The occurrence of which is insured. insurance risk
Sum insured -sum of money, which is installed federal law and (or) determined by the insurance contract and on the basis of which the amount of the insurance premium (insurance premiums) and the amount of insurance payment upon the occurrence of insured event.
Insurance payment - the amount of money established by federal law and (or) an insurance contract and paid by the insurer to the policyholder, the insured person, the beneficiary upon the occurrence of an insured event.
insurance premium - the amount paid by the insured under the insurance contract for the transfer of risk to the insurer, payment for risk insurance
Reinsurance- the process of secondary (subsequent) risk placement (protection of the risk of the IC itself)
Assignment/retrocession - the process of risk transfer
Object of insurance- this is the property interest (property status) of the subject associated with the possession of something - something that is exposed to risk and can be insured.
From Law:
Objects of insurance are property interests related to:
Survival of citizens to a certain age or period, with death, with the onset of other events in the life of citizens
Causing harm to life, health of citizens, rendering them medical services(fear. From accidents and diseases, medical fear)
Ownership, use and disposal of property (property insurance)
Obligation to compensate for harm caused to other persons (civil liability insurance)
Implementation entrepreneurial activity(fear. Entrepreneur. Risks)
Insurance objects:
1. Life, health and work capacity (risks: injury, illness, death)
2. Property (risks: damage, destruction, loss)
3. Responsibility (risks: obligation to compensate for the harm caused)
4. Capital (income, profit) (risks: non-receipt of income, depreciation of assets)
Subjects of insurance relations– persons involved in relations arising in the process of insurance (the totality of persons participating in insurance relations)
Subjects of the insurance business- persons carrying out insurance activity(providing insurance, reinsurance, mutual insurance services, as well as brokerage and actuarial services), whose activities are regulated by the state:
1. Insurance (reinsurance) companies
2. Mutual insurance companies
3. Insurance (reinsurance) brokers
4. Insurance actuaries
The list is determined by the Federal Law. Of course. Everyone needs a license
Subjects related to insurance- persons not directly involved in the relations arising in the insurance process, not related to the full-fledged organization of the insurance process and, as a rule, affecting the quality of relations within the insurance business.
Main subjects:
Insurer- an insurance company (insurance organization, insurance company) that manages the insurance fund (formation, placement and targeted use of the fund), by concluding insurance contracts with its participants (insured persons), collecting insurance premiums (contributions) and making payments upon the occurrence of events specified in the insurance contract (insurance events), as well as bearing all obligations (expenses, costs) associated with the execution of the insurance contract.
Definition from the Law "On the organization of insurance business"
Insurers- jur. Persons created in accordance with the legislation of the Russian Federation for the purpose of carrying out insurance, reinsurance, mutual insurance, and having received licenses in accordance with the procedure established by this Law. Carry out insurance risk assessment, receive insurance premiums ( insurance premiums), form insurance reserves, invest assets, determine the amount of loss or damage, make insurance payments, perform other insurance actions related to the fulfillment of obligations under the insurance contract.
Requirements for the insurer: legal entity, resident, license, Authorized capital: fear.risk=120m.r., fear.life=240m.r., overfear=480m.r.
Policyholder- f.l or legal l., which has a risk (and insurable interest) and transfers this risk to the insurer (insurance fund), by concluding an insurance contract (or by virtue of law), and paying an insurance premium (contribution) and having the right to claim to receive insurance compensation (collateral) in the event of the occurrence of events specified in the insurance contract (or in the law).
Others: beneficiary - recipient of insurance indemnity, insured person - life person, etc. are the object of insurance, the policyholder, the payer of the insurance premium, the assignor - the reinsurer - to whom the risk is transferred for secondary insurance, the reinsurer - who receives from the reinsurer.,
Insurance agent - one who, on behalf of and at the expense of the insurer, carries out the acquisition of contracts (attraction)
An insurance broker is an intermediary in concluding contracts on his own behalf and in the interests of the insured
Subjects related to insurance: average adjuster (international maritime law), surveyor (inspection of property), adjuster (interests of the insurer in resolving issues), tallyman (calculation of cargo), emergency commissioner (determination of causes, amount of losses), stevedore (loading and unloading ships) , assessor (determining the amount of losses), ombudsman (human rights).
insurance law is a set of generally accepted, legislatively fixed rules (norms) of behavior of subjects of insurance relations.
