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Insurance Guide

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  • Additional Dependents
    Those who are not the original Insured who get insurance protection against losses under the terms and conditions of the existing Policy.
  • Additional benefits
    Riders are additional benefits that can be included in a basic insurance program, such as a whole life plan program or endowment program. This benefit is designed to provide additional financial protection at a lower cost.
  • Adjusted Premiums
    The right of the Insurance Company to change the premium rate imposed on certain insured, for example as a condition of renewing an insurance contract.
  • Agent
    A person who has been bound by an agency agreement with an insurance company to act on behalf of the company in finding customers, negotiating and presenting the policy provisions and serving policyholders.
  • Amount / Sum at Risk
    Amount of risk borne. The amount of risk guaranteed by the insurer in the event of the insured's death.
  • Annuity
    A series of periodic payments provided by insurance companies to annuity policyholders or their dependents.
  • Application
    Documents containing statements of facts made by someone who submits a request for an insurance coverage to be used by an insurance company as a basis for policy issuance decisions. The application can be in the form of a Life Insurance Request (SPAJ), Annuity Request Letter (SPA) and Collection Insurance Request Letter (SPAK) along with its completeness. The application becomes an inseparable part of the issued insurance policy.
  • Appreciation
    Increase in the exchange rate of property caused by certain factors (eg. economical) which can be temporary or permanent.
  • Benefit recipients
    People or organizations that get payment for policy benefits.
  • Benefits of Incapacity / Disability
    Additional insurance in which the benefits are paid in fixed installments in lieu of part of the insured's income if he becomes totally incapacitated as determined in the policy
  • Benefits of Policy
    Amount to be paid by the insurance company to the party submitting the claim / beneficiary / representing or party providing the health service (provider), depending on the type of insurance.
  • Benefits of disability / disability
    A life insurance policy that provides additional benefits for payment of income due to disability due to an accident after the insured has proven that he is totally and permanently disabled.
  • Claim
    Requests or demands for benefit payments are in accordance with the provisions set out in the policy.
  • Claim Notification
    1. Letters and insurance companies sent to the policyholders stating that the relevant policy will expire.
    2. Letter of approval for claim payment and reinsurance company to insurance company in occurrence of a death claim or accident claim.
  • Claim Ratio
    The amount of ฿ claims paid by the Insurance Company is compared to the amount of premium received. Claim ratios are often indicated as a percentage of claims for every ฿ received.
  • Claimant
    The person or organization that filed the claim. Claimants are participants, policyholders or providers (for health insurance claims) and beneficiaries or banks for life insurance and annuities.
  • Client
    Customers are individuals or groups that have business relationships with insurance companies. Customers can be prospective policyholders (prospects), policyholders, or former policyholders or their families / representatives.
  • Collection Policy
    An insurance policy that gives coverage to an employer or another party to the insurance risk of a group of people who officially work or have other business ties with them.
  • Combined losses
    Providing guarantees against:
    1. Loss / damage to motorized vehicles insured due to collisions, collisions, upside down, slipping off the road.
    2. Financial losses / damage to motorized vehicles due to bad deeds of people except by their own family / people who work with the insured or carry the vehicle with the insured's permission.
    3. Fires caused by fire that arise from inside or outside the vehicle.
    4. Theft, including theft carried out by force.
    5. Lightning strikes.
  • Commission
    Part of the premium is paid to agents or other salespeople as compensation in obtaining and serving policyholders.
  • Compensation
    If the insured object is affected by a disaster that causes a loss, we will compensate you to return your financial position after the loss has become the same as before the loss occurred. Thus, you are not entitled to get compensation greater than your loss.
  • Comprehensive Life Insurance Program
    This type of life insurance program offers lifetime protection / protection against death or, if applicable, defects that are comprehensive and permanent, to the Insured.
  • Congenital conditions
    Health problems that already exist before the effective date of insurance coverage (six months to 2 years). Generally, insurance companies do not bear pre-existing conditions, or only bear after passing the waiting period (waiting period).
  • Contract
    Agreement between two or more parties on condition that the parties contracting do or do not act according to the contents of the contract.
  • Dangers
    It is a possible event. The source of the hazard basically comes from three things:
    a. Nature, for example: Natural disasters such as earthquakes, floods, etc.
    b. Humans, for example: Negligence, crime such as theft, robbery, etc.
    c. Equipment / property, for example: car accident, short circuit, explosive stove, etc.
  • Dependents
    A legitimate husband / wife and children.
  • Depreciation
    Missing or decreasing the value or difference in value of an object at different times.
  • Disabilities / Disability
    Physical or mental conditions that cause the insured cannot work normally.
  • Disability Income Insurance
    Health insurance that benefits the payment of income to the insured if the income is interrupted / stop due to illness, illness or accident.
