Voluntary insurance and its types
Voluntary insurance and its types Voluntary insurance is insurance that is carried out on the basis of a contract between the insured and the insurer. The general conditions and procedure for voluntary insurance are determined by the insurance rules established by the insurer independently in accordance with the requirements of the Law of Ukraine "On Insurance". Specific conditions of insurance are determined when concluding an insurance contract in accordance with the law. Voluntary insurance with a particular insurer may not be a prerequisite for the implementation of other legal relationships. The types of voluntary insurance for which a license is issued are determined in accordance with the insurance rules (conditions) adopted by the insurer, registered by the national commission for state regulation in the field of financial services markets. Types of voluntary insurance can be: life insurance; accident insurance; health insurance (continuous health insu...
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Types of compulsory insurance
Types of compulsory insurance In Ukraine, the following types of compulsory insurance are carried out: health insurance; personal insurance of medical and pharmaceutical employees (except for those working in institutions and organizations financed from the State Budget of Ukraine) in case of infection with the human immunodeficiency virus during the performance of their official duties; personal insurance of departmental employees (except for those working in institutions and organizations financed from the State Budget of Ukraine) and rural fire brigades and members of voluntary fire brigades (teams); insurance of sportsmen of higher categories; life and health insurance of specialists in veterinary medicine; personal insurance against accidents in transport; aviation insurance of civil aviation; liability insurance of the maritime carrier and the performer of work related to the servicing of maritime transport, in respect of compensation for losses incurr...
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History of insurance: Medieval era
History of insurance. Medieval era. Sea loans or foenus nauticum were common before the traditional marine insurance in the medieval times, in which investor lend his money to a travelling merchant, and merchant will be liable to pay back if the ship returns safely, providing credit and sea insurance at the same time. The rate of interest for sea loans was high to compensate higher risk involved. Hence, in sea loans merchants have to pay the interest charges to the lenders for bearing the sea risk rather than profit sharing, as it was the case in sedentary-travelling merchant relationship. Therefore, due the usury involvement in the transaction, in 1236 the Pope Gregory IX condemned this practice in his decretal Naviganti (Roover, 1945, p. 175; See also Kingston, 2011). The commenda contracts were introduced when Pope Gregory IX condemned the sea loans because of usury. Capitalist provide funds to entrepreneur to carry out trade on partnership, sharing the profit but both sea and c...
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