Fear. The right is enshrined in laws and by-laws on insurance activities.
The insurance legislation regulates:
1. Conditions for the functioning of the insurance market, including the admission of players to this market and control over their activities and financial stability
2. Rules for the implementation of insurance, including the regulation of the insurance contract, the procedure for paying insurance compensation and other key norms of interaction between the insurer and the insured
3. The obligation to insure certain objects, depending on the type of activity carried out by the subject
4. Formation and functioning of the system of social protection of citizens, implemented through the system social insurance.
The structure of insurance legislation:
1. International codes and agreements (commercial, maritime, air, incoterms)
2. The Constitution of the Russian Federation - the right to receive social security, the right to operate
3. Codes of the Russian Federation (GK - ch.48 insurance, Tax K, others (K of merchant shipping, air, town planning)
4. Federal laws of the Russian Federation (direct action: general action, on certain types of insurance, on compulsory state insurance,; indirect action)
5. Decisions of executive authorities (decrees of the President, resolutions of the Government, Orders of Ministries and departments)
6. Law enforcement materials - norms - method acts (general - PBU, chart of accounts,; 11 special
Mandatory licensing
State. supervision: fear supervision of compliance with the law, prevention and suppression of violations, ensuring the protection of rights, development of fear of the case.
Social insurance- this is a form of social protection of the population, a mechanism for implementing the social function (policy) of the state. Social policy (goals) + insurance (financial mechanisms for achieving goals).
Expresses the relationship of social partnership between:
Employees
employers
State
Subject of social insurance - Social risk- loss of labor income or earnings, discrepancy between the standard of living and socially established standards. The probability of occurrence of events that threaten the normal reproduction of a person, his physical and socio-ecological life
Distributed mainly to the working population and their families.
Financial basis- insurance funds.
The principle of limited independence of contributions and payments.
The right of citizens to payments, determined by the obligation to pay insurance premiums.
Obligation to pay social insurance contributions by employees and employersFunctions of social insurance:
1. Guarantee - guaranteeing the minimum necessary standard of living
2. Accumulating (investment) - attraction and placement of funds through the system off-budget funds social insurance
3. Regulatory - regulation of the level of income (life) of the population (citizens).
Forms of social insurance:
1. Collective form (insurance organized by trade unions)
2. State form
3. Mixed form (interaction between the state and trade unions)
Social protection of the population - a social risk management system in order to maintain a publicly recognized level and quality of life for each person
State social security: the goal is to guarantee living wage, is carried out at the expense of tax revenues, is implemented through a system of budgetary relations (formation of special funds), on the principle of solidarity - payments do not depend on paid insurance premiums and are determined only by the degree of need.
State Social Insurance: the goal is to guarantee the necessary standard of living, carried out at the expense of insurance premiums paid by the employer and state subsidies, on the principle of solidarity - payments do not depend on the insurance premiums paid and are determined only by the degree of need, mandatory.
Collective social insurance: the goal is to guarantee the usual standard of living, carried out at the expense of contributions from employees and employers, on the principle of subsidiarity - payments are made depending on the need, but taking into account how long the insured paid insurance premiums, it is not mandatory.
