According to the provisions of Article 246 of the Commercial code , insurance or agreement to which the Insured was committed themselves to the insured to receive a premium to provide reimbursement to him for any loss, damage or loss of expected benefits that may be suffered as a result of a evenemen ( events are not sure ) .
According to the provisions of Act 2 of 1992 dated 11 February 1992 on Insurance Business ( " Insurance Law " ) , insurance or coverage is an agreement between two or more parties with which the parties committed themselves to the insured to receive the insurance premium to provide reimbursement to insured for loss , damage or loss of expected benefits , or legal liability to third parties which may be suffered by the insured arising from an uncertain events , or to provide a payment based on the death or life of an insured person .
Based on the definition above, insurance is a form of agreement which must be met the requirements as in Article 1320 of the Civil Code , but the characteristics of that insurance is an agreement that is speculative as stated in Article 1774 of the Civil Code .
According to Article 1774 of the Civil Code , " An approval of chance ( chance - overeenkomst ) is an act which results, on balance, good for all parties as well as for temporary party , dependent on an event that is not necessarily " .
Some important things about insurance :
It is an agreement which must comply with Article 1320 of the Civil Code ;
The agreement is adhesive means the contents of the agreement have been determined by the insurance company ( standard contract ) . However, this is not in line with the provisions of Act 8 of 1999 dated 20 April 1999 on Consumer Protection ;
There are two (2 ) parties in it which the Insurer and the Insured , but could also agreed that the different parties to the insured will receive dependents ;
The existence of the premium as a proof that the insured agrees to be held insurance agreement ;
The existence of an insurance agreement resulted in both parties are bound to perform its obligations .
It can be concluded that the elements that must be present on Insurance are :
Legal subjects ( insurer and insured ) ;
Free agreement between the insurer and the insured ;
Insurance objects and interests of the insured ;
Objectives to be achieved ;
Risk and premiums ;
Evenemen ( uncertain events ) and compensation;
The terms that apply ;
Insurance policy .
B. PURPOSE OF INSURANCE
a. Transfer of Risk
Insured held with the objective of transferring insurance risks that threaten property or soul . By paying a premium to an insurance company ( insurer ) , since it is also the risk transferred to the insurer .
b . Compensation Payments
If an earnest happening when the event giving rise to the loss ( the risk of turning into a loss ) , then the insured will be paid compensation in the amount equal to the amount of insurance . In practice the losses incurred can be partially ( partial loss ) , not everything is a total loss ( total loss ) . Thus , the insured entered into the insurance is to obtain compensation payments truly suffered .
In payment of compensation by the insurance company applies the principle of subrogation ( set out in article 1400 Code Per ) where the compensation berpiutang ( insured ) by a third party ( the insurer / insurance ) - which pays for the berpiutang ( value of insurance claims ) - occurs either as well as approval of the legislation .
C. DURATION OF INSURANCE
The rights and obligations of the insurer and the insured arising at the conclusion of the insurance policy although not yet published . Insurance coverage in practice evidenced by the approval of the application or temporary contract signing ( cover note ) and the payment of premiums . Furthermore, in accordance with the applicable legislation , the insurer or the insurer must issue an insurance policy ( Article 255 businesses)
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