Published on 19 March 2009 by Faizal in Understanding Insurance, insurance Directive 1
Readers and gentlemen, in everyday life we often hear the term 'risk'. Let's look at the understanding of insurance from an insurance perspective and its relationship with risk. Various risks, such as the risk of fire, was hit by another vehicle on the road, the risk of flooding in the rainy season and so forth, can cause us to bear the losses if the risks we did not anticipate from the beginning. The next question is, what is the sense of 'risk', particularly in the insurance?
What is 'risk'?
Understanding 'risk' in insurance is the "uncertainty on the occurrence of an event that can cause economic loss."
What are the forms that risk?
Other forms of risk include pure risk, speculative risk, the particular risk and fundamental risk. Pure risk is the risk that consequently there are only two kinds: loss or break even, for example, theft, accident or fire. Speculative risk is the risk that a result there are three kinds: income, profit or break even, for example, gambling. particular risk is the risk that comes from individual and local effects, eg a plane crash, car crash and the ship foundered. While the fundamental risk is the risk that is not from the individual and broader impacts, such as hurricanes, earthquakes and floods.
On the principle of proper financial management, both as an individual or company must have what is called risk management. Objectives to be achieved include: reduce spending, preventing the company from failure, increased corporate profits, lower production costs and so forth.
What is 'risk management'?
Management risk is the risk management process that includes identification, evaluation and control of risks that can threaten the continuity of business or an activity. Language heavy impression, but for us as a family indvidu is our organization with a variety of activities. Do not forget to manage our family finances should be able to do the identification, evaluation and risk control of our finances. My personal example was not good at managing family finances as the company, so deh come up short.
Eliminate the risk means eliminating all possibility of such losses in the drive in the wet season, limited to a maximum vehicle speed 60 km / hr. Minimizing risk by attempts to minimize such losses in production, the chances of product failure can be reduced by quality control (quality control). Restrain themselves bear the risk means the whole or part of the risk, such as ways to set up a reserve of money to face the losses that would occur (retention). While the transfer / risk transfer can be done by moving the losses / risks that may happen to other parties, such as insurance companies.
Insurance is one form of risk control by way of transfer / transfer risk from one party to another party in this case is an insurance company.
What are the benefits of insurance?
Besides functioning as a form of risk control (financially), insurance also has many benefits which are classified into: the main function, the function of secondary and additional functionality. The primary function of insurance is as risk transfer, fund raising and the premium balance. Insurance secondary function is to stimulate business growth, prevent loss, controlling losses, have social benefits and as savings. While insurance is an additional function as investment funds and invisible earnings.
Are all risks can be insured?
Not all risks can be insured. risks can be insured is: the risk that can be measured with money, homogeneous risk (the risk the same and pretty much guaranteed by the insurer), a pure risk (the risk is not profitable), the particular risk (the risk of individual sources), the risks occur suddenly (accidental), insurable interest (the insured has an interest of the insured object) and the risks that do not conflict with the law.
Gambling not a risk clearly not borne by gambling, including speculative risks. Ijtihad is why one of my legal gambling is haram, but the insurance law is permissible.
Hopefully Helpful