1. Insurance premiums
2. Subsidizing the system from the budget
4. Cash in Social Insurance Funds
Social insurance models:
1. Centralized - the predominance of state. social Insurance
2. Decentralized - the predominance of the team. Social insurance
3. Cumulative - mixed - equivalent to 1 and 2.
Sources of social insurance provision:
1. Insurance premiums
2. Subsidizing the system from the budget
3. Indirect taxes
4. Cash in social security funds
Social insurance in the Russian Federation is organized through a system of funds:
3 branches of social insurance:
1. Health insurance- risk of temporary disability
2. Pension insurance - the risk of permanent disability
3. Insurance against accidents at work as a result of realized professional risks
Payment of contributions: employer with payroll (30%) + compulsory insurance of employees against accidents (by category)
Max level of taxable income = 512 thousand rubles per employee per year Social Insurance Fund
insurance risk is the anticipated event for which insurance is provided. An event considered as an insured risk must have signs of probability and randomness of its occurrence.
insured event is an event that has taken place, provided for by the insurance contract or the law, upon the occurrence of which the insurer's obligation arises to carry out insurance payment to the policyholder, the insured person, the beneficiary or other third parties (Article 9 of the Law of the Russian Federation "On the organization of insurance business in the Russian Federation").
For example, the occurrence of death - an event in the event of which a person is insured (in the insurance contract this person is called the insured person) - is considered as an insured risk, since it has signs of probability and randomness of its occurrence. But if this event, stipulated in the insurance contract, nevertheless occurred, it is considered an insured event, and the insurer is obliged to make an insurance payment to the person in whose favor the insurance contract is concluded. The following are examples of insurance risks that are insured by modern insurers in various types of insurance.
For example, in life insurance insured: the risk of death regardless of the causes (for any reason), the risk of permanent disability regardless of the causes (for any reason).
IN health insurance insure the risk associated with the cost of providing medical care in the event of an insured event.
IN property insurance - risk of property damage or destruction.
IN financial risk insurance insure the risk of stopping production or reducing the volume of production as a result of events specified in the insurance contract, the risk of job loss (for individuals), the risk of bankruptcy, the risk of unforeseen expenses, the risk of other events.
IN title insurance– the risk of losing ownership of property (real estate, cars, etc.).
IN insurance civil liability vehicle owners– the risk of damage to third parties in connection with the use of the motor vehicle.
IN professional liability insurance– the risk of causing damage to third parties in connection with the implementation of professional activities by the insured person. These include:
1) medical practice (the risk of poor-quality medical care (service) that caused the occurrence of an insured event - causing harm to the health of a third person (patient); death of a third person (patient); resulting disability of a third person (patient); causing harm to health and life of a third person ( patient) a source of increased danger);
2) architectural activity (risk of error and omission in the preparation of plans, specifications, design and tender documentation, etc.;
Insured risk is an expected event, in case of which occurrence insurance is carried out.
Insured event - an event that has occurred, provided for by an insurance contract or law, with the occurrence of which the insurer is obliged to make an insurance payment to the insured, beneficiary or insured person.
Insurance value - the actual value of the insured property.
Insurance premium - payment for insurance, which the insured (beneficiary) is obliged to pay to the insurer in the manner and within the time limits established by the insurance contract.
Sum insured - the amount within which the insurer undertakes to pay insurance compensation under contract property insurance or which he undertakes to pay under a personal insurance contract.
Article 927. Voluntary and compulsory insurance
1. The concept of insurance. Insurance is a type of social activity that competes in efficiency with other (non-civil law) forms of social security for the individual.
Insurance arose as a form of mutual assistance among members of a community, when the loss of one was distributed among the rest. Property insurance consists in "removing fear from the face" for the safety of one's property, in eliminating or weakening the moment of risk in the property sphere (G.F. Shershenevich). Personal insurance is not concerned with the compensation of actual damage, its purpose is to ensure people the strength of their property status(V.I. Sinaisky). The problem of risks is one of the main problems civil law and - more broadly - all human life (especially in market economy). The smoothing of this problem by effective civil legal means determines the great importance of insurance for the present and future.
According to Art. 2 of the Law "On the organization of insurance business in Russian Federation"insurance - relations to protect the interests of individuals and legal entities, the Russian Federation, the constituent entities of the Russian Federation and municipalities upon the occurrence of certain insured events at the expense of funds formed by insurers from paid insurance premiums (insurance premiums), as well as at the expense of other funds of insurers.
special law
Law of the Russian Federation of November 27, 1992 N 4015-1 "On the organization of insurance business in the Russian Federation".
