The grounds for the emergence of any obligations, including insurance, are the contract and the law.

The procedure for concluding a life insurance contract is subject to the general provision for all contracts, enshrined in paragraph 1 of Art. 432 of the Civil Code of the Russian Federation: an agreement is considered concluded if an agreement is reached between the parties in the form required in appropriate cases on all essential terms of the agreement.

Essential terms of the contract

The essential terms of a life insurance contract are (Clause 2, Article 942 of the Civil Code of the Russian Federation):

  • information about the insured person;
  • information about the nature of the insured event, that is, the event in the event of the occurrence of which in the life of the insured person insurance is carried out (for example, damage to life or health, death, survival to a certain age);
  • the amount of the sum insured, that is, the amount within which the insurer undertakes to pay insurance compensation upon the occurrence of an insured event;
  • term of the life insurance contract.

The absence of any of these conditions is considered as an unconditional basis for recognizing a life insurance contract as not concluded.

Knowing the basic terms of a life insurance contract, it is possible to determine the legal consequences that may arise in connection with the recognition of such a contract as not concluded.

The main negative consequence of recognizing the contract as not concluded for the insured is the inability to force the execution of the contract. For example, if a life insurance contract is recognized as not concluded, it means that it does not give rise to any rights and obligations for the parties and it is impossible to fulfill this contract (clause 1, article 425 of the Civil Code of the Russian Federation). Consequently, the insurer has no obligation to answer to the insured (insured person, beneficiary) for the payment of the sum insured upon the occurrence of an insured event.

This method of protection, such as recognizing a transaction as not concluded, is quite often used by an unscrupulous party in order to avoid the liability provided for in the contract for non-performance (improper performance) of an obligation in the form of payment of contractual penalties, fines, losses associated with refusal to perform (improper performance) by the other party of such contracts. The guilty party often refers to formal grounds, for example, the absence in the text of the contract of essential conditions that allow the contract to be considered not concluded.

Additional terms of the contract

In addition to the above, it is also advisable to include in a life insurance contract:

  • information about the beneficiary in the event of an insured event. For example, it can be a spouse, parents, children, etc. Several beneficiaries may be appointed. The beneficiary may be the insured person, for example, if the insured event provides for the survival of the insured person to a certain age (clause 2 of article 934 of the Civil Code of the Russian Federation);
  • cases not recognized as insurance, for example, the suicide of the insured person, his death as a result of popular unrest, etc. (Clause 1, Article 964 of the Civil Code of the Russian Federation);
  • information about the insurance premium (insurance premiums), its size, terms and procedure for payment by the insured - for example, in installments or in a single payment, in cash or by bank transfer (Article 954 of the Civil Code of the Russian Federation);
  • information about the terms and procedure for paying the sum insured upon the occurrence of an insured event;
  • a list of documents to be submitted to the insurer upon the occurrence of an insured event;
  • information on the registration of the fact of the occurrence of an insured event - for example, on the drawing up of an insurance act by the insurer, the timing of drawing up (Article 961 of the Civil Code of the Russian Federation);
  • conditions on the liability of the insurer and the insured, in particular, for violation of the terms for paying the insurance premium by the insured, payment of insurance compensation by the insurer upon the occurrence of an insured event;
  • information about the insurance rules of the insurer, attached to the contract as an integral part of it (Article 943 of the Civil Code of the Russian Federation).

Note that the lack of agreement on any other (besides the essential) terms of the contract is not considered as a basis for recognizing the contract as not concluded.

Forms of life insurance:

1. By the subject of insurance:

· death insurance,

· survival insurance,

· mixed insurance (death and survival).

2. By the period of insurance coverage:

· life insurance (for the life of the insured),

· for a certain period of time.

3. Depending on the procedure for paying insurance premiums:

· contracts with a one-time (one-time premium),

· contracts with periodic bonuses.

4. By type of insurance payments:

· insurance with a one-time payment of the sum insured,

· annuity insurance.

5. According to the form of conclusion of the contract:

· individual insurance,

· collective insurance.

The term of life insurance is determined by the term of the insurance contract and is established by agreement of the parties to the contract, but should not be less than one year.

In insurance practice, there are 3 basic types of life insurance, which have significant differences in the most important criteria.

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

The insurance contract is concluded for a certain period of time (one, five, ten years), and the sum insured is paid to the beneficiary only in the event of the death of the insured during the term of the contract.

