Showing posts with the label life insurance

New technologies in life insurance

New technologies in life insurance The insurance market is becoming increasingly digital. More and more insurance products are being sold online, remote claims settlement services are being developed, and new insurance products are being offered. Against this backdrop, the life insurance segment stands out somewhat, driven by savings and investment insurance products. Obviously, these are not the types of insurance that can be successfully marketed remotely through online channels due to individual customer requirements and the need for professional advice from the insurer. However, innovative technologies in the insurance sector - InsurTech - make it possible to implement various solutions in this segment that allow the company and its agents to promote "life" more effectively and make this service more understandable, convenient and personalized for customers. First of all, digitization makes it possible to simplify communication with the customer during the life of the...

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Life insurance

Life insurance Life insurance is a type of insurance under which the subject of the insurance contract is property interests, which do not contradict the law, related to the life, health, working capacity and pension provision of the insured person. This type of insurance provides for the insurer's obligation to make an insurance payment in accordance with the insurance contract in the amount of the insured sum, its part and/or in the form of regular consecutive payments of the sums specified in the insurance contract for the fee established by the insurance contract (insurance premium, insurance payment, insurance premium) (annuity) in the event of the death of the insured person, as well as, if provided for by the insurance contract, in the event of the insured person's survival before the expiration of the insurance contract and/or the insured person reaching the age specified in the contract. In the event that upon the occurrence of an insured event, regular consecutive...

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5 best insurance tips for millennials

5 best insurance tips for millennials Adulting (verb) - acting like an adult or engaging in activities usually associated with adulthood, often responsible or boring tasks. If you’re a millennial, you know this definition all too well. You’ve reached the age where you may be taking out student loans, buying or renting a place to live, having kids and, ultimately, purchasing insurance. These major life events for millennials make it extremely important to have a financial security net. And that’s exactly what insurance is: a financial security net. So it’s troubling that a survey from Princeton Survey Research Associates International named millennials the most underinsured generation. There are many reasons why people of all generations avoid purchasing insurance. It‘s often seen as a big investment, but that doesn’t necessarily mean that it’s an expensive one. In fact, insurance probably costs less than you think. For instance, according to the National Association of Insurance Co...

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Travel Insurance Tips

Travel Insurance Tips Travel insurance can minimize the considerable financial risks of traveling: accidents, illness, missed flights, canceled tours, lost baggage, theft, terrorism, travel-company bankruptcies, emergency evacuation, and getting your body home if you die. Each traveler’s potential loss varies, depending on how much of your trip is prepaid, the refund ability of the air ticket you purchased, your state of health, the value of your luggage, where you’re traveling, the financial health of your tour company and airline, and what coverage you already have (through your medical insurance, homeowners or renters insurance, and/or credit card). Do I Need Travel Insurance? When considering an insurance plan, it’s good to know what it does and doesn’t cover. For some travelers, insurance is a good deal; for others, it’s not. What are the chances you’ll need it? How willing are you to take risks? How much is peace of mind worth to you? Take these considerations into account, ...

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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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Liability insurance of car owners

Civil liability insurance for owners of land transport (including carrier's liability) Motor vehicle liability insurance (including carrier liability) is a type of insurance under which the subject of the insurance contract are property interests not inconsistent with the law on compensation for damage caused by the Insured or another person whose civil liability is insured to life, health, working capacity, property of third parties, including owners of cargo and baggage (cargo), during operation of a motor vehicle and transportation or forwarding. This type of insurance provides for the Insurer's obligation to pay indemnification in accordance with the insurance policy for the amount (premium, insurance payment, insurance premium) established by the insurance policy for damage caused to life, health, working capacity and/or property of third parties by a person whose civil liability is insured while operating the land vehicle specified in the insurance policy and performi...

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Car insurance: the main points

Car insurance: the main points "You call on God, but you have to do it yourself". This proverb is very applicable to the topic of risk insurance. When you buy a car, you want to think only about the positive aspects of its use. And this is correct. However, you should not forget that a car is a means of increased danger and, therefore, increased responsibility. After all, its operation involves risks of harm to the vehicle itself, its owner, and third parties. Therefore, we hope for the best, but do not forget about the need to insure our liability (possible risks and losses). The legislator also thought about this, providing for mandatory forms of insurance for vehicle owners. In addition to compulsory insurance, no one deprives car owners of the right to additionally use voluntary insurance. In this section, we will consider in detail all the most important issues that may be related to vehicle insurance. Insurance is a rather specific type of activity. Therefore, bef...

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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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