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Initiating Preventive Legal Protection for Defaulted Insurance Customers: an Axiological Study

Year: 2024

Type: article

Abstract: Insurance helps individuals manage risks in areas like health, education, and retirement. However, issues such as defaults by insurance companies can harm customers and erode public trust. To address this, preventive measures, including establishing a Policy Guarantee Agency, are needed to protect customers and minimize losses. This normative legal study examines preventive protection regulations, focusing on balance in contracts and legal protection theories, and proposes constructing regulations for a policy guarantee program. Findings reveal that while the Insurance Law mandates such regulation, its absence creates legal uncertainty, leaving customers vulnerable to losses from insurance defaults.

Source: East Asian Journal of Multidisciplinary Research

DOI: 10.55927/eajmr.v3i11.12387

Authors: Hendro Purnomo, I Putu Sudarma Sumadi, Marwanto Marwanto, Made Gde Subha Karma Resen

Institution: Udayana University

Language: English

Topic: Insurance and Financial Risk Management

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Peace, justice, and strong institutions

Open Access status: hybrid

OpenAlex ID: W4404984324

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