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Aside from being a form of risk control (financially), insurance also has various benefits which are classified into several functions as follows: 

1. Main Functions (Primary) 

a) Risk Transfer As a means or mechanism for transferring the possibility of risk / loss (chance of loss) of the insured as "Original Risk Bearer" to one or several insurers (a risk transfer mechanism). So the uncertainty (uncertainty) in the form of the possibility of a loss as a result of an unexpected event, will turn into certain insurance protection (certainty) change the loss into compensation or compensation claims with the condition of premium payment.

b) Fundraising As a collection of funds from the public (policyholders) that will be paid to those who have experienced the disaster, the funds collected in the form of premiums or insurance costs paid by the insured to the guarantor, are managed in such a way that the funds develop, which will later be used for pay for losses that may be suffered by one of the insured.

c) Balanced Premium To regulate such that the premium payments made by each insured are balanced and reasonable compared to the risk transferred to the guarantor (equitable premium). And the size of the premium to be paid by the insured is calculated based on a premium rate (rate of premium) multiplied by the sum insured. 2. Additional Functions (Secondary) a) Hidden export (invisible export) As covert sales of commodities or unreal goods (intangible product) abroad. b) Economic Growth Stimulator (economic stimulus) is to stimulate business growth, prevent losses, control losses, have social benefits and as savings. c) Means of investment fund savings and invisible earnings d) Means of Prevention & Control of Losses 3. Insurance Purpose 1) Providing guaranteed protection from the risks of losses suffered by one party. 2) Increase efficiency, because there is no need to specifically carry out security and supervision to provide protection that takes a lot of energy, time and cost. 3) Equitable cost, that is enough just to pay a certain amount of costs and do not need to replace / pay for themselves losses incurred in an uncertain and uncertain amount. 4) The basis for banks to provide credit because banks need collateral protection for collateral provided by borrowers for money. 5) As savings, because the amount paid to the insurance party will be returned in greater amounts. This is especially true for life insurance. 6) Close the loss of earning power of a person or business entity when he is unable to function (work)