Insurable Interest

Insurance companies must evaluate each request in order to ensure that the insurance in question and a related benefit recipients insurable interest in the person will suffer if the insured event occurs.

Before accepting a plea of life insurance, insurance companies examine the relationship between the applicant, the designated heir and prospective insured to ensure that through these relationships arise insurable interest of the prospective insured.

Each person has insurable interest in his own life performance. Longevity is considered more profitable than dead. thus, insurable interest is presumed to exist if the applicant and the prospective insured are the same person.

Applicants who once prospective insured also has the right to appoint any person or party other desired as beneficiary. however, the insurance company may refuse to issue policies to applicants as well as the insured, if the beneficiary designation of doubtful relevance

Family relationship between the applicant and the designated beneficiary and the prospective insured generally cause insurable interest. Intimate relationships and the linkages between them causing fiansial insurable interest. Generally, husbands, wives, parents, children, grandparents, beak, brothers and sisters have an interest in insuring the life regarding prospective insured.

Insurable Interest

Perusahaan Asuransi harus menilai setiap permintaan asuransi agar dapat memastikan bahwa yang bersangkutan dan calon penerima santunan mempunyai hubungan insurable interest dalam  hal orang itu akan menderita apabila peristiwa yang dipertanggungkan terjadi.

Sebelum menyetujui suatu permohonan asuransi jiwa, perusahaan asuransi memeriksa hubungan antara pemohon, ahli waris yang ditunjuk dan calon tertanggung untuk memastikan bahwa melalui hubungan ini timbul insurable interest dari calon tertanggung.

Setiap orang mempunyai insurable interest atas dirinya sendiri dalm hidupnya. Umur panjang dianggap lebih menguntungkan daripada meninggal. dengan demikian, insurable interest dianggap ada apabila pemohon dan calon tertanggung adalah orang yang sama.

Pemohon yang sekaligus calon tertanggung juga mempunyai hak untuk menunjuk siapa saja atau pihak lain yang dikehendaki sebagai beneficiary. namun demikian, perusahaan asuransi dapat menolak menerbitkan polis kepada pemohon yang juga sebagai tertanggung, jika relevansi penunjukan beneficiary diragukan

Hubungan keluarga antara pemohon dan beneficiary yang ditunjuk dan  calon tertanggung umumnya menimbulkan insurable interest. Hubungan yang akrab serta keterkaitan fiansial antara mereka menyebabkan insurable interest. Umumnya, suami, isteri, orang tua, anak, kakek, nenek, cucuk, saudara laki-laki dan saudara perempuan mempunyai kepentingan mengasuransikan menyangkut nyawa calon tertanggung.

Insurance Risk in Risk Management

Insurance risk is the potential failure of insurance companies to meet obligations to policyholders as a result of the inadequacy of the selection process of risk (underwriting), the determination of premiums (pricing), the use of reinsurance and / or handling of claims.From some of the references in determining insurance risk. Insurance companies divide the types of risks covered by life insurance companies consisting of mortality, morbidita, and longevita.
 a. Mortality risk.Payment of benefits of the product to bear the risk of mortality based on the death of the insured. Mortality rate is relatively stable over time, thus reducing the financial risk for the company. Mortality risk generally have low default risk.
 b. Risk Morbidita.Payment of benefits of the product to bear the risk morbidita done as a result of disability, pain and or suffering from critical illness (such as cancer and heart disease). Morbidita risk tends to be more variable over time than the risk of mortality. In addition, the benefits pembayaraan morbidita depends on a clear definition of the onset time of the incident morbidita. Thus the risk of congenital morbidita have a higher risk than the risk of mortality.

 c. Risk Longevita.Products that bear the risk longevita provide payment of benefits in the form of a lifetime annuity. Products that provide a lifetime annuity benefits had the highest risk of default.

Furthermore, in assessing the insurance risk is also considered the type of product to be marketed which traditional insurance products.Traditional insurance, death insurance include term (term insurance), endowment insurance (endowment), dual-purpose combination (endowment combine) and life insurance (whole life). Traditional insurance generally has a high risk of default is higher because:Level premium term insurance product remains during the coverage period in accordance with the age of the insured at the time of entry coverage, regardless of claims experience.
 Product life insurance, endowment and endowment combination has a combination package of risk insurance and savings and promising payment of benefits at the time of redemption and maturity. The dominant form of risk management assets and liabilities (asset and liability management).

