What Is an Insurance Policy Period?
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An insurance policy period is the time frame during which an insurance policy is effective. Based on chapter IV, article 7 in INDONESIAN MOTOR VEHICLE INSURANCE STANDARD POLICY, it is a condition precedent to liability under this policy, that any premium payable shall have been paid off and actually received in full by the Insurer, in the event of:
insurance period of 30 (thirty) days or more, then settlement of premium payment shall be conducted within a period of 14 (fourteen) calendar days as of the date of inception of this Policy;
such insurance period is less than 30 (thirty) days, settlement of premium payment shall be conducted at the time of issuance of Policy.
In case the Insured fails to fulfill the liabilities as referred to in paragraph above, this Policy shall be automatically terminated without issuing cancellation endorsement starting from the expiry of the grace period and the Insurer shall be discharged from any liability there from.
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Term Insurance Definition & Meaning
Insurance policy: is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured).
Premium: is the amount of money you must pay to the insurance company for your insurance policy.
Claim : An insurance claim is a formal request from the policyholder (that's you) to their insurance company asking for payment after a covered incident.
Insured: A person whose life or property is the subject of insurance.
Insurer: Parties that already have formal permission to carry out business activities related to taking over the risk of other parties based on a policy; for this coverage, the risk insurer receives a premium from another party as the insured; usually, the Insurer is an insurance company.
The age of the Insured: is determined based on the last birthday on the Effective Date of Insurance and will increase on each Policy Birthday.
The coverage period :is the period of insurance protection for the Insured from the Effective Date of Insurance to the Expiry Date of Insurance as stated in the Policy Data.A coverage period is the period of time during which an insured event is protected by an insurance contract.
Fore more information please call Sahabat Insurance 021-50508080.
Source: https://sikapiuangmu.ojk.go.id