Risk is the main reason for buying an insurance policy. Therefore, it is important for the insured to first deal with the risky part of the contract that he buys. Especially when it comes to products of the life and health insurance category. This line of services includes various programs:

  • accident insurance;
  • policy for traveling abroad;
  • an agreement for employees of enterprises that provide specific services (collection, detective investigation, security of objects).

But the basic risks of a life and health insurance contract for all listed products are the same. There are only three of them: death, disability - temporary and permanent.

Risks in life insurance

The first item of the three listed divides the huge product portfolio of the category into two large groups. Death insurance is the first group. For the risk of death, payment of the full sum insured is provided.

Reimbursement is received by those who are indicated in the policy as heirs. As a rule, this is a one-time compensation or a payment divided into installments. Parts are listed for a limited period (year).

The second group of risks in life and health insurance concerns the working capacity (physical) of the insured or the insured, if the policy is paid by the employer. Here the risk part is divided into two more subgroups:

  • temporary disability due to injury;
  • permanent or long-term loss of the ability to work when a disability group is established.

Injury and payments for its treatment

Categories differ from each other not only by the circumstances of the occurrence of insured events. Personal injury insurance is one of the most difficult contract clauses for three reasons.

  1. It is considered a temporary risk, not only because the injury can be treated, but also because of the maximum payment periods. Often they are limited to 3-4 months.
  2. According to the risk of injury (this is especially often used in compulsory and voluntary life and health insurance against accidents), a conditional deductible in days can be established. If a person restores his own ability to work within a specified number of days, the UK does not pay him. Otherwise, it transfers the amount for all days starting from the first. An unconditional franchise can also be, but less often.
  3. Often the contract sets the day from which the insurer must transfer money.

Risk assessment in compulsory and voluntary life and health insurance is carried out in accordance with injury tables. This is an internal document of the UK, in which injuries are classified by organs and severity.

Permanent disability - the risk of "disability"

For the disability risk, a specified percentage of the maximum contract amount is paid depending on the group:

  • if the medical board assigns the first group of disability to the patient, he receives the entire amount;
  • the second group - the amount of payment from 50 to 80% of the amount of the disability insurance policy;
  • when establishing the third group, the insured will receive from 30 to 50% of the maximum.

The start time of payments is upon the provision of a certificate from MSEK.

The worst happens, you have to be prepared for it

It is believed that personal insurance in case of injury or death is a service for people at increased risk: athletes, security guards, police officers, industrial climbers. But life, alas, always refutes this opinion: incidents and troubles happen to everyone. You need to be prepared for them, and getting insurance is the cheapest and safest way to prepare.

On the website of SA "GALAXY insurance" there is a life and health insurance calculator. He considers at loyal prices from trusted insurers. Use our "smart" program to see how inexpensive such a policy is. Count with us, apply, ask - we represent your interests.

Under life insurance It is customary to understand the provision by the insurer in exchange for the payment of insurance premiums of the obligation to pay a certain amount of money (the sum insured) to the insured or the third parties (beneficiaries) indicated by him in the event of the death of the insured or the insured person or his survival to a certain age.

Subject of insurance is the life of the insured person or the income of this person, guaranteeing a certain standard of living in the event of insured events.

According to the classification of types of insurance activities, life insurance is a set of types of personal insurance that provide for the obligations of the insurer for insurance payments in the following cases:

Survival of the insured until the end of the insurance period or the age specified in the insurance contract;

Death of the insured;

As well as for the payment of a pension (annuity, annuity) to the insured in the cases provided for by the insurance contract (expiration of the insurance contract, reaching a certain age by the insured, death of the breadwinner, permanent disability, current payments (annuities) during the period of the insurance contract, etc.).

At the same time, the formation of a contribution reserve and the calculation of tariff rates are carried out using actuarial methods, based on mortality tables and rates of return on investments of temporarily free funds of life insurance reserves.

Life insurance objects are the property interests of the insured person, connected with his life (death) and aimed at obtaining by him (or the beneficiary) a certain income (including intended to compensate for the increase in expenses) upon the occurrence of the corresponding insured event.

The main principles of life insurance are:

1. insurance interest. Any insurance contract can be concluded only if the insured has an insurable interest in the object that he is going to insure. At present, it is sufficient that the insurable interest should take place only at the time of the conclusion of the insurance contract.

have insurable interest :

    insured in his own life,

    employer in the lives of its employees,

    spouse in the life of another spouse,

    parents in children's lives

    business partners,

    creditors in the life of the debtor.

