The insurance contract: features, companies and types.

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The insurance contract

It is called the oral or written agreement, under which two or more persons or legal fisicaza undertake mutual compliance operations, also called the policy as one for which the insurer undertakes by recovery of a sum of money called premium and for the case the event occurs which is covered risk (loss) to indemnify the insured within the limits set by the damage.

Features of the insurance contract

Written: the insurance contract should always be in written form through a policy that is the document that reflect and regulate the standards and the characteristics of insurance.
Consensual: Can not be done without the consent of the parties involved
Bilateral: both parties gain mutual commitments
Random: the insurer's liability to an incident although it is unclear whether there will be is unknown at what point will occur
Consideration: establishing an economic exchange as the payment of premiums by the insured and the payment of compensation by the insurer.
Accession: the clauses are fixed by a party (insurer) of formal general to cover all the insured risks and accepts them.
In good faith: Insurance is based on honesty and mutual trust between the parties involved, assuming the insurer compensate the insured in the event of a loss.

Parts of the policy

It has three parts:

The condition, which sets out the common closures, the particular subject which reflects the data and the special status which includes the conditions to which the policy is subject

Elements of the contract of insurance: Personal Items: The insurer is the insurer who assumes responsibility for financially compensating the losses or damages, the contractor or policyholder is the natural or legal person who acquires the obligation to pay premiums on a contract insurance, the beneficiary is the person designated by the contractor for the recovery of the amount agreed upon in the event of an accident, the insured is the person who is exposed to the risk that either protect itself and its property.

Physical elements: Risk,the premium is the economic contribution that the policyholder agrees to meet the insurer, the loss is the event that damage occurs under the policy either total or partial compensation is the amount the insurer is obliged to pay the beneficiary in case of occurrence of the incident covered by the policy. formalities and documents to enter a contract: Application, bill or insurance policy issuance, signature of the policy

Obligations of parties

Obligations of the insured statement accurate, complete and concrete that will ensure real economic value indicating the same, payment of the first covenant, notifying the company of the claims, should occur. Obligations of the insurer to pay compensation, so notify expresses the insured in case of refusal of the claim.

Distribution of co-insurance risks is a form of insurance whereby an insurance company more involved in the coverage of a given risk, the issue of a single policy for all risks entered into by all companies, the issuance of a policy for each of the companies involved in the transaction, reinsurance is insurance for insurance companies

Insurance companies

Legal forms of insurance companies: corporations, mutual insurance companies, cooperative societies and mutual insurers welfare

SA are directed towards profit as a result of its activity, the liability of shareholders for debts of the corporation is limited to the capital.

Mutual insurers are insurance companies constituted by a variable number of persons who by their contributions are a mutual are allowing them to ensure compensation for insured losses

Cooperative insurance companies are insurance companies which take the form of a cooperative society registered with the trade register, the difference lies in the rights of members and the organizational form

Social benefit are private non-profit organization that can operate at a fixed premium, which is voluntary and complementary nature of social security.

Insurance intermediaries insurance agent is a natural person or legal entity that is linked to an insurance company through an agency for which you are authorized to perform administrative and commercial efforts aimed at attracting and keeping the client and the broker Insurance is the person who has the title of insurance broker faith without establishing any contract companies

Public agencies, the insurance business general insurance address and pension funds and insurance compensation consortium.

Classification and types of insurance

Classification according to the nature of risk and personal insurance, property insurance and care insurance

Classification by the number of insured individual insurance and group insurance

Classification according to the voluntariness of the volunteers who are hiring the undersigned citizens and businesses with total freedom to cover risks that affect them, compulsory insurance contract are those imposed by the state to protect the interests of citizens

Life insurance is designed to contingencies over the life of the persons to be economic losses both for survival or death, there are three types: savings insurance, risk insurance, endowment insurance.

Accident insurance is intended to ensure compensation ara cover the various personal risks of an accident, this insurance will usually include the following covers death, permanent disability, temporary disability and health care.

Savings insurance is personal life insurance whereby the insurer undertakes to pay the beneficiary of the policy is usually provided the insured, a lump sum or annuity only if you live in a date or an age to be has determined the policy. The conditions more common in this type of insurance are:

  • Endowment insurance: the insurer undertakes to provide the insured once the policy agreed at the time of the contract and if the insured lives in the date marked on the contract.
  • Deferred income insurance: The insurer agrees to pay the insured a steady and regular income at the end of the period specified in the policy.
  • Pension insurance: insurance estrus earlier and participate in recruiting a savings insurance end date set as the default retirement age of the insured.
  • Health insurance covers loss of income that the insured can cause a disease and guarantees are compensation for surgery and hospitalization
  • Insurance Retirement Plans offering a capital in case of death or retirement . You can hire a single payment and provides a guaranteed return, has three values surrender value is called the capital that can sense if the insured to terminate the insurance contract prior to completion of advance is an amount proportional to premiums paid to the insured may request the company and must be returned with interest to maintain the policy with the same guarantees and reduction is when the policyholder stops paying premiums at some point in the life of the contract and Warranties are reduced to the amount charged to date in proportion
  • Pension Plans Pension plans are long term products and their recruitment is fixed payment to the customer must make monthly payments by the financial institution throughout the year and for many years until the time has come retirement. That's when the person who hired his pension plan can receive a monthly income or the principal. It has 3 modes employment system, associated systems, individual system.
  • Property insurance is to secure financial compensation in the event of damage or loss over the material secured.
  • Liability insurance is intended to cover the costs arising from damage to third parties, either by the insured or by persons or events of which it is responsible
  • Motor insurance is intended to provide compensation for damages resulting from accidents that occur as a result of the movement of vehicles

Multi-risk property insurance.

Multi-risk home insurance Multi-Risk Home Insurance covers almost all the risks it is exposed to your home. The insurance pays compensation for the harm which might be the home and its contents, and pays the repair costs

SME Multi-risk insurance is intended to compensate for damage or loss suffered by businesses.

Care insurance when you can not cope with the increase of assistive devices by insurance companies as insurance of deaths and health care insurance and legal protection insurance.

Whole Life Insurance: The company agrees to pay the agreed capital to the beneficiaries of the insured at the time of his death when it occurs. Exsiten different forms of these policies: whole life annuity premiums, premium whole life time and up to 85 years.

Term life insurance: the company agrees to pay a capital whether beneficiaries in the event that the sinister took place during the period stated in the policy serves to ensure an economic relief to the family during the key period in the case of death one of its members.

Endowment insurance: guaranteed retirement income capital or in the case of arriving alive and the other ensures a capital for their heirs in case you die before retirement.

Accident insurance: are aimed at establishing an indemnity to the insured to cover the various personal risks resulting from an accident, such as death, permanent disability, temporary disability and health care.

Health insurance: is to cover the lost income that could cause the insured contracting a disease and the guarantees are compensation for surgery and hospital stay.

Credit and surety insurance: this insurance cover within the property insurance and to protect other risks that may pose a significant loss of heritage.

Credit Insurance: as the name suggests what such insurance is guaranteed recovery of claims made by one person to another.

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