2. Definition of a contract. An insurance contract is an agreement by virtue of which one party (the insured) pays an insurance premium, and the other party (the insurer) undertakes, upon the occurrence of an insured event, to pay insurance compensation within the amount specified in the contract (for property insurance) or the sum insured (for personal insurance) .
3. Characteristic. The insurance contract is:
- on general rule real, but may be consensual (Article 957 of the Civil Code);
- reimbursable;
- bilaterally binding;
- risky (aleatory).
A necessary feature of an insurance contract is the uncertainty of the insurer's liability, its risky nature. The insurer does not know whether he will pay or not, or at least does not know the time or amount of the payment. Therefore, if the event stipulated by the contract has already occurred or became impossible even before the contract, the insurer is not liable (the house burned down or the insured person died before the conclusion of the insurance contract).
IN AND. Serebrovsky
Compensation by the insurer for the losses of the insured in the absence of an insured event provided for by the contract cannot be considered as a change in the insurance contract in terms of expanding the list of events in the event of which insurance is provided, since the event in connection with which the damage is paid has already occurred at the time of payment. In addition, in accordance with paragraph 1 of Art. 452 of the Civil Code, an agreement to amend the contract is made in the same form as the contract, unless otherwise follows from the law, legal acts, contract or business practices (Appendix to the Information Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation of November 28, 2003 N 75).
4. Insurance is carried out in the form of voluntary and compulsory insurance. Voluntary insurance is carried out on the basis of an insurance contract and insurance rules that determine general terms and Conditions and the procedure for its implementation. The conditions and procedure for the implementation of compulsory insurance are determined by federal laws on specific types of compulsory insurance, although the insurance legal relationship also arises from the contract.
The difference is that with voluntary insurance, general principle, formulated in Part 1, Clause 1, Art. 421 of the Civil Code, according to which citizens and legal entities are free to conclude an agreement, and compulsory insurance is a special case of statutory compulsion to conclude an agreement, the possibility of which is provided for in Part 2, Clause 1, Art. 421 GK.
V.A. Rakhmilovich
Article 928. Interests which cannot be insured
1. Insured interest as an object of insurance is a property interest associated with the occurrence of an insured event and the payment of insurance compensation (sum insured).
According to G.F. Shershenevich, K.A. Grave and L.A. Lunts, the category of insurable interest is applicable only in the field of property insurance, since in personal insurance payment of the sum insured does not depend on the presence of losses, the compensation of which is due to the sense of the insured's interest. A different point of view is held by P.P. Tsitovich, V.K. Raikher, O.S. Ioffe, who believe that property interest is also inherent in personal insurance, which aims to receive, as in property insurance, the corresponding amount.
2. The insurable interest must be legitimate. This means that only that interest can be insured, which does not contradict the legal order in force.
Arbitrage practice
The owner's interest in the preservation of property cannot be qualified as unlawful solely on the basis that the insured property was located on the territory of Russia at the time of conclusion of the insurance contract in violation of customs rules. The application of administrative sanctions against the owner in itself cannot serve as a basis for qualifying the nature of his interest as unlawful (Appendix to the Information Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation of November 28, 2003 N 75).
In paragraphs 2 and 3 of the commented article, interests are named, although they are legitimate, but not subject to insurance due to the following premises: as noted by A.A. Ivanov, permission to insure losses from participation in games, lotteries and bets would be contrary to Art. 1062 of the Civil Code, which deprives such claims of judicial protection; and insuring hostage costs could trigger hostage-taking by increasing criminals' hopes of ransoms from insurers.
