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An insurance policy is a contractual agreement for cooperation that is carried out in writing between an insurance provider company and a customer who holds the policy itself. This insurance policy is any insurance contract, whether it is health, life, or loss insurance, will be referred to as an insurance policy. For more details about this insurance policy, you can read the explanation below. However, fill out this internal survey first, and make sure you fill it out based on your experience on our platform.
Definition of Insurance Policy
An insurance policy is proof of a written agreement that has been made by the company or insurer with the customers of the insurance service user or the insured. In this policy, all rights and obligations between the two parties will be explained.
This policy will be a written evidence that is very valid so that the insurer and the insured will be bound so that they have their respective responsibilities in accordance with the agreement at the beginning. This policy is one of the important and mandatory insurance parts to be able to clarify the rights and obligations of the customer and also the insurance company.
Functions of Insurance Policy
There are functions of the insurance policy that you must know. So, the functions of an insurance policy are:For Insurance Companies
1. Premium Receipt. It is a proof or receipt of premiums that have been paid by the insured party to the insurance company as the insurer.
2. Written evidence provides guarantees. This policy will also function as written evidence from the insurer and will provide a guarantee to the insured to be able to pay all damages that have been suffered by the customer or the insured.
3. Evidence to reject the claim. An evidence that can be used to be able to reject the claim from the insured party if the cause of the loss is not in accordance with the policy that has been agreed from the beginning by both parties.
For Customers
1. As proof of guarantee. For customers, this policy is a tool of evidence regarding insurance guarantees for various types of risks and also reimbursement of losses that can occur to the insured.2. Proof of Premium Payment. The policy is proof of the payment of premiums that must be paid every month to the insurer. This evidence will be very important for both parties to be able to know the record of the premium transaction.
3. Evidence if the service is not appropriate. It is the most authentic evidence for the insured to be able to sue the insurers if there are services that are not in accordance with the content of the policy that has been approved by both parties.
Types of Insurance Policies
There are various types of insurance policies that you can use for sudden needs or others. The types of insurance policies are:Motor Vehicle Policy
This Motor Vehicle Policy will be intended to be able to provide an insurance guarantee on the motor vehicle owned by the insured that has been registered. This will allow insurance companies to be able to cover car and motorcycle insurance policies with a loss that may occur to the vehicle in the future.Personal Accident Insurance Policy
Personal accident insurance is a type of insurance that will provide personal protection and also benefits in the form of compensation for death, disability, and medical treatment costs that have been caused by an accident. The main risk that will be faced from this policy is accidents.
Travel Police
This travel policy allows insurance companies to provide compensation guarantees as long as the customer travels to a specific destination and within a certain time. So the guarantee is valid from the time the customer departs until they return to their place of origin. Suppose it is used for journalists who are going to cover news in dangerous areas.Health Insurance Policy
This health insurance policy is a type that will often be encountered in the community. This insurance company will provide a guarantee for medical treatment costs if there is a customer who is experiencing illness or accident. Usually, the insurance coverage that will be covered is hospitalization and outpatient treatment.Life Insurance Policy
This type of policy will allow an insurance company to measure the value of a customer's life with a certain amount of money owned. Later the money can be given to the heirs if the customer dies. This life insurance policy will include unit-linked insurance, pure, to dual-purpose insurance.Veem Police
This Veem policy is a policy that will allow the insurance company to bear the risk of loss or damage to the insured's belongings that will be stored in the storage area.War Risk Police
This War Risk Policy will allow insurance companies to provide a life insurance guarantee for customers who are in a war zone or provide life protection for risks for those of you who live or travel to areas that have been affected by the war.Police Not Assessed
This Unvalued Policy will allow the value of the coverage that has been stated in the policy which is only used as the maximum limit or there is a separate unit to be able to determine the nominal amount of the claim that will be given later.Police Assessed
Also known as a valued policy, this type of police will provide a certain cash value as a form of compensation. Usually the nominal has been estimated in advance based on the value of the price of the protected goods.Home Insurance Policy
This property policy will allow customers to obtain compensation from residences that will be damaged as a result of natural disasters, fires, landslides, floods, or other agreements that have been written in the agreement. Before knowing the outline of the contents of the insurance policy, you can consult the trades that you have done through the Trader Assessment. Later, the GIC team will help you to deal with the problems you have at that time.
Outline of Insurance Policy
In an agreement that has become the basis of cooperation between customers and insurance companies, in general there are several contents that must be included to be able to support the legality and clarity of the cooperation contract that has been agreed. There are three important things that will usually be included in the contents of the Insurance Policy, namely:Police Summary
In the summary of the policy, there are several points that must be included and also explained, such as:- The name of the insured or of the policyholder who has been appointed and will receive benefits or representatives from the heirs.
- Benefits of coverage and also additional.
- Details of premiums that must be paid.
- List of the value of the pledged cash if any.