2. Participation in the profits of the insurance company. Life insurance organizations, given the long-term nature of this type of insurance, involve insured parties in the profits they receive. Every year, an insurance company evaluates its assets and liabilities, and part of the profits is used to increase the sums insured under insurance contracts. This additional amount is called a bonus and is payable only after the expiration of the contract or the occurrence of an insured event.

There are two types of bonuses :

    annual bonuses accrued in the form of a declared percentage of the sum insured (can be simple and complex, taking into account reinvestment);

    the final bonus accrued by the insurance company at the expiration of the contract or in the event of a claim in order to increase the client's interest in maintaining the validity of the contract for the entire term, or encouragement for the long term payment of premiums for life insurance.

Insurance premiums under profit-sharing insurance contracts are higher than under non-profit-sharing contracts with the same base sum insured. There are systems in which accrued bonuses are used to reduce annual insurance premiums.

3. Redemption of an insurance contract. Redemption amount - this is the amount of money that the insurer is ready to pay to the insured, who wished to terminate the life insurance contract for any reason. It represents the value of the premium reserve accumulated under a long-term life insurance contract, payable to the policyholder on the day of early termination of the contract in accordance with its terms.

There are also other operations that ensure the right of the insured to claim the amount of the reserve accrued under his insurance contract.

Assignment. The policyholder may donate or sell the property of the contract to another person. In this case, the value of the accumulated insurance reserve may be transferred to another insured. In this case, the insurance contract does not terminate.

advance or loan under an insurance contract. The policyholder may borrow from the insurer up to 90% of the purchase price without terminating the contract, subject to continued payment of premiums.

Transfer of the policy on bail. An insurance policy may be pledged to a person giving a loan to the insured.

4. "Transparency" of life insurance. The principle of transparency in life insurance means that the policyholder, at the conclusion of the contract and during its operation, has the right to demand from the insurance company all information about its activities and insurance operations carried out by it. According to the Civil Code of the Russian Federation, a life insurance contract is a public contract.

Insured risk in life insurance is the duration of human life. The risk is not the death itself, but the time of its occurrence. Therefore, the insured risk has three probabilistic aspects:

    the likelihood of dying at a young age or earlier than average life expectancy;

    the probability of dying or surviving for a certain period of time;

    the likelihood of living in old age, having a long life expectancy, which requires the receipt of regular income without continuing to work.

Depending on the availability of various criteria for determining risk, various types of life insurance are distinguished.

The main criteria by which life insurance contracts are distinguished are:

    insurance object,

    subject of insurance

    procedure for paying insurance premiums,

    coverage period,

    form of insurance coverage

    type of insurance payments

    form of contract.

According to the type of life insurance object, there are:

    contracts regarding one's own life, when the insured and the policyholder are the same person;

    contracts regarding the life of another person, when the insured and the policyholder are different persons;

    joint life insurance contracts based on the principle of first or second death.

With regard to life insurance contracts, when the insured and the policyholder are different persons, the policyholder must have an insurable interest in the life of the insured at the time of the conclusion of the contract, as mentioned above.

Depending on the subject of life insurance, there are:

    death insurance;

    survival insurance;

    mixed insurance.

With regard to the procedure for paying insurance premiums, insurance contracts are distinguished:

    with a one-time (single) premium;

    with periodic bonuses payable over the term of the contract, either for a limited period of time less than the term of the contract, or throughout life.

A one-time premium means that the insurance policy is paid in full once upon signing the contract. Periodic bonuses are paid annually, quarterly or monthly.

According to the period of validity of insurance coverage, there are:

    life insurance (for life);

    life insurance for a certain period of time.

The criterion for determining the period of validity of insurance coverage reflects not only the time factor, but also the specifics of the risk that the insurer takes on. In the first case, the probability of an insured event is equal to one, and the risk for the insurer is when the insured event occurs and how many premiums, if paid periodically, he will have time to accumulate in the insurance reserve under this contract. In the second case, the probability of an insured event depends on what the subject of insurance will be - survival, death, or both. At the same time, the provision of an insurance guarantee by the insurer will cost the more, the higher the probability of death. Naturally, premiums for mixed insurance will be the highest, and premiums for term insurance in case of death - the lowest with the same sum insured paid by the insurer upon the occurrence of an insured event and the age of the insured. Life insurance premiums are intermediate.

The form of insurance coverage can be divided into:

    insurance for a fixed sum insured;

    insurance with decreasing sum insured;

    insurance with increasing sum insured;

    increase in the sum insured in accordance with the growth of the retail price index;

    increase in the sum insured by participating in the profits of the insurer;

    increase in the sum insured through direct investment of insurance premiums in specialized investment funds.