Term life insurance represents the highest insurance guarantees in case of death at the lowest insurance premiums. It has the main goal of protecting the family and heirs in the event of the premature death of the insured. Periodic awards. The contract is concluded mainly when the age of the insured is up to 65-70 years (sometimes 75). In life insurance, persons suffering from mental disorders, severe forms of oncological, cardiovascular diseases are not accepted for insurance.

Life insurance is life insurance in the event of death throughout the life of the insured after the conclusion of the insurance contract, whenever it occurs. In exchange for the payment of premiums, the insurer undertakes to pay the sum insured in the event of the death of the insured, whenever it occurs.

The probability of an insured event is equal to 1, and the risk of the insurer is only when exactly the insured event occurs and what amount of insurance premiums and investment income he will have time to accumulate in the reserve for this type of contract.

Life insurance has the main goal of the most complete provision of heirs, taking into account the maximum possible benefits for the inheritance of monetary amounts. The term of the contract is unlimited. Insurance premiums can be periodic or one-time.


The insured is exempted from paying periodic premiums after reaching the age of 75-80. Insurance payment in the form of a lump sum or annuity.

Mixed life insurance is insurance for both death and survival for a certain period of time. In this case, 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 at the agreed time, if the insured remains alive.

Mixed insurance provides the insured with the most complete protection, simultaneously covering two opposite insurance risks. Prizes can be either periodic or one-time. Mixed insurance contracts are the most beneficial for savings purposes, but with low guarantees compared to other death contracts. Payment of the sum insured can be a one-time payment or in the form of an annuity.

Life insurance is the most important component in the system of insurance protection of the interests of citizens. The totality of life insurance types is designed to provide insurance payments in the event of social risks and, first of all, in connection with the loss of general ability to work, pensions and the loss of a family breadwinner.

The enumerated insurable interests to the conclusion of the insurance contract determine the purpose of disability insurance, pension insurance and death insurance. Terms of life insurance contracts are very diverse. The basic contract can have many modifications that combine various risks in an individually drawn up contract.

Life insurance is a set of types of personal insurance that provides

the obligation of the insurer to make insurance payment 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.

Insurance payments under life insurance contracts in cases stipulated by the insurance contract may be made to the beneficiary, or the heir, or the insured person himself in the form of periodic insurance payments - annuities (pensions, rents) or in the form of a lump sum insurance payment. At the same time, it is established by law that the validity period of life insurance contracts cannot be less than one year, and when calculating insurance rates and forming insurance

reserves should be used tables of mortality.

If in types of insurance other than life insurance, the insurer analyzes the probability of an insured event occurring during, as a rule, a calendar year of insurance, then in life insurance, the risk inherent in human life becomes the subject of insurance. This forces the insurer to analyze the probability of survival of the insured (or the insured) to the age or period specified in the insurance contract.

Life insurance is drawn up by an agreement, according to which one of the parties, the insurer, assumes the obligation to pay the stipulated sum insured if during the period of insurance the stipulated insured event occurs in the life of the insured, provided that he receives insurance premiums paid by the insured. As can be seen from the definition, a life insurance contract is related to the life of a certain person − the insured therefore, the insured must be defined in the contract so that the probability of his death during the term of the contract can be assessed. Allocate life insurance contracts when the policyholder and the insured are the same person, and third party life insurance contracts, when the identity of the policyholder and the insured do not match, but the policyholder has an insurable interest in the life of the insured. It is permissible to have a larger number of insured persons, provided that the policyholder has such an insurable interest.

Third parties can be participants of the insurance obligation ~ beneficiary And insured person.

Beneficiary (beneficiary) - an individual or legal entity with an insurable interest in whose favor the policyholder has concluded a life insurance contract.

The presence of such an interest is directly fixed for property insurance contracts; for life insurance contracts, the presence of such an interest is not necessary.

With the appointment of a beneficiary, neither the insurer nor the policyholder withdraw from the insurance contract. This is due to the fact that the right of the beneficiary acquired directly from the contract is of a secondary nature. In order for it to be transformed into a subjective right capable of being protected, the beneficiary must express his will to do so. Otherwise, the policyholder continues to be the bearer of the respective right.

The presence of a beneficiary makes it possible to consider the relevant insurance contract as a type of contract in favor of a third party (Article 430 of the Civil Code of the Russian Federation), however, it does not fit into the classical model, since, according to paragraph 2 of Art. 939 of the Civil Code of the Russian Federation, the insurer has the right to impose on the beneficiary who has submitted claims for insurance payment the performance of certain obligations not fulfilled by the insured.

