Changes in the Agreement Clause between the Parties in the Insurance Policy That Has an Impact on Losses Reviewed From the Perspective of Legal Sociology

Insurance is an agreement that has been mutually agreed upon between the insurer (insurance company) and the insured (someone who buys insurance services), where in the agreement the insured must pay a certain amount of money within a certain period of time, which is called a premium. Life insurance premiums depend on life chances and interest rates that represent financial market dynamics. Insurance is a financial means in household life to face basic risks such as the risk of death or the risk of loss of property. One type of life insurance is dual-purpose life insurance, namely insurance that provides dual benefits in the form of life insurance protection and savings at the end of the policy year if the insured is still alive. Compensation for a risk that may be suffered due to certain events is obtained from the payment of a premium. There are two types of premiums, namely net premiums and gross premiums. The net premium plus certain costs charged to the insured is the gross premium.