The definition of insurance risk is contained in paragraph 1 of Art. 9 of the Insurance Law. insurance risk a supposed event is recognized, against the occurrence of which insurance is provided. The given legal definition is supplemented by two indispensable signs of risk. They are (a) the probability and (b) the randomness of its occurrence. Probability means, first of all, the possibility of the occurrence of the corresponding event. For this reason, outside the risk is a case, the occurrence of which is absolutely excluded. Here are elementary examples of such events: life insurance for someone who is no longer alive by the time the contract is concluded, or fire insurance for a building that has already burned down by the time the insurance contract is concluded. Accident related to the concept of "probability". Under random risk is understood to mean an event of which we do not have a sufficiently complete knowledge, because some of the circumstances accompanying it are unknown, or because these circumstances are so complex that they cannot be accounted for.
In the absence of probability and chance, insurance relations cannot, as a general rule, arise. Exceptions to this rule are provided for by the KTM, where in Art. 261, cases are highlighted when the insurer at the time of the conclusion of the contract knew or should have known that the possibility of an insured event was excluded, or the policyholder knew or should have known about losses that have already occurred and are subject to compensation by the insurer. The peculiarity of the latter case is that then for the party who was not aware of the listed circumstances, the performance of the contract becomes optional. At the same time, if the insurer acts as the one who can be called the victim in this way, he retains the right to receive an insurance premium. And the fact that to bear a counter duty, i.e. he will not have to compensate the insured for losses, it no longer matters.
Essential and non-essential conditions of the insurance contract
Randomness and probability have their own quantitative expression. We are talking about the fact that the equivalent of the cost of the service, which consists in the assumption by the insurer of the consequences of the insured event, is maximum amount, which can be paid by the insurer, multiplied by indicators expressing the degree of probability of the occurrence of an insured event. In this regard, when deciding on the conclusion of an insurance contract and its specific conditions (first of all, it means, of course, the amount of the insurance premium in relation to the limit of the insurer's liability determined by calculation), the insurer must have information that may be essential for establishing the probability of an insured event, on the one hand, and the amount of possible losses, on the other. Such information must be communicated to the insurer by the policyholder. Emphasizing the fulfillment of this obligation - communication of information that is essential for the insurer, - The Civil Code regulates in detail its content, limits, as well as the consequences of a violation (Article 944).
If a dispute arises between the parties as to whether the relevant information is valid significant the indicated circumstance must be proved (according to the general rules of civil procedure) by the insurer referring to it. This does not exclude the possibility for the policyholder to provide evidence to the contrary, i.e. insignificance information about which in question. However, in a specially allocated in para. 2 p. 1 art. 944 of the Civil Code of the situation, the position of the insurer is facilitated. The specified norm fixes the presumption, and undeniable, that, at least, the circumstance, specifically stipulated by the insurer in standard form contracts ( insurance policy or in a written request of the insurer) must be recognized as material. So, for example, the form of the contract attached to the Rules of insurance (standard) of civil liability of organizations operating hazardous production facilities for causing harm to life, health, property of third parties and the environment as a result of an accident at a hazardous production facility includes a column to be filled in , which contains a set of those circumstances that the parties consider significant, i.e. falling under the rules of paragraph 1 of Art. 944 GK. If the contract was concluded, despite the fact that the insured did not answer any of the questions raised by the insurer, the consequences of this fall on the latter. We are talking about the fact that the insurer is deprived of the right, when he claims to recognize the contract as not concluded or to terminate it, to refer to the violation by the insured of his obligation to report information about such circumstances.
Determining the boundaries of the specified obligation of the insured, all the same Art. 944 of the Civil Code establishes one more criterion, in addition to the essential nature of the information. In this second case, the criterion used is already subjective, not objective: the insured is obliged to transfer only famous circumstances. Thus, the risk of uncertainty to the insured circumstances, including those of a significant nature, is borne by the insurer.
Finally, it should be pointed out that the insured - this is directly related to the purpose of imposing on him the corresponding obligation - must report only those circumstances that are unknown and should not be known to the insurer. However, the risk of consequences of failure to inform the insurer of information that, in the opinion of the insured, he knew and should have known, falls on the insured.