General and Special Policy Terms
In other cases, there are several general provisions and also special provisions that must be included including:- When a coverage is valid
- Description of the benefits that have been agreed
- How to pay Premium
- Grace period of Premium payment
- The exchange rate to be used and the currency to be able to make payment transactions from premiums and claims that have been linked to the Rupiah
- The time that has been recognized as the time when a premium payment is received
- Policy from the company if there is a premium payment that has passed the agreed grace period
- The period when the company is unable to review the validity of the insurance contract
- Table of cash values if any
- Calculation of dividends, if any
- The termination clause of coverage from a company or from the policyholder, the insured, or the participant, including the conditions and causes.
- Terms and procedures for submitting a claim that include the necessary supporting evidence
- Procedures for settlement and payment of claims
- Clauses from dispute resolution that will contain settlement mechanisms in court or out of court
Copy of Request Letter & Insurance Registration Form
When registering, policyholders will be required to fill out a form during registration and also an insurance request letter. A copy of the document will be included in the policy as evidence. So, before entering the next discussion about how to sample the policy, hone your trading skills by going through the Preliminary Test that GIC has provided so that your trading skills will develop.
Police Examples
The following is an example of unit-linked life insurance which is insurance that will provide its users with protection benefits with low premiums as well as investment. This type of insurance will provide the benefits of death insurance protection and also investment at once. Before buying a unit link, you must also understand the product. Therefore, it is good to be able to study the offer proposal that has been submitted by the agent and understand everything about the exemption. The following is an overview of the contents of a unit-linked insurance policy.Policy identity
Which consists of the policy number, policyholder's name, free look provision, board of directors signature column, to QR code.Police data
Which consists of:- Population identification number
- Policyholder's address
- Types of insurance
- Insurance money used
- Valid insurance period
- Currency
- Premium
- Host to host number
- Periodic top-ups
- How to pay the premium
- Payment services
- Insurance beneficiaries
- Date of birth of the insured
- Insured's name
- End of insurance
- End of premium payment
- Start insurance
- Insurance money
- Terms and benefits and types of insurance
3. Special provisions
An integral part of the policy and will apply to policyholders and insurers. Usually this will be regulated specifically regarding the terms and conditions.4. General conditions of the policy
A number of provisions that will be set by the insurance company. Starting from personal data, rights that policyholders can get, and obligations from policyholders. The conditions issued by this policy intend to be able to complement the binding agreement between the policyholder and the insurance company.5. Additional warranty terms (if any)
This condition is intended if the customer is entitled to a refund of the insurance premium that has been deposited or a condition if at any time the customer is unable to pay off his obligations. In short, this will be given so that the insurance is not forfeited.6. Copy of life insurance request letter
A copy of the request letter to be able to have life insurance submitted by the prospective policyholder.How to Check Policy Online
Various types of policies have been in Indonesia. One of them is Prudential. Here's one way to check Prudential's policy. Apart from SMS, you can also check your Prudential policy through PRUaccess which is an application to be able to get information about balances. In addition to checking the balance, PRUaccess will also allow you to see the status of your claim submission. Here are the services that you can enjoy on the PRUaccess application:- Premium top-up
- Transfer and placement of investment funds
- Premium leave termination facility
- Visit pruaccess.prudential.co.id
- Select the "register now" menu
- Enter the requested data
Legal Basis of the Policy
There are several legal bases that have become the basis for every insurance company in Indonesia to be able to provide insurance services that are in accordance with their goals. The following are 5 legal bases of insurance in Indonesia that have been followed by insurance companies.Legal Basis of Sharia Insurance
For the legal basis of sharia insurance policies, there is a legal basis that has been issued by the MUI in a fatwa numbered No.21/DSN-MUI/X/2001 concerning the guidelines for sharia insurance itself.Government Regulation Number 73 of 1992
Government Regulation Number 73 of 1992 which discusses provisions to regulate the implementation of insurance businesses with the purpose of insurance which in principle is able to encourage the growth of a national development.Government Regulation Number 63 of 1999
Government Regulation Number 63 of 1999 which is an amendment to Government Regulation Number 73 of 1992. The background of the formation of this Government regulation is based on a development of insurance business activities that have followed changes in the economic situation.Criminal Code Chapter 9 Article 246
The explanation of the legal basis regarding insurance will explain the provisions of the type of coverage in insurance, the maximum limit of coverage that has been provided by insurance, a procedural coverage process that has been applied, the cause of the cancellation of the coverage process, and also the coverage that is prepared in writing in a deed or insurance policy.Criminal Code Article 1320 and Article 1774
The Criminal Code Law Article 1320 and Article 1774 will contain insurance that already has an element of agreement between the two parties in it, so that the agreement is included in the scope of criminal law which will also contain the conditions of the occurrence of a valid agreement where it will be stated that for the validity of an agreement will be required four conditions, namely their agreement that will bind them, the ability to make an alliance, a subject to a particular problem, and a cause which is not forbidden.Law Number 2 of 1992 concerning Insurance Business
It can be said that this Law is the main legal basis that has regulated and will also determine all activities regarding insurance in Indonesia. It also contains the business of insurance based on the realization of a just and prosperous society in accordance with the mandate of Pancasila and the 1945 Constitution.Police and Premium Linkage