By type of insurance payments are distinguished:

    life insurance with a one-time payment of the sum insured;

    life insurance with payment of annuity (annuity);

    family income insurance;

    life insurance with pension.

According to the method of conclusion, life insurance contracts are divided into:

    individual;

    collective.

In life insurance practice, it is customary to distinguish three basic types of policies that have significant differences in the totality of the above criteria:

    term life insurance- life insurance in case of death for a certain period of time. In exchange for paying insurance premiums, the insurer undertakes to pay the sum insured specified in the contract in the event of the death of the insured during the term of the contract;

    life insurance- insurance in case of death throughout the life of the insured. In exchange for paying insurance premiums, the insurer undertakes to pay the sum insured in the event of the death of the insured, whenever it occurs.

Mixed life insurance- insurance for both death and survival for a certain period of time. The insurer undertakes to pay the sum insured both in the event of the death of the insured, if it occurs before the expiration of the contract, and after the expiration of the contract, if the insured remains alive.

Contracts are also divided into separate groups, derived from base types and covering specific risks:

    pension insurance contracts;

    annuities, or life insurance annuities.

The combination of risks and the selection of various insurance conditions led, first of all, to the formation of the so-called standard types of life insurance. General characteristics and main features of these contracts are presented in Appendix 10.

Along with the historically established types of life insurance, more complex insurance services began to be introduced into the practice of the domestic insurance business, including the methods of investment funds and banks, which provide their customers with more opportunities to use funds Appendix 11.

Annuity is an insurance contract under which an annual annuity is paid during any period of the life of the insured in exchange for the payment of a one-time premium upon signing the contract. In practice, the annual rent can be paid both quarterly and monthly, but in total it is equal to the accrued for the year. Most often, the sums insured accumulated under mixed life insurance or life insurance are used to pay a lump sum premium. Sometimes it is allowed to pay for the purchase of an annuity in installments.

Most often, annuities are bought at retirement or to pay for the education of children (in favor of a third party).

To determine insurance rates for annuities, mortality tables are used not for the population as a whole, but for the group to which the insured (insured) belongs.

There are the following types of annuities .

simple annuity. When paying a one-time premium, the insured person is paid an annual annuity for life.

Deferred annuity. At the conclusion of the contract, the period between the conclusion of the contract and the beginning of the payment of rent is stipulated. During this deferred period, periodic premiums are assigned to pay the annuity insured.

Term annuity. The insurance contract provides for the payment of annuity only until a strictly agreed date or until premature death (before the expiration of the contract).

Guaranteed annuity. The contract provides for the payment of an annuity for life (until death) or for a guaranteed period, whichever of these two periods is longer.

To conclude a pension contract pension plans or schemes are used.

    accumulation of the sum insured under the pension plan by paying periodic insurance premiums during the work of the insured;

    purchase of an annuity from an insurance organization for the amount received under pension insurance upon retirement of the insured;

Payment of a fixed amount at retirement as a lump sum.

Since the purpose of the pension insurance contract is to provide income in old age, it cannot be redeemed by the insured.

In the event of the death of the insured during employment, a certain part of the accumulated pension contributions may be paid to the heirs.

Pension insurance can be carried out under a collective insurance agreement jointly with the employer.

A life insurance contract is an agreement officially signed by the insurer and the insured on the payment by the first party of a certain amount of money (sum insured) upon the occurrence of specific insured events in exchange for the payment of insurance premiums by the second party.

The insurance contract is characterized by the following features:

    this is a bilateral agreement, in which the parties have mutual obligations to each other;

    this is a consensual contract, that is, it implies the consent of both parties;

    this is a contract of offer, since the insurer develops the conditions and rules of insurance on its own, and the policyholder, having considered the offer of the insurer, accepts or rejects the prepared contract, but does not participate in the development of its general provisions.

A life insurance contract is distinguished from other insurance contracts by four aspects:

    this is, as a rule, a long-term contract that has a validity period of 5-15 years or throughout the life of the insured;

    a life insurance contract is a sum insurance contract. Under a life insurance contract, a predetermined sum insured is paid, since it is not correct to assess the value of human life and, accordingly, the harm caused to it;

    for life insurance contracts, there is no “excessive” insurance and, accordingly, no limits on payments. Under all agreements concluded by the client, the sums insured are paid out upon the occurrence of an insured event. The only restriction for assigning the sum insured is the client's ability to pay the insurance premiums corresponding to it;

    under a life insurance contract, the insurer usually knows in advance or can estimate the cost of the insured event (the sum insured in the contract), as well as the probability of the occurrence of an insured event, that is, the probability for the client to live or die at a certain age, obtained from population mortality tables. These data allow insurers to form not technical reserves (as is done for risky types of insurance), but the so-called mathematical reserves.