Risiko Asuransi dalam Manajemen Risiko

Risiko asuransi adalah potensi kegagalan perusahaan asuransi jiwa memenuhi kewajiban kepada pemegang polis sebagai akibat dari ketidakcukupan proses seleksi risiko (underwriting), penetapan premi (pricing), penggunaan reasuransi dan/atau penanganan klaim. 

Dari beberapa referensi dalam menentukan risiko asuransi. Perusahaan Asuransi membagi jenis risiko yang ditanggung perusahaan asuransi jiwa yang terdiri dari mortalita, morbidita, dan longevita.

a.     Risiko Mortalita. 
Pembayaran manfaat produk menanggung risiko mortalita didasarkan pada meninggalnya tertanggung. Tingkat mortalita relatif stabil dari waktu ke waktu, sehingga dapat mengurangi risiko keuangan bagi perusahaan. Risiko mortalita umumnya memiliki risiko bawaan yang rendah.

b.     Risiko Morbidita. 
Pembayaran manfaat dari produk yang menanggung risiko morbidita dilakukan sebagai akibat dari ketidakmampuan, sakit dan atau menderita penyakit kritis tertentu (misalnya kanker dan jantung). Risiko morbidita cenderung lebih bervariasi dari waktu ke waktu dibandingkan dengan risiko mortalita. Selain itu, pembayaraan manfaat morbidita sangat tergantung pada definisi yang jelas mengenai waktu timbulnya kejadian morbidita. Dengan demikian risiko morbidita memiliki risiko bawaan yang lebih tinggi daripada risiko mortalita.

c.     Risiko Longevita. 
Produk yang menanggung risiko longevita memberikan pembayaran manfaat seumur hidup dalam bentuk anuitas. Produk yang memberikan manfaat anuitas seumur hidup memiliki risiko bawaan yang paling tinggi.

Selanjutnya dalam menilai risiko asuransi juga dipertimbangkan mengenai jenis produk yang akan dipasarkan yaitu produk asuransi tradisional. 

Asuransi tradisional, antara lain meliputi asuransi kematian berjangka (term insurance), asuransi dwiguna (endowment), dwiguna kombinasi (endowment combine) dan asuransi seumur hidup (whole life). Asuransi tradisional umumnya memiliki tingkat risiko bawaan yang lebih tinggi karena:

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    Tingkat premi produk term insurance tetap selama masa pertanggungan sesuai dengan usia tertanggung pada saat masuk pertanggungan, tanpa memperhatikan pengalaman klaim.

   Produk asuransi seumur hidup, dwiguna dan dwiguna kombinasi memiliki paket kombinasi risiko asuransi dan tabungan dan menjanjikan pembayaran manfaat pada saat penebusan dan saat jatuh tempo. Risiko yang dominan berupa manajemen asset dan kewajiban (asset and liability management).

Risk Management

Risk management is an inseparable part of the implementation of good corporate governance (GCG) aims to manage the risks that are inhibiting the achievement of corporate goals as well as a tool that accelerates and exploit opportunities to create added value for the company.In implementing the risk management insurance company considers it necessary to establish guidelines and guidelines that will serve as guidelines for each element in running the company's risk management policy.It is also in line with the statutory provisions of an insurance policy which mandates the implementation of a life insurance company based on risk management.Menwajibkan risk management is that every insurance company can identify the risks faced by life insurance companies. It has also been determined in the Regulation of the Minister of Finance No. 168/PMK.010/2010 on Audit of Insurance Companies ("PMK No. 168").In some of the risks that such provision should be recognized in the application of risk management, among others:

                              1. Risk Governance and Leadership;

                              2. Risk Strategy and Planning;

                              3. Risk Compliance;

                              4. Operational Risk;

                              5. Risk Insurance;

                              6. Liquidity Risk;

                              7. Investment and Market Risk;

                              8. Risk Capital.In the guidelines / guidelines, any insurance company preparing standard operational procedures and guidelines for the application of risk management to comply with the existing as well as being a company that can develop in a sustainable (sustainable developing) in order to fulfill his pledge to every stakeholder of the company.