Premiums, policies, claims, and protecting your family's income.
40 terms
premium
Money you pay to an insurance company regularly to keep the policy active.
policy
The official insurance agreement document containing the rights and obligations of both parties.
claim
A request for benefit payment to the insurance company when a covered event occurs.
benefit payout
Money paid by the insurance company to the beneficiary according to the policy.
deductible
The amount you pay yourself first before insurance starts paying.
health insurance
Insurance that covers medical treatment and hospitalization costs according to policy terms.
unit link
An insurance product that combines life protection with investment, and its value can go up and down.
beneficiary
The person named in the policy to receive life insurance benefits.
insured
The person whose life or health is protected under an insurance policy.
penanggung
The insurance company party that bears the risk according to the policy agreement.
pemegang polis
The person who buys and pays the premium, not necessarily the same as the insured.
masa tunggu
The initial period of the policy during which certain claims cannot yet be filed.
masa tenggang
Extra time to pay a late premium before the policy becomes lapse.
lapse
An inactive policy status because the premium was not paid within the grace period.
active policy
A policy status that remains in force because premiums are paid on schedule.
policy illustration
An estimate of policy benefits and costs, not a guarantee of future results.
rider
Additional protection purchased separately on top of the policy's basic benefits.
basic benefits
The main protection automatically included in a policy before any additions.
sum insured
The maximum benefit the insurance company will pay for a risk.
co-insurance
The sharing of risk among several insurance companies for a single insured object.
reinsurance
Insurance bought by an insurance company to share large risks with another party.
subrogation
The insurance company's right to recover from the party that caused the loss after a claim is paid.
claim denied
An insurance company's decision not to pay a claim because it does not meet the policy terms.
exclusion
A list of conditions or events not covered by an insurance policy.
preexisting condition
A condition that already exists before the policy is active and is usually limited or excluded.
underwriting
The process of assessing the risk of prospective participants before a policy is approved or rejected.
health survey
A medical examination requested by the insurance company before issuing a policy.
cashless claim
A claim method without paying upfront, billed directly to the insurance at a partner hospital.
reimbursement claim
A claim method by paying medical costs first and then requesting reimbursement.
co-payment
The fixed portion of medical costs that the insured always pays each time they seek treatment.
single premium
A premium paid all at once at the start, rather than in installments each month or year.
regular premium
A premium paid regularly, for example monthly, quarterly, or annually.
cash value
The value of funds in certain policies that can be withdrawn if the policy is terminated.
surrender value
The money received if the policyholder stops the insurance before maturity.
free look period
An initial period to cancel a policy without penalty if it doesn't suit you.
sharia insurance
Insurance managed under sharia principles, without elements of riba and gharar.
tabarru fund
A mutual-help fund in sharia insurance used to pay claims.
vehicle insurance
Insurance that covers damage to or loss of a vehicle according to the type of coverage.
total loss only
A type of vehicle coverage that pays only if damage is very severe or the vehicle is lost.
all risk
A type of vehicle insurance that covers almost all damage, with certain exclusions.
