1. Transfer Risk.
By paying a relatively small premium, a person or company can move the uncertainty of life and property (risk) to the insurance company
2. Collection Fund
Premiums received and collected by the insurance company as a fund to pay for risks that occur.
Viewed from some angles, then the insurance has the purpose and techniques of various solutions, among others:
1. In terms of economy, then:
The goal
Reducing the uncertainty of the results of the work done by a person or company in order to meet the needs or achieve goals.
Technique
By way of transferring risk to other parties and other parties combine a number of significant risks, which can be estimated with more precision the magnitude of potential loss.
2. In terms of law, then:
The goal
Transferring the risks faced by an object or a business activity to another party.
Technique
Through the payment of premiums by the insured to the insurer in the compensation contract (insurance policy), then the risk is transferred to the insurer.
3. In terms Tata Commercial , then:
The goal.
Divide the risks to all insurance program participants.Technique
Transferring risk from the individual / company to a financial institution engaged in risk management (insurance companies), which will divide the risks to all participants who handled insurance.
4. In terms of the Community, then:
The goal
Bear the losses jointly among all insurance program participants.
Technique
All members of the group (group members) insurance program to contribute (in the form of premiums) to sympathize loss suffered by one / several of its members.
5. In terms of mathematical, then:
The goal
Predicting the possible occurrence of risk and prediction results were used to divide the basis of risk to all participants (a group of participants) insurance program.
Technique
Calculate the magnitude of potential based on probability theory ("Probability Theory"), conducted by an actuary or by an underwriter.
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