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...
Showing posts with the label compulsory insurance
How and why are insurance classified?
How and why are insurance classified? The classification of insurance allows to establish differences and similarities of forms and types of insurance, to reduce them to a certain number of groups and thus facilitate their study and practical use. The classification of insurance divides the whole set of insurance relationships into interdependent links (in the sphere of activity, industry, sub-sector and types) that are in each other in a certain subordination, in such a way that each subsequent link of the classification is part of the previous one. It is also important for understanding the internal structure of insurance, in developing methodological approaches to its assessment, as well as in its theoretical study. By objects of insurance Objects of insurance are the main feature of the classification of insurance: property insurance – a set of types of insurance, the object of which is the property of legal entities and individuals, for example, insurance of land transpo...
Insurance forms. What are these and what are they?
Insurance forms In insurance, two forms of realization of insurance relations are known: compulsory and voluntary. The criterion for such a division is the will of the parties. The will of the state through a special law stipulates the obligatory form of insurance, and the will of the policyholders through an application for insurance – voluntary. Consider these two forms in more detail. The initiator of compulsory insurance is the state. The state establishes a mandatory form of insurance, as a rule, in cases where: insurance protection of certain subjects is connected with the interests of not only individual policyholders, but also society as a whole; a certain group of risks is not accepted by insurers for insurance within its voluntary form due to the unprofitability of their insurance; the cost of voluntary insurance is too high for the policyholder; the policyholder underestimates the degree of danger and possible consequences of the insured event, and the publi...
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Car insurance for young drivers - the key facts
Car insurance for young drivers – the key facts Young drivers’ car insurance is likely to be very expensive and as a new driver it’s good to know about different coverage levels and what affects how much you pay. Here you can find out everything you need to know about new driver car insurance, how to get the best deal and reduce your premiums. Young driver insurance tips So you’ve passed your test, you’ve chosen a car, and now all you need is insurance! If you’re driving without car insurance then you’re breaking the law. You could have your vehicle confiscated, be issued a penalty fine, and have to pay to have your car released. What’s more, if you’re uninsured and have an accident, you’ll be liable for the cost of everyone else’s injuries, their damages, compensation and repairs, even if the accident wasn’t your fault. You will lose your licence and may lose your job because of this. So whilst your car insurance may seem expensive to begin with, it’s nothing com...
Complaints of car owners against insurers and what MTIBU does
Why car owners complain about insurers and what MTIBU does How well do MTPL insurers fulfill their obligations, to whom can you complain about them, and will these complaints make a difference? These are the questions that car owners face when choosing an insurer and in case of problems with payments. Volodymyr Shevchenko, Director General of MTIBU, helped us to understand these topics. How to assess the quality of work and reliability of the insurer The MTIBU website publishes a quarterly traffic light graphic. Using a simple color display, it shows an integrated assessment of each insurer based on three main indicators: "overall performance assessment", "quality of settlement", and "level of complaints". The MTIBU also prepares detailed information on the performance of each MTPL insurer on a quarterly basis (number of contracts, amount of premiums, number and amount of claims, average payment period, number and level of complaints, etc.) This data...
Insurers and fraudsters - the confrontation continues
Insurers and fraudsters - the confrontation continues, the formats are changing How are strategies and tactics in the fight against insurance fraud changing? What threats and dangers await insurers and the insurance market in the "digital future"? These and other questions will be answered by Igor Fatyanov, Chairman of the Insurance Fraud Control Committee of the All-Union Insurance Association. How will insurance fraud and abuse of rights in automobile insurance change in connection with the development of information technology? Does digitalization work to the advantage of insurers or fraudsters? Are there examples of "high-tech" fraud that have been detected or prevented? Of course, fraudsters are mastering the digital space. The most common cases (which are now more or less dealt with) are fake websites issuing fake CMTPL policies and the use of Internet sales for fraud. I don't take cyber-risks yet, because they are not so often realized in Russia. On t...
What is insurance? In simple words, insurance is a monetary compensation that is paid by an insurance company to a person or enterprise, organization or institution of losses from a certain event that is incidental, subject to the conclusion of an agreement with the insurance company. If to speak officially, then - in accordance with Article 1 of the Law of Ukraine "On Insurance" of March 7, 1996, № 85/96-ВР, insurance – a type of civil law relations to protect the property interests of individuals and legal entities in case of occurrence of certain events (insurance cases), determined insurance contract or current legislation, at the expense of money funds, which are formed by payment of insurance payments (insurance premiums) by individuals and legal entities and income from the placement of funds of these funds; - in accordance with Article 979 of the Civil Code of Ukraine (through the definition of an insurance contract), one party (the insurer) under the insurance ...
How much are overpaying for policies?
Generosity of insurers: how much do people overpay for policies? Services for the sale of policies to insurers themselves cost 241.4 billion rubles in the first nine months of 2019. Banks earned more than others, whose commissions reached 150.5 billion rubles - the same amount as for the whole of 2018. And they were ultimately paid by insurance buyers. Consumers have a choice: they can buy a policy in the office of the insurer, on its website, from an agent or from a bank. The only difference is the price, which is made up of the basic cost of the policy and the commission of the agent selling it. It is higher with banks. For example, an accident policy with a payout in case of death of the insured of 750 thousand rubles can be bought from the insurer for 3.9 thousand rubles, while in the bank it will cost 4.9 thousand rubles. Nevertheless, Russians often buy insurance in banks. First, because banks are trusted by 88% of the population, while insurance companies are trusted by only...