A life insurance contract, like any other insurance contract, must be in writing.

Mortality table

In life insurance, uncertainty is associated with the random nature of the duration of human life. Therefore, insurers must have indicators that allow them to assess the risk of death or survival to a certain period for people of different ages and sexes. As the main source of this kind of data are the mortality tables, which are compiled by the state statistical bodies at regular intervals on the basis of information collected as a result of the population census. In addition, in some countries long-term life insurance insurers with a large amount of data about their customers create their own mortality tables that more accurately characterize the death rate among the insured. It is believed that the first summary mathematical tables of mortality were compiled by the English astronomer Edmund Halley (1656-1742).

Mortality table- this is a table that for any age x years shows the number L of persons surviving to this age from the initial population, consisting, as a rule, of L 0 \u003d 100,000 newborns. The mortality table must have at least two columns:

    the first one indicates the age x years (from 0 to w years with a step of one year, where w is the age limit of the mortality table);

    the second gives the number of persons L x out of L 0 =100,000 newborns surviving to the specified age x years.

In addition, mortality tables often provide derived indicators, for example:

Number of persons d x who die during the transition from age x years to age (x + 1) year: d x \u003d L x - L x +1

Probability of death q x during the transition from age x years to age (x + 1) year: q x \u003d (L x - L x +1) / L x +1 \u003d d / L x +1

Probability p x of survival of a person at the age of x years to the age of (x + 1) year:

p x = 1 - q x = L x +1 / L x

Average residual life time for age x years, etc. There are various concepts for compiling mortality tables.

Depending on what period relative to the date of the study these tables describe, there are two types of tables :

    retrospective tables, that is, mortality tables compiled according to data from previous years and describing the mortality of the population at different ages at the time of the study;

    prospective tables of mortality, which are obtained as a result of extrapolation to future years of current demographic trends.

In accordance with the contract, the policyholder pays premiums at the beginning of the insurance contract, and insurance payments occur after a certain time. During this period, the insurer invests temporarily free funds and receives a certain income on them. The amount of such income coming per year from a unit of money is called the rate of interest, or the rate of return.

At the time of calculating net rates, the insurer cannot say exactly at what percentage he will be able to invest insurance reserves, therefore, the planned rate of return is used in the calculation of tariff rates. In some countries, the minimum guaranteed rate of interest that an insurer must provide is set by government insurance supervisors.

An insurance service consists in the payment by the insurer of a certain amount upon the occurrence of an insured event. In exchange for the promise of payment, the insured undertakes to pay premiums to the insurance company. As a rule, this premium is paid in the initial period of the insurance contract, and payments occur after several years, so the insured, having paid the premium, fulfilled his financial obligations, and the insurer has a debt towards him during the entire insurance period. In order to be able to make the promised payments upon the occurrence of an insured event, the insurer must create and maintain insurance reserves.

In life insurance (or, in other words, in endowment insurance), there are two types of reserves:

    reserves for insured events subject to settlement (i.e. reserves for insured events that have already occurred, but not yet paid for);

Provisions for current (operating) contracts. These reserves, according to the method of calculation, are called mathematical, or theoretical.

The division of human needs into natural, social and prestigious is not accidental. The degree of income and standard of living is determined by the fact that often prestigious needs become predominant over natural ones. The daily increase in the number of risks to life gives the conditional right to classify endowment life insurance as a natural need, if we consider them in a broad sense, since the need for security is one of the natural needs today. It is quite reasonable to ask whether it is worth buying an expensive sports car without having a cumulative life insurance policy or life insurance in general? In fact, the answer is obvious.

The essence of endowment life insurance

Unlike the standard life insurance option, endowment insurance can be considered as a financial instrument. In some ways, it can be compared to a bank deposit. Interest rates have a relative difference. But, whatever the profitability of a bank deposit, it does not provide protection in the sense in which it provides an accumulative life insurance contract. It is this moment that determines the popularity of this insurance product in Western countries. In our country, not every citizen is in a hurry to purchase such an insurance policy.

The principle of accumulative insurance in Russia is that a citizen insures his life for a certain amount and a specific period. The main risks are the death of a citizen or survival. Upon the occurrence of the first risk - death for any reason, the family or relatives of the insured, designated as the beneficiary or legal heirs, receive a certain sum insured, most often half a million rubles, in a standard contract for today. Upon survival, the citizen receives the funds accumulated during the period of the contract, minus a small amount of the insurance part. This is the share of the company at the time that it was liable for possible risks during the insurance period. The financial moment lies in the fact that investment income is also accrued on the funds in the account of the insured client. It is formed due to the fact that insurance premiums are invested by insurers in various financial instruments on the market.