The consequences of the message by the insured are highlighted knowingly false information about the relevant circumstances. As a general rule, these actions of his are considered sufficient grounds for recognizing the insurance contract as invalid. Contestation of the contract in this case may take place both before and after the occurrence of the insured event. The basis for challenging the concluded insurance contract is ultimately the norm of paragraph 2 of Art. 179 GK. It allows the recognition of the transaction as invalid due to various reasons indicated in it. In this regard, the injured party (in this case, the insurer) acquires the right, in the presence of fraud, not only to recognize the transaction as invalid, but also to compensate the counterparty for losses in the form of compensation for real damage. At the same time, it should be noted that satisfaction of the claim declared by the insurer is possible only under one condition, specially provided for by law for the insurance contract: by the time the case is considered in court, circumstances that are known to false information the policyholder informs the insurer, are still valid, i.e. didn't fall off. Therefore, outside of such a situation is the case, for example, when the policyholder, under a personal insurance contract, submitted a fictitious certificate of his health, hiding a serious illness, if by the time of the insured event it turned out that he had recovered.
Policyholder
An individual or legal entity that pays cash (insurance) contributions and has the right by law or on the basis of an agreement to receive a sum of money upon the occurrence of an insured event. An insured acting on the international insurance market may also be called a policy holder. .
Insurer
An organization (legal entity) that conducts insurance, assumes the obligation to compensate for damage or pay the sum insured, and is also in charge of creating and spending insurance fund. In international insurance practice, the term underwriter is also used to refer to an insurer. .
insured
An individual whose life, health and ability to work are the object of insurance protection in personal insurance. In liability insurance, the insured is a person whose liability risk is insured.
Beneficiary
The beneficiary is the person in whose favor the insurance contract is concluded. In accordance with Art. 5 of the Law on the Organization of Insurance Business, the insured has the right to appoint beneficiaries - individuals or legal entities to receive insurance payments under an insurance contract, and also change them at his own discretion, but only before the occurrence of an insured event.
In some cases, the very nature of the contract predetermines who can be designated as the beneficiary. So, in the contract of liability risk insurance under contracts in accordance with Art. 932 (clause 3), the risk of liability for commissioning the contract is recognized as insured in favor of the party to which, under the terms of the contract, the insurance of which is in question, the insured must bear the appropriate responsibility. It is this person who is recognized as the beneficiary even when the insurance contract itself is concluded in favor of another person or there is no indication at all in whose favor it is concluded. At the same time, Art. 933 of the Civil Code allows the conclusion of a business risk insurance contract only in favor of the insured himself. Thus, in this agreement, the appointment of a beneficiary as a special participant is excluded.
The insurance agent is individual who concludes an insurance contract on behalf of the insurer (insurance company) for a commission, he freelancer insurance company.
An insurance broker is a legal or natural person registered as an entrepreneur, carrying out intermediary insurance activities on its own behalf on the basis of instructions from the insured or insurer.
Insurable interest is a certain need of a person (insured, beneficiary, insured person) to receive funds to compensate (secure) possible losses in the event of adverse circumstances related to his property values or intangible benefits. The insurable interest must meet the following requirements (conditions): be subjective, proprietary, lawful in its content and based on a legally significant basis (title); in property insurance obligations, the insurable interest determines the maximum possible amount (limit, limit) of insurance compensation provided by the insurer to the insured. In personal insurance, the insurable interest consists in obtaining property security associated with intangible benefits (life, health, ability to work).
Insurance risks
An insured risk is a prospective event against which insurance is provided. The given legal definition is supplemented by an indication of two indispensable signs of risk. They are: its probability and chance of occurrence. Probability means, first of all, the possibility of the occurrence of the corresponding event. Those. the event, in case of which insurance is made, is of a probabilistic nature, if, with repeated repetition in a given place and in given period time of a situation in which a given event may or may not occur, the frequency of cases in which it occurs remains approximately the same all the time, close to a certain constant number, called the probability of the occurrence of this event. For this reason, outside the risk is a case, the occurrence of which is absolutely excluded. Elementary examples are life insurance for someone who was no longer alive by the time the contract was concluded, or fire insurance for a building that had already burned down by the time the insurance contract was concluded.
