INSURANCE GLOSSARY AND TERMS - carinsurance.3sakti.com

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(Free-Press-Release.com) October 3, 2011 -- INSURANCE GLOSSARY AND TERMS

ADJUSTABLE PREMIUM = Right Insurance Company to change the premium rates charged to insured, for example as a condition of renewal of insurance contracts.

ADDITIONAL INSURANCE = Which is not the original insured gets the insurance protection against loss under the terms and conditions of existing policy.

ANNUITANT = Policyholders who are entitled to receive benefits from the insurance company for a certain period.

APPRAISAL = Estimated quantity, quality and value. Through this way the value of the property to be insured is determined.

Comprehensive / ALL RISK (Combined Losses)
Provide a guarantee of:
1. Loss / damage of uninsured motor vehicles because of collisions, collisions, overturned, skidded off the road.
2. Financial loss / damage to motor vehicles because of bad deeds of people except by their own families / people who work with the insured or the insured permission to bring such vehicles.
3. Fires caused by the fire that comes from within and from outside the vehicle.
4. Theft, including theft committed with violence.
5. Lightning strikes.

APPRECIATION= Increase in the exchange rate appreciation of the property caused by certain factors (ex economic) which may be temporary or permanent nature.

DANGER is an event that may occur. Source of danger is basically derived from three things:
a. Nature, for example: natural disasters such as earthquakes, floods, etc..
b. Humans, for example: Negligence, crimes such as theft, robbery, etc..
c. Equipment / property, ex: car accident, short-circuit, a stove exploded, etc..

FLOOD / STORM / EARTHQUAKE (AOG)

Provide a guarantee of: financial loss / damage on the vehicle and Meteorology due to geological events such as earthquakes, volcanic eruptions, typhoons, hurricanes, typhoons, landslides, floods.
CONTRIBUTION
You can only insure property same on several insurance companies. But if there is loss of the insured object then automatically applies the principle of contribution. The principle contribution means that if we had paid full compensation you deserve, then we are entitled to sue other companies are involved in some type of coverage (together cover your possessions insurance) to pay the respective losses of comparable magnitude with total coverage of the closing.

DEPRECIATION = Missing or reduction in value or the difference in value of an object at different times.

DEDUCTIBLES (Own Risk / commonly called Your Own Risk):
Is the number so the first dollars of a claim that is not covered by the policy. Its function: to avoid small claims and that the insured would pay attention to loss prevention and to reduce losses suffered by the Insurer.

PRICE COVERAGE function as:

1. Value limits the insurers responsibility, meaning that Torts is given by the Insurer at the highest price for coverage that. The phrase "height-height" is important to understand and it implies that the replacement of the Insurer could be lower than that value. The occurrence of lower replacement vehicle if the market price is lower than the price Assured.
2. The basis for determining the presence or absence of "average" if there is a claim
3. The basis for calculating premiums. (Price Assured x Rate = PREMIUM). Premium amount will be adequate in accordance with the magnitude of the risks faced if the price Assured actually represent, or as large as the value at risk; or in other words the risk is fully insured.

HAZARD is a condition or nature, whether physical tangible (physical hazards) as well as tangible behavior, character and human nature (moral hazards) that affect the likelihood of danger.

Examples of physical hazards:
1. Fire insurance
- Installation of electricity which is not good
- Storage of flammable materials
2. Motor vehicle insurance
- High traffic density
- Use of vehicles for taxi

Examples of moral hazards:
1. Insured
- Lack of initiative to reduce losses
- Nature is angry, drunk, etc.
2. Employers and employees
- Relations are not good between employer and employee
- Employers are paying less attention to workplace conditions

RIOT is a state in a city where a large number of mass together or in small groups create an atmosphere of order and public safety problems with noise and using violence as well as a series of large amounts of property destruction, so much so that the resulting public fear, which characterized with the cessation of more than half the normal activities of trade center / mall or the office or school or public transportation in the city for at least 24 (twenty four) hours continuously starting before, during or after the incident.

INDEMNITY
If the object is affected, causing insured losses then we will give compensation to restore your financial position after the loss to be the same as immediately before the loss. Thus you are not entitled to damages greater than the harm you suffered.

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