The primary function of insurance is as a mechanism to transfer risk (risk transfer mechanism), which shifted the risk of one party (the insured) to another party (the insurer). The transfer of risk is by no means eliminates the possibility of misfortune, but rather the insurer provides financial security party (financial security) and tranquility (peace of mind) for the insured. In return, the insured pay premiums in a very small amount when compared to the potential loss that may be sustained (Cambridge: 1999).
Basically, the insurance policy is a contract is a legal agreement between insurer (in this case an insurance company) by the insured, the insurer is willing to bear the party where a number of disadvantages that may arise in the future in Exchange for a payment (premium) of the insured.
According to law No. 2 of 1992, is the insurance coverage or are agreements between two or more parties, with which the insurer committing yourself on the insured, by accepting the insurance premiums to provide replacement on the insured because of the loss, damage or lost profits expected, or legal liability to third parties which may be suffered by the insured, arising from an event which is uncertain , or to provide a payment based upon his life someone who died or dipertanggungkan.
In order for a loss potential (which is probably the case) can be insured (insurable) then it must have the characteristics:
The occurrence of loss contains uncertainties,
Losses should be limited,
Losses must be significant,
The ratio of the loss can be predicted and
Not catastrophic losses (disaster) for the insurer.
There arose the question; death is inevitable, why can be insured?
Even though it is something that contains the certainties, but exactly when the death of a person residing outside the control of the person they will be. So in the wake of the events of death that really contain uncertainty which caused his insurable.
There are two forms of agreement in determining the payment amount at maturity of the insurance contract, namely: value (valued contract) and indemnitas contracts (contract of indemnity).
The contract value is where the amount of the payout has been set in advance. For example, the value of the sum assured (UP) on life insurance.
Indemnitas contract agreement number santunannya based on the amount of financial loss. For example, the cost of hospital care.
In the event an insurance company tried to suppress the possibility of fatal losses/large, then it can divert the risk to other insurance companies. This is called reinsurance; the company accepts reinsurance is named reasuradur.
In addition to the five characteristics listed above, before it can be insured, then the insurer should consider insurable interest and the selection. Insurable interest with regard to the relationship between the insured with the recipient of compensation/benefits – in the event of potential losses. For example, the insurance company will not sell fire insurance policies to the party other than the owner of the insured building.
Insurable interest in this example are the ownership of thd something is insured. Similarly, family relationships, financial linkages that reasoned, is also a form of insurable interest. Is anti selection (counter selection) refers to the existence of a greater tendency to get insurance because of the level of risk is above average. For example, people who have a record of poor health or a risk of dangerous jobs tend to want to buy insurance.
To reduce the consequences of anti selection, insurance companies should be able to identify and classify the potential risks or losses. The process of identification and classification of the level of risk that's called underwriting or risk selection. But that does not mean anti selection led to the filing of insurance denied, due to the risk of loss with the insured above the average may incur a premium sub standard (special premiums) due to the risk of sub standard (specific risks), unless the damages are likely much higher, perhaps the insurance application was denied.
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