  • Disability Insurance
    Coverage which generally provides payment for weekly benefits to employees due to accidents or diseases that are not included in the provisions of labor law.
  • Due Date
    The date set for a payment: premium, annuity, sum insured.
  • Employee Contributions
    The collection of insurance premium section of employee benefits that must be paid by employees.
  • Extendable Term Insurance
    Term life insurance policy that can be extended at the end of the term, without the need for proof of insurance eligibility (insurability). However, new policies may have a more expensive premium.
  • Extension of Policy
    The extension of the coverage period exceeds the original time limit by the policy holder and is approved by the insurance company with the payment of a number of advanced premiums.
  • Face Value, Coverage Value, Sum Insured
    The amount of money listed on the front / policy sheet that will be paid at the time the insured dies or at the end of the insurance period. Does not include additional benefits and dividends, double benefits, or other special guarantees.
  • Family Income Insurance
    Types of insurance that provide income to the benefit until the end of a certain period from the beginning of the insurance; if the insured dies within the period of time, the face value (stated on the front of the policy) is insurance, paid at the end of the insurance period or when the insured dies after the end of the contract
  • Floods / Hurricanes / Earthquakes (AOG)
    Provide guarantees against financial losses / damage to vehicles due to geological and meteorological events, such as earthquakes, volcanic eruptions, whirlwinds, storms, typhoons, landslides, floods.
  • General Terms of Policy
    The contents of the insurance contract that contains the rights and obligations of both parties (the guarantor and policy holder).
  • Grace period
    Period of time after the maturity date of the advanced premium where the premium can still be paid without interest and coverage is still in force. The grace period varies depending on the type of policy and the stages of payment.
  • Health Check Report
    Reports on the health condition of the prospective insured are filled by a general practitioner or specialist based on a physical examination as well as an interview with the prospective insured.
  • Health Insurance
    Insurance that guarantees the reimbursement of the costs of care or treatment issued by the insured.
  • Health Statement
    Form filled in and signed by the prospective insured stating his health condition.
  • Hospital Care Insurance
    Various types of insurance programs that reimburse hospital costs, care, surgery, and other medical expenses caused by bodily injury or illness.
  • Housing Loan Insurance / Home Ownership Credit Insurance
    Insurance that is beneficial to guarantee a home purchase loan. For example: a person buys a home in installments and becomes a life insurance insurer, if he dies, the remaining loan will be paid by the insurance company and the home becomes the designated property or his beneficiary.
  • Individual policy
    An insurance policy that provides insurance to individuals / individuals and, in some cases, family members.
  • Initial Commission
    Commissions paid to agents and first premiums.
  • Inpatient Guarantee
    A letter delivered by an insurance company to the provider hospital which contains a guarantee of payment of certain maximum inpatient costs by the insurance company for health insurance participants whose names are listed in the letter.
  • Insurance Broker
    Deputy of the insured, not from an insurance company. The broker's actions are not the responsibility of the company and the notification given by the insured to the broker is not the same as the notification to the company. Brokers seek insurance market share for insurance companies to place the insured business with the greatest benefit and at the best price. Brokers are not restricted to conducting business with just one insurance company.
  • Insurance Certificate
    Coverage statement sheet that is given to someone who is a participant in a collection of life / health insurance, which contains the benefits of the policy and the principal provisions that bind the following effective date of coverage.
  • Insurance Contract / Policy
    Insurance contract between the policy holder and the insurer.
  • Insurance Guarantee
    Protection of someone's economic value provided by an insurance policy.
  • Insured
    A person or group of people whose risks are insured in an insurance contract.
  • Insured Interest
    You are said to have an interest in the insured object if you suffer financial loss in the event of a disaster that causes loss or damage to the object. This financial interest allows you to insure your property or interests. If an accident occurs on an insured object and it is proven that you do not have a financial interest in the object, then you are not entitled to receive compensation.
  • Interpretation
    Estimated quantity, quality and value. In this way, the value of the assets to be insured is determined.
  • Legal Responsibility to Third Parties (TJH-III)
    Providing guarantees:
    1. Against losses suffered by third parties caused by the insured vehicle.
    2. Reimbursement of costs and / or assistance of legal experts regarding losses in item 1 with the condition that the insurer first give written approval for the expenses incurred. Guarantees provided include: financial losses, material losses, and physical losses. Exceptions to this guarantee are for:
    1. Passengers who are in the insured motorized vehicle.
    2. If the insured is an individual to his wife / husband or children.
    3. If you are insured by the Firm, CV, to the company.
    4. If the insured is in the form of PT to the management.
    5. To people who work with the insured with a salary.
    6. To the animals or items that belong to the insured under the guard or are appointed / loaded on / unloaded from the insured vehicle. This legal responsibility also applies though.
