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Risk and Insurance Protection (Part 1)
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Risk
Possibility of a disaster that cannot be avoided
Insurance
Means of protection from financial loss by transferring the risk from the individual to the insurance organization
Insurance company
The party that agrees to pay compensation for the losses of the agreed terms
Policyholder (Insurance owner)
The individual who will claim and receive compensation for the losses
Insurance contract
A policy and an evidence of an agreement made between the insurance company and the policyholder
Premium in insurance
An amount of money payable by the policyholder to the insurance company
Principle of indemnity
Insurance companies will pay compensation to policyholders in the occurrence of a loss insured for an amount not exceeding the loss incurred, subject to the sum insured
The risks covered by life insurance
Death, critical illness and loss of ability
Importance of life insurance
Provide financial protection to family members who depend on the policyholder, when the policyholder dies
Actuary expert
An expert in managing and calculating risks in premium of insurance policy, annuity rate and others for an insurance company
The views expressed in the flashcard here are those of the contributor and don’t necessarily represent the views of pandai
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Risk and Insurance Protection (Part 1)
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