Today, endowment insurance companies engaged in the insurance business offer quite actively, developing various programs. But, the choice of insurer should be treated scrupulously.

Risk and investment endowment insurance

Endowment insurance is usually divided into risk endowment life insurance and investment. Risk insurance involves a specific risk that can happen to the insured. For the most part, it is death. The reason for it can be any. In addition, such a policy may include accidents, illness or disability. With risk insurance, savings are not formed. In other words, a citizen receives payments only if the risk occurs, but the amounts can be significant. Half an hour they exceed the payments made by the insured.

In endowment insurance, the premiums paid by the insured are consolidated and an investment interest is accrued on them. At the same time, a person's life is insured for a certain amount. Upon the occurrence of an insured event, it is paid regardless of how many payments the insured managed to make.

Choosing an insurer

In the bulk of insurance companies offer accumulative insurance on approximately the same conditions. When choosing a program, you should carefully consider the terms of payments, as well as the cost of the policy. So, if two companies offer a policy on the same terms, but at different prices, one should ask the question, due to which one of the insurers reduces the cost of insurance.

Popular ratings are also important, in particular, you can analyze reviews about the work of an insurance company. Least of all, attention should be paid to those that describe poor-quality service - this is nothing more than a human factor and flaws in the personnel department, as well as heads of structural divisions. Attention should be paid to indicators of insurance payments made by the company over the past 3-5 years. It testifies to its honesty and the availability of sufficient reserve funds, as well as the fact that its founders wisely invest insurance fees.

insurance risk- 1) the expected probable event or set of events, in case of which occurrence insurance is carried out (insurance risk - theft); 2) a specific object of insurance (insurance risk - a ship); 3) insurance appraisal, which should be understood as the value of the object, taken into account when insuring; 4) the probability of occurrence of an insured event (insurance risk is the probability of an insured event, i.e. loss, equal to 0.02).

insurance event- an event specified in the insurance contract, on the occurrence of which the contract was concluded.

Insurance case- an event that has taken place, provided for by law (with compulsory insurance) or an insurance contract (with voluntary insurance), upon the occurrence of which and compliance with the terms of the contract, the insurer is obliged to make an insurance payment.

Risk Management Theory

Risk management- is a set of measures aimed at reducing the likelihood of a risk or compensating for the consequences of its implementation. The risk management process consists of several successive stages:

  1. Risk analysis.
  2. The choice of methods for influencing risk in assessing their comparative effectiveness.
  3. Decision-making.
  4. Impact on risk.
  5. Control and evaluation of the results of the management process

Risk management steps:

1. Risk analysis It is expressed in the preliminary awareness of the risk by business entities or individuals and its subsequent assessment - determining its severity from the standpoint of the probability and magnitude of possible damage. At this stage, the necessary information about the structure, properties of the object and the existing risks is collected, and the possible consequences of the risks are identified. The collected information should be sufficient to make adequate decisions at subsequent stages. An assessment is a quantitative description of the identified risks, during which their characteristics such as the likelihood and extent of possible damage are determined. The probability of occurrence of damage is calculated depending on its size.

2. Choice of methods for influencing risk. This stage aims to minimize possible damage in the future. As a rule, each type of risk allows several ways to reduce it, so it is necessary to compare the effectiveness of methods for influencing risk in order to choose the best one. Comparison can take place on the basis of various criteria, including economic ones.

3. Decision making.In practice, four main methods of risk management are used: abolition, loss prevention and control, insurance, takeover and it is also possible to use various combinations of these methods.

  • abolition. The first method of risk management is to try to eliminate the risk, i.e. reduce its probability to zero (for example, refuse to invest funds, do not enter into contracts at all, do not fly by plane, etc.). The elimination of risk makes it possible to avoid possible losses. But the elimination of risk can also lead to the reduction of profit to zero.
  • Loss prevention and control. The method implies the practical exclusion of accidents and limiting the amount of losses in case the loss does occur.
  • Insurance. Insurance means a process in which a group of individuals and legal entities exposed to the same type of risk contributes to an insurance fund, whose members are compensated in case of losses. The main purpose of insurance is to distribute losses among a large number of participants in the insurance fund (insured).
  • Absorption. The content of this risk management method is to recognize the possibility of damage and its admission. In fact, this method is self-insurance, i.e., losses are covered at the expense of independently created reserve funds.

