do not know the elements of insurance? read this...
1. Premiums
You'll often hear the term, but many were not able to explain the notion of premium. Simply put, the premium is an obligation that must be paid the insured to the insurer as desired risk transfer services. To benefit the transfer of risk from the insurer, the obligation to pay this premium to be paid by the insured.
2. Insurance Policy
In place of the premiums paid for the insurance, the insured has the right to policyholders. Definition of an insurance policy is a contract issued by the insurer to the insured that became the basis for paying compensation to the insured from the losses they experienced. This policy contains all provisions that guarantee any losses borne by the insurer to the insured the data clearly.
3. Claims
When it gets the loss of an event, you can check these risks are insured and listed in the policy or not. If there is, there can make a claim as a form of replacement demand compensation of losses you have experienced.
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