions related to compensation guarantees if the house is damaged, stolen, and fired.
- Vehicle insurance policy: contains provisions related to compensation coverage if the vehicle is damaged, lost, or damaged due to a natural disaster.
- Microinsurance policy: contains provisions related to guaranteed protection against risk risks whose protection period is short, for example for sports to diseases.
- Veem policy: contains provisions containing a guarantee of compensation for the risk of assets or valuables being lost or damaged.
- Floating policy: usually used for stock insurance of goods in several places.
- Open policy: usually intended for indemnity guarantees whose nominal is in line with the bill but still has a minimum limit.
- The policy is estimated: it contains a provision under which the indemnity is in accordance with the estimated value of a valuable item.
- War risk policy: contains provisions related to life protection for the risk of living in war zones or when traveling to war zones.
- Consequential loss policy: contains provisions related to guaranteed compensation for the risk of income falling and outcomes rising in a business.
What are the contents of the insurance policy
In addition to containing the agreement, maybe you will ask, what are the details in the insurance policy? Here are the details.
Policy summary
In the insurance policy section, it contains complete information related to customer personal data and insurance products.
- Name of the policyholder
- Coverage benefits
- The amount of premium to be paid
- Guaranteed cash value if any
General and special provisions of the policy
In this section, it contains complete information regarding the provisions of the provisions that must be carried out by both parties, including:
- Coverage period
- Explanation of the benefits obtained
- How to pay premiums and timing
- Terms of filing a claim and its payment
- Settlement clauses in the event of a dispute between the customer and the insurer, whether resolved through a court or out of court
- Termination of coverage clause (mentioned in detail the terms and causes)
- Currency for paying premiums
- The insurance company's policy if the customer is late paying the premium.
Study your policy before choosing insurance
As described above, it can be concluded that the existence of an insurance policy is very important. Considering that in the policy there are clear agreements and provisions regarding the rights and obligations of customers as well as insurance companies.
In addition, the insurance policy is also valid evidence if you do not get the rights that have been approved in advance.
Make sure you choose the right insurance product with a process that is not difficult and has an insurance policy that is easy to understand.
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