Under the "accidental" risk, he proposed to understand the event regarding which we do not know whether it will happen and when it will happen. Our idea of randomness is subjective. Strictly speaking, the question of randomness or non-randomness is a question of the awareness of a particular person. Who is more informed about the upcoming event, for that the onset of this event is less accidental. Sometimes, however, one can speak of the objectively random nature of an event, bearing in mind that there is not a single sufficiently informed person who would have known in advance about the occurrence of the event, and the efforts required to collect the necessary information are not commensurate with the purpose for which it is collected. In other words, an event can be considered objectively random if everyone who is somehow interested in its occurrence is equally poorly informed about it and does not make efforts to be better informed.
From this definition, it can be seen that the sign of probability differs from the sign of randomness. If the presence or absence of a sign of chance depends on the awareness of the parties to the contract, i.e. from a subjective factor, then the presence or absence of a sign of probability depends solely on the nature of the event itself, in the event of the occurrence of which insurance is made, i.e. only on objective factors.
Insurance case
An insured event is an event that has occurred, provided for by the insurance contract or the law, with the occurrence of which the insurer is associated with the obligation to make an insurance payment to the insured, the insured person, the beneficiary or other third parties.
Insurance value
The insured value in case of property insurance is its actual value at the location and on the day when the contract was concluded, and in case of a business risk insurance contract, the actual value is estimated as business losses that the insured would have expected to incur in the event of an insured event.
The sum insured of property insurance is the amount for which the property is insured. Consequently, the meaning of the sum insured is to establish the maximum of what the insured (beneficiary) is entitled to claim upon the occurrence of an insured event. As stated in the same paragraph 1 of Art. 947 GK, sum insured established by agreement of the parties: the insured with the insurer. At the same time, in all cases of insurance based on a contract, the sum insured is its essential condition. The sum insured cannot exceed the insured value. From the same proceeds and paragraph 1 of Art. 951 of the Civil Code, when it recognizes: if the sum insured specified in the property or business risk insurance contract exceeds the insured value, the contract is void in that part of the sum insured that exceeds the insured value.
insurance premium
Insurance premium - payment for insurance, which the insured (beneficiary) is obliged to pay to the insurer in the manner and within the time limits established by the insurance contract. In case when insurance premium under the terms of the contract is payable in installments, the parties may determine in it the consequences of failure to pay deadlines amounts due. Such consequences may include, in particular, the payment of a penalty in the cases and amount provided for by the contract. One of the possible consequences of late payment of contributions is the release from the obligation to make insurance payments.
Insurance premium - a part of the insurance premium paid at a time.
Insurance rate - the rate of the insurance premium per unit of the sum insured, taking into account the object of insurance and the nature of the insurance risk. The specific amount of the insurance rate is determined by the contract voluntary insurance by agreement of the parties. Insurance rates by types of compulsory insurance are established in accordance with federal laws on specific types of compulsory insurance.
Insurance policy - a document of the established form issued by the insurer to the policyholder (insured person) certifies the concluded insurance contract and contains all its conditions
General policy - one contract on the basis of which systematic insurance of different lots of homogeneous property (goods, cargo, etc.) is carried out on similar conditions for a certain period.
Franchise is the amount of damage determined by the insurance contract that is not subject to compensation by the insurer. The franchise is conditional and unconditional. With an unconditional deductible, the insurance indemnity is paid in the amount of damage within the sum insured minus the deductible. With a conditional franchise, within the limits of the franchise, the damage is not paid out, if the amount of damage exceeds the terms of the franchise, then it is compensated within the sum insured in accordance with the insurance contract.
Insurance payment - the amount of money established by federal law and (or) an insurance contract and paid by the insurer to the insured, the insured person, the beneficiary upon the occurrence of an insured event.
Insurance pools - organizations in which, on the basis of a simple partnership agreement (agreement on joint activities), insurers can act jointly without forming legal entity in order to ensure the financial sustainability of insurance operations for certain types insurance.