| dc.description.abstract | Unit-linked insurance agreements combine life insurance products with
investments, offering dual benefits for policyholders. However, cases of claim
defaults in unit-linked insurance frequently occur due to legal uncertainties
involving transparency, corporate governance, and the policyholders'
understanding of the terms and conditions of the policy. This study aims to analyze
the legal certainty regarding the payment of claims in unit-linked insurance,
including the insurance company's responsibility to provide protection to
policyholders.
The research method used is a normative-juridical approach, involving an analysis
of relevant legislation, such as Law Number 40 of 2014 on Insurance and several
regulations from the Financial Services Authority (OJK), as well as a review of
related cases. The study finds that the primary causes of claim defaults include
insufficient transparency regarding investment risks, ambiguous clauses in the
policy, and weaknesses in regulatory oversight. Furthermore, the limited
understanding of policyholders about the mechanisms of unit-linked products
worsens the situation. OJK plays a critical role in ensuring transparency, solvency,
and policyholder protection. Moral hazards and fraud often occur in the insurance
sector, involving both customers and agents.
The study concludes by highlighting the importance of strengthening legal certainty
through more effective supervision by OJK, improving transparency within
insurance companies, and educating the public about their rights and obligations
in unit-linked insurance. The implementation of these measures is expected to
prevent claim defaults and enhance protection for policyholders. The establishment
of the Policy Guarantee Program, as regulated by Law No. 4 of 2023 on Financial
Sector Development and Strengthening (P2SK), aims to protect policyholders of
insurance companies that are liquidated or have their licenses revoked, provide
compensation for approved claims, and increase public trust in the insurance
industry. | en_US |
