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The definition of insurance is a transfer of risk from the first party to another party. In the delegation of controlled by legal rules and apply universal principles and teachings that are adhered to by the first party and other parties.
From an economic point of view, insurance means a collection of funds that can be used to cover or compensate people who suffer a loss.
Apart from being a form of risk control (financially), insurance also has various benefits which are classified into: main function, secondary function and additional function.
The main function of insurance is to transfer risk, raise funds and balance premiums. The secondary function of insurance is to stimulate business growth, prevent losses, control losses, have social benefits and serve as savings. Meanwhile, the additional function of insurance is as an investment fund and invisible earnings.