4. Impact on risk. It implies the application of the selected method from the above. If, for example, the chosen method of risk management is insurance, then the next step is to conclude an insurance contract. If the chosen method is not insurance, then it is possible to develop a loss prevention and control program, etc.

5. Monitoring and evaluation of results. It is made on the basis of information about the losses that have occurred and the measures taken to minimize them. This makes it possible to identify new circumstances that affect the level of risk, and to review data on the effectiveness of the risk management measures used.

All risk management measures can be divided into two groups:

  • pre-event;
  • post-event.

The first group includes various measures to reduce the likelihood of risk (preventive measures) and the severity of possible damage in advance. And the second group of measures aims to compensate for the consequences of an already realized risk.

Sometimes it is extremely difficult to eliminate the risk or reduce its likelihood due to the variety of forms of risk manifestation. Scientific and technological progress creates the prerequisites for the emergence of new risks. In such cases, the most effective way to influence the risk is its transfer, i.e., insurance, which is a mechanism for compensating for damage, but does not affect the very fact of the occurrence of the risk. Through insurance, any human activity in the knowledge of nature and in the process of social production is protected from accidents.

From the position of insurance, all risks are divided into insured (risks that can be insured) and non-insurable (not subject to insurance for a number of reasons). Insurance allows you to minimize the uncertainty in the actions of economic entities in a risk situation.

The Company uses various measures that allow predicting the likelihood of a risk with a certain reliability, which makes it possible to reduce its negative consequences, i.e. damage. Risk management is a process that has as its ultimate goal to reduce (compensate) the damage in the event of adverse events.

Risk management is carried out according to the following scheme:
  • risk analysis;
  • the choice of methods for influencing risk in assessing their comparative effectiveness;
  • decision-making;
  • direct impact on risk;
  • control and adjustment of the results of the management process.

Impact on risk implies the following choice: risk reduction, risk retention (absorption) or risk transfer. One of the options for transferring risk is its insurance, thus, for a certain fee, partial or full responsibility for the risk is assigned to the insurance organization.

Classification and types of risks

There are many different classifications of risks based on the characteristics of certain risks.

By type of hazard:

  • technological risks. For reasons of occurrence, these risks are associated with human activities (fire risks, accidents, theft, environmental pollution, etc.);
  • natural risks. The occurrence of risks does not depend on human activity and is not subject to control. These are mainly the risks of natural disasters: earthquakes, hurricanes, lightning strikes, volcanic eruptions, etc.

By the nature of the activity:

  • financial and commercial risks (for example, inflation risks, currency risks, investment risks, risks of lost profits, non-performance of contractual obligations, credit risks, etc.);
  • political risks (various changes in the conditions of the subject's activities for reasons determined by the activities of government bodies, illegal actions from the point of view of international law);
  • professional risks (risks arising from the performance of the subjects of their professional duties);
  • transport risks (risks arising from the transportation of goods and transportation of passengers by sea, air and land transport);
  • environmental risks (risks associated with environmental pollution), etc.

For the objects at which the risk is directed:

  • risks of damage to the life and health of citizens (illness, disability, death, accident, etc.);
  • property risks (fire, theft, damage to property, etc.);
  • risks of civil liability (liability arising from causing harm to life, health or property of third parties).

In terms of insurance coverage:

  • insurance risks;
  • non-insurance risks.

Insurance and non-insurance risks

A necessary and obligatory condition, without which insurance relations are impossible, is the presence of an insurable interest, i.e., the material interest of a person in insurance. The concept of insurable interest is closely related to the concept of property interest. This is reflected in the main purpose of insurance - the protection of property interests. . The regulatory documents define the interests that are allowed to be insured and the interests that are not allowed to be insured.

The presence of an insurable interest is due to the awareness of the risk and possible damage in the event of the realization of the risk. However, not all risks can be insured. From the position of insurance, risks are divided into two groups: risks that are subject to insurance (insurance risks); risks that are not subject to insurance (non-insurable risks).

An insurance organization performs many functions and operations. The most difficult is risk assessment and forecasting. In order for a risk to become insured, it must meet the following requirements:

1. The risk must be probable(the possibility of an insured event must be assessed).

2. Risk must be random(neither the place of the incident, nor the specific time of occurrence of the insured event, nor the amount of probable damage should be known in advance).

It is not possible to insure against an event that we know will definitely happen, since in this case there is no risk and uncertainty of losses. The frequency and severity of any risk must be completely beyond the control of the insured.