  • Limited Policy
    This type of health insurance provides benefits only for certain risks such as cancer.
  • List of Reinsurance Premiums
    1. List containing data on the reinsured policy describes the amount of reinsurance premiums that must be paid.
    2. A reinsurance form that shows the history of losses and premium history with regard to specific risks. Insurance companies provide to the reinsurance company with that information. This information is used by the company.
  • Loss rate
    The amount and timing of losses that will occur in certain insured groups where insurance coverage is still valid.
  • Medical check up
    The health examination carried out by the prospective insured.
  • Method of Assessment / Interpretation / Calculation
    The method which was originally used to estimate the cost of life insurance, where participants were previously billed a sum of money required to pay claims each year. Also referred to as counting methods before dying
  • Monthly Premium
    Premiums paid monthly.
  • Number of Initial Risks
    The big risk of the death of the insured at the beginning of the coverage.
  • Own risk
    The first amount of ฿ from a claim that is not covered by the policy. Its function is to avoid claims that are small and for the insured to pay attention to the prevention of losses and to reduce losses suffered by the Insurer.
  • Participation Requirements
    Requirements that must be fulfilled by someone to be allowed to become a group insurance participant.
  • Partner
    Hospitals, health laboratories or clinics / clinics that collaborate with insurance companies to provide health services to their customers for the insurance company's cost is limited to the guaranteed amount (stated in a guarantee letter).
  • Policy
    Insurance agreement between the insurer and the policy holder and other documents which constitute an inseparable part of the insurance agreement, including the participant certificate for group insurance. Insurance policies are also often called policy contracts or contracts.
  • Policy Addendum
    Letters (documents) stating changes to some data in policies that have been issued, can be in the form of changes in beneficiaries, premiums, or effective policy dates, or other changes.
  • Policy Recovery
    Restoring the effectiveness of coverage for policyholders who have lapse.
  • Policyholder
    A person or group of people who commit an insurance contract (policy) with an insurance company. The policy holder, also called the policy owner, is the party making the premium payment.
  • Premium
    The amount of money stated in the policy approved by the policy holder, to be paid to the insurance company according to the agreement so that the policy remains active. Included in the premium are First Premium, Advanced Premium, Extension Premium, and Policy Change Premium. Or also the amount of money paid by policyholders to the insurer in order to obtain insurance benefits.
  • Protection Guarantee
    Protection and insurance policies. In life insurance, the benefits of life and death.
  • Reduction
    Part of the medical costs must be paid by the insured himself before the insurance company makes payment for benefits. Reductions can be done on a case-by-case basis or in every calendar year. Also called a deductible amount.
  • Reinsurance
    The transfer of coverage by other insurance companies, commonly called reinsurer is part of the risk portion received by the insurance company issuing policy. Reinsurance can be done through treaty (automatic) or facultative (case by case).
  • Reinsurance Treaty of Bonds Reinsurance Treaty Reinsurance Agreement
    A type of reinsurance agreement that combines automatic and facultative features and agreements. With the obligatory faculties agreement, the company providing the session / insurance company that conducts risk selection to be reinsured, does not send underwriting papers to the reinsurance. In obligatory faculties agreements, reinsurance companies are required to accept the risks offered by insurance companies.
  • Risk
    Losses that can occur or individuals insured
  • Service Level
    The time limit that is set to complete a job is either underwriting, policy issuance, policy changes, confirmation of approval / rejection of acceptance and reporting.
  • Sum insured
    The amount of money from insurance company that obligated to replace all or part of the financial loss incurred on the insured as stated in the policy. Sum Insured in health insurance is usually called the policy benefit.
  • Term Insurance
    Life insurance policy with a certain coverage period (not lifetime). Life insurance policy with a certain insurance period (not lifetime)
  • Term Insurance can be converted
    Term life insurance policy that can be converted into a permanent life insurance policy at the request of the policy holder.
  • Universal Life Insurance
    Flexible life insurance premiums where policyholders may change the benefits of death at any time (with satisfactory insurable evidence for a premium increase) and change the amount or time of premium service. Premiums (deductible costs) are included in the policy account where the calculation of mortality is deducted and interest is calculated in the rate that may change from time to time.
  • Unsecured Life Insurance Policy Premiums
    Lifetime policies that specify both the maximum premium rate and the actual premium rate that the policyholder will pay for a certain period after the policy is purchased. This premium rate can be changed by the insurer after the insurance period expires, but the new premium must not be greater than the maximum amount that has been determined. Often referred to as policies with flexible premiums or policies with variable premiums.
  • Waiting period
    A certain period of time after the policy is issued where the insured's health costs are not guaranteed by the policy. The waiting period generally is six months to 2 years and only applies to health costs due to illness, not due to accident.