Many still misunderstand the difference between insurance policies and insurance premiums. In general, this insurance policy will function to provide information about accurate personal data as well as information in making premium payments according to the nominal amount that has been written. Meanwhile, insurance premiums are money that will later be paid regularly to an insurance party in order to get all the features of the insurance product that has been purchased.How to Close a Policy
Here are several ways that can be done to close an insurance policy. The methods carried out are:Through an Agent
The first way that can be done to close an ongoing insurance policy is to contact an insurance agent. You can consult with the insurance agent first to be able to get information and also an understanding of the closing procedure. Furthermore, the insurance agent will direct the steps that can be taken by its customers.Via Branch Office
Large insurance companies on a national scale will generally have branch offices in various regions. If you are not sure about the insurance agent in the closing process, then you can go to the branch office of the insurance company. The advantage of the closure process through this branch office is that the information will be valid and can be directly processed because the data has been verified online.Through Customer Service
Another simpler way to be able to close the insurance policy is to contact customer service or available customer service. After contacting the customer service, you will then be asked to verify the data.Via Head Office
Carrying out the closing process through the head office can be served immediately and quickly. You can prepare all the required files and wait for each process to run. If there is still a balance or remaining money, then this process can run smoothly if it is done directly at the head office of the insurance company.FAQ Insurance Policy
Here are some questions that are often asked by customers regarding what an insurance policy is and other things related to the insurance policy itself. Some of these questions are:
What is Insurance Premium?
Insurance premiums are a cost burden that will be your obligation and must be paid according to a predetermined period of time. In general, this payment will be made every month, but it still depends on the maturity that has been agreed upon by both parties.What is Insured Insurance?
The term "Insured" in an Insurance Policy will refer to the person or party who will obtain guarantee from the Insurance Provider when the risk referred to in the Policy has occurred. In a Life Insurance Policy, the Insured is the head of a family or family member who already has economic value.What are Insurance Benefits?
Here are some of the benefits of insurance that we usually use for daily needs or sudden needs that will be needed in the future. These benefits are:1. Risk diversion tool Insurance can divert a financial risk that you have. With this insurance, you can shift the burden from the existing financial risks. For example, with a health insurance, you don't have to pay all or part of the cost of the hospital bill if you get sick later. The risk will be transferred or borne by the insurance company.
2. Minimizing losses Because some or all of the risk has been transferred to the insurance company, you can also minimize an existing loss. You don't have to go into debt to cover financial risks, or spend your savings for other purposes, or even take out an emergency fund that you already have. You can use the money for other things, for example to save or invest.
3. Providing security for the future With this insurance, at least your finances will be more stable. In addition, if you have known that the risks in life can also be transferred, you will also feel more confident about your finances. This can also make you feel braver to be able to invest or start a business.
What is Claim?
An insurance claim is a claim from the insured party because there is an agreement contract with the insurer to guarantee a compensation payment during the time the premium payment has been made by the insured. Simply put, a claim is a formal application that has been submitted to the Life Insurance company in order to make payments to the recipient.
What is Acquisition Cost?
The acquisition fee will refer to the fees that must be paid by the policyholders to be able to get services as the insurance customer itself. In addition to the "acquisition fee", there is the same cost usually also called the policy issuance fee. The cost of issuing this policy is included in it which is the cost of paying fees to insurance agents and also the operational costs of the insurance company.What Is Lapse?
A lapse policy is the termination of insurance coverage as a result of non-payment of a premium and also the cost of the policy that has matured or the cash value owned is no longer sufficient to pay a premium and also other costs.What Is Cash Value?
Cash value is often interpreted as cash value. The policyholder, or a consumer of the insurance product can withdraw the cash value but it must be done with the procedures that have been applied to each existing insurance company. Each insurance company will have its own procedures for withdrawing its cash value.What is Supplemental Insurance?
Additional insurance or what we usually know as riders is an additional feature/service in the main insurance that you use. This means that these features can be used by you or not, depending on your needs and also the completeness of the insurance you use.What is Premium Leave?
Premium leave is a facility where policyholders are allowed not to pay premiums or stop paying a premium for a certain period of time without losing the benefits of insurance. This premium leave is one of the facilities or features in the insurance policy itself.Usually it will apply to unit link insurance. This unit-linked insurance is insurance that has double benefits, namely protection as well as investment. After knowing what the meaning of an insurance policy is and its types, then you can start to invest in the types mentioned above. If you want to invest by trading, you can download the application of GICTrade through the Play Store or App Store and trade together with GIC! After you make the investment, you will get the benefits of the insurance itself so that in the future, you will not use the emergency fund or savings that you have saved in advance for other needs.
Well, apart from investing in insurance policies, you can also trade to get additional funds for your daily needs. Invite your friends to also trade or you can become an IB by getting various benefits and additional income from the GICAffiliate program.