In the case of most risks, their randomness is obvious, but with life insurance this can be argued, since there is no uncertainty about the fact of death. The fact that sooner or later we are going to die is one of those things that is certainty for everyone. However, in life insurance there is also an element of uncertainty about future events, namely the date of death is something that is beyond the control of the person who bought the policy. This is not a true statement in the case of suicide, so most policies do not cover death by suicide until a certain period of time has elapsed from the date the policy took effect, i.e. the insurance company must make sure that suicide was not planned, at least for some period time from the start of insurance.

3. The risk should not be isolated. To calculate the probability of an insured event, statistical data on the patterns of occurrence of similar risks are required.

Before a risk can be insured, a fairly large number of similar, homogeneous risk manifestations must appear. There are two reasons for this. First, measuring risk in terms of probability and statistics implies that a sufficient number of similar events have already occurred in the past. Secondly, if there were only three or four similar events in the past, then each participant in the insurance will have to pay a very large contribution, since the payment will be made from these contributions. On the other hand, if thousands of similar events have taken place, the contribution will be relatively small, since only a few will not be so lucky that they will suffer losses and demand compensation for their losses from the general fund. Fire insurance for the contents of apartments is an example of a homogeneous manifestation of risk.

4. The risk must result in a loss that is financially measurable. It is very important to remember that insurance is appropriate only in those situations where the loss entails monetary compensation. The consequences of insurance risk are easy to predict, for example, when property is damaged, where the amount of compensation can be compared with the cost of repairs. In life insurance, it is much more difficult to say that the financial loss that a wife will suffer in the event of her husband's death is expressed in a certain amount of money. We can only talk about the amount of compensation that will be paid in the event of death if it occurs within the period specified by the policy conditions.

Risks, the result of which can be estimated in monetary units, are called financial. Financial risks are generally insurable, while non-financial risks (the consequences of which cannot be measured financially) are not.

5. The insured event must not be a catastrophic disaster. (catastrophic or fundamental risks).

Before talking about the fundamental risks themselves, it would be useful to consider their fundamental basis. They are defined as fundamental, since the cause of their occurrence is the very essence of society. We live in some environment, the physical essence of which is beyond the control of man. Examples of such risks are wars, strikes, social unrest, riots, inflations, changes in customs and traditions, typhoons, tsunamis. The first six are a kind of products of the society in which we live, and the last two are attributes of some physical phenomena. The causes of such risks are not subject to any person or group of people, these are uncontrolled and all-encompassing risks, usually the entire society is responsible for the consequences of such risks. In general, catastrophic (fundamental) risks are not suitable for insurance, but recently insurers have increasingly included them in the scope of liability under certain conditions.

The opposite of fundamental risks are private risks. Private risk is rooted in individual events and the impact of these risks is felt locally. Theft of property, accident, injury all have a personal impact on a particular person, for example, a boiler explosion is an example of a private risk. Private risks are usually suitable for insurance.

Changes in classifications

Over time, our views on risk change, and the classification of risks changes accordingly. The most common is the transition of risks from the class of private to the class of fundamental, and this fact gives rise to reflections on the topic why we classify risks at all. Before answering this question, let's look at two examples of changes in classification.

At one time, unemployment was seen as a problem affecting only the individual. A person may become unemployed due to his laziness, lack of qualifications or other reasons, but they are all private. Over the years, the views of society have changed, and today most people will agree that unemployment is due to some malfunction in the economic system. Thus, the risk has changed its nature and become fundamental, it is not peculiar to one single person, but has spread in society as a whole. This example explains why it is necessary to divide risks into private and fundamental.

6. The fact of the occurrence of an insured event should not be associated with the will of the insured or other interested parties (beneficiaries). It is not allowed to insure risks associated with the intention of the insured. Risks, the outcome of which may be the gain of the insured (beneficiary), are called speculative and are not subject to insurance (bet, casino game, lottery, etc.). Risks that exclude this possibility are called clean(fire, theft, injury, illness, etc.). For the most part, pure risks are subject to insurance.

Example:

When considering a loss situation, we can imagine two different outcomes.

First Exodus- this is a case when a risky situation can materialize at a loss or remain at a break-even point ("with its own"). Driving a car is just such a situation. Every time you hit the road, you are at risk, i.e. there is an uncertainty of loss. You may damage your machine or other property, or be liable for damage caused to others. At the same time, you can return home without having an accident, in other words, you will remain in the same financial position as when you left home.

Second outcome- this is when you can incur losses, stay on your own or make a profit. A good example of such a risk would be trading on the stock exchange to acquire shares. You can buy shares for 25 rubles. each, in a year the price may fall to 20 rubles. On the other hand, the price may not change. However, you were hoping that the price would rise and then you could sell them for a profit.

These two options for realizing a risky situation are defined as pure and speculative, respectively. Pure risk implies a loss or no loss (zero result), while speculative risk implies a possible future profit, loss or zero result.

In business activities, speculative risks are quite common. Entering a new market, launching a new product, setting a selling price are all forms of speculative risk, since in all these examples three outcomes are possible: profit, loss, or break-even situation. Pure risks are also common. A factory may burn down, profits may be lost in a fire, money may be stolen, etc. These situations involve the possibility of loss, but at the same time it is possible that the situation will remain status quo. It is very important to understand that the factory does not gain anything if there is no fire, profits are not lost due to the fire, and money is not stolen, in these cases the status quo will simply be maintained.

Thus, risk assessment is made on the basis of the probability of its occurrence and the severity of the damage. Financial, clean, non-catastrophic risks are accepted for insurance.

In any area of ​​human activity, risk is an objective phenomenon, manifested in a variety of isolated risks. In essence, a risk is an event with particularly unfavorable economic consequences, the occurrence of which is possible in the future in unknown proportions. To recognize the risk as insured, certain criteria must be met: random nature, possibility, unknown date and time of onset, the consequences can be assessed and measured and are not a catastrophic disaster.

Insurance risks.

Risks differ according to the sources of danger. Distinguished are catastrophic risks, risks in terms of the insurer's liability associated with the manifestations of natural forces and specific risks. The manifestations of the forces of the elements of nature include floods, tsunamis, earthquakes and other phenomena. According to the volume of liability of the insurer, universal and individual risks are distinguished. An example of an individual risk is insurance of a card during transportation, and for a universal one - insurance against theft. Specific risks include abnormal and catastrophic. Catastrophic risks are divided into local, arising under the influence of weather conditions and depending on the quality of the land. A special group is associated with human activity, as well as military and political risks.

According to the general classification, transport, environmental, special, political, liability and technical risks are distinguished. Typically, the scope of the insurer's liability does not include environmental risks. They are classified as a special type of insurance. Transport insurance during movement and transportation of goods by all modes of transport refers to transport risks. Political and illicit risks are either repressive or political. Transportation insurance for particularly valuable cargo is a special risk. Technical risks, construction, industrial - harm the property, life and health of people.

Liability risks are closely associated with claims arising from damage caused by high-risk sources. Insured events are not considered objects of insurance. Such objects include risks. They are the only random events that occur against the will of man. If possible, insurance risks can be insured and non-insurable. It is possible to evaluate financially and insure the insured, while force majeure and large-scale risks, which cannot be assessed, are classified as uninsurable. The risks of industrial enterprises and private risks, where the interests of individuals are recognized as objects, are also different. Industrial risks are traditionally classified as major ones. Major risks associated with disasters caused by natural manifestations are singled out as a special group.

Risk life insurance.

Insurance risks found in many types of insurance. Insurance protection against accident, death, serious illness and disability is the essence of the most common insurance - risk life insurance. The offensive for the insured or the beneficiary means the payment of significant monetary compensation, the amount of which is determined by the terms of the contract and the type of risk. For example, in case of death, the payment will be 100% of the amount, in case of injury, only half can be paid. All the time of the contract, the insured pays premiums, and if the insured event does not occur, no payments are made, and no refund is provided.

Such insurance is especially popular among people in “dangerous” professions and those whose life is associated with a danger to life: firefighters, policemen, rescuers, climbers, surfers and race car drivers. There is no guarantee against accidents and diseases. The conclusion of risk life insurance helps to avoid financial difficulties in the event of temporary disability or permanent loss of the family breadwinner. The insurance premium will not be paid if the person withheld important information about the presence of a serious illness when concluding the contract, or if the harm was intentional. The amount paid to the heirs of the deceased is not taxed.

Entrepreneurial risks.

Almost all decisions that a businessman makes in the course of his activity are risky, because they can turn into multiple failures. Entrepreneurial risk insurance will help maintain the positive results achieved. Entrepreneurial risks are divided into external and internal. With the activities of a businessman, external ones are not directly related, but internal ones arise as a result of activity. Distinguish the risk of civil liability, loss of profit, commercial, currency, market risks. Entrepreneurial risk- collective risk. It includes insurance against risks of financial and other losses, including damage in liability and property. Risk insurance is very widespread. It represents the possibility of an adverse impact of events related to insured events, making it possible to significantly reduce the negative consequences for the insurer of the events provided for in the contract as an insured event.