If the beneficiary is not directly named in the life insurance contract, the contract is considered concluded in favor of the insured. In the event of the death of a person insured under a contract in which no other beneficiary is named, the heirs of the insured person have the right to receive insurance payment. In a life insurance contract concluded for the insurance of an insured person other than the policyholder, the beneficiary may be appointed or changed only with the consent of the insured person or directly by the insured person himself. In the absence of such consent, the contract may be declared invalid at the claim of the insured person, and in the event of the death of this person, at the claim of his heirs.

According to Article 956 of the Civil Code of the Russian Federation, the insured has the right, at his discretion, to replace the beneficiary named in the insurance contract with another person, notifying the insurer in writing. In the event that the beneficiary has fulfilled any of the obligations under the insurance contract or has submitted a claim to the insurer for insurance payment, his replacement is not possible.

The legislation does not oblige the insurer to inform the beneficiary about the insurance contract concluded in his favor. Therefore, the insured and the beneficiary must do this themselves and explain when, under what conditions and upon presentation of which documents the beneficiary can receive the insurance payment.

The insured person is another party to the life insurance contract. It is recognized as an individual whose intangible benefits (life, health) are associated with the property interest of the insured. In other words, an insured person is a person in whose life an event may occur that will entail the obligation of the insurer to pay the insured (beneficiary) the sum insured.

The insured person is always present in the insurance liability if the policyholder is a legal entity. For example, an enterprise (employer) can conclude an agreement with an insurance company on life and health insurance for its employees.

The policyholder has the right to conclude an insurance contract in his favor, being in this case both the insured person and the beneficiary.

It is also possible that the policyholder, the beneficiary and the insured person are represented by three different persons. For example, a son (insurant), with the consent of an elderly mother (insured person), can insure her life in case of death in favor of her daughter, his sister, who becomes the beneficiary under the insurance contract.

This situation is quite vital: for example, a daughter takes care of a weak mother, and a brother in this form provides for her maintenance after the death of her mother.

As well as in relation to policyholders, and in relation to insured persons, the insurer may impose age or health restrictions at the time of the transaction, which form the basis of the underwriting process in life insurance.

Main types of life insurance contracts

In the theory and practice of life insurance, there are three groups (classes) of insurance contracts that can exist both individually and in one or another combination:

1. Term life insurance.

2. Life insurance.

3. Life insurance.

Term life insurance involves the payment to the beneficiary of the sum insured, established under the insurance contract, if the death of the insured person occurs within a certain period of time, established by the contract, which is less than the period of life of the insured person. Life insurance, like term insurance, involves the payment to the beneficiary of the sum insured in the event of the death of the insured person within the period of time established by the contract, however, additionally, as a rule, it also implies the payment to the insured person of the sum insured established by the contract if he lives up to the period established by the contract. under contract. And, finally, life insurance involves the payment to the beneficiary of the sum insured, established under the insurance contract, in the event of the death of the insured person, regardless of when the death occurred. As a general rule, “cash value” is not typical for term life insurance, while in life insurance and life insurance, as a rule, it is.

A separate group (class) of life insurance contracts includes insurance with the payment of annuities. Annuities are, as a rule, monthly payments to the person established under the insurance contract as the recipient of these payments (the beneficiary, which in English terminology in this class of life insurance contracts is called annuitant). Annuities in life insurance practice are an accumulative instrument, implemented initially through the accumulation of an annuity fund with the condition of its subsequent regular use throughout

a certain number of years.

The above general classification of life insurance contracts is still relevant today, although in individual cases it is sometimes not always possible to clearly establish which class or type of life insurance contracts this or that policy should be attributed to.

Below are the features of each type of insurance contracts in more detail. They, in particular, make it possible to verify how great the degree of "mobility" and the possibility of converting one type (class) of the contract into another during the period of its validity.

1. Term life insurance in case of death (term life insurance). Term life insurance assumes that the insurance company assumes the obligation to pay

the beneficiary the amount established by the contract upon the death of the insured, and the insured assumes the obligation to regularly pay insurance premiums to the company. The contract is concluded for a fixed period, but contains provisions that allow it to be extended. However, the insurer reserves the right to revise certain provisions of the contract after this period and conclude it, with the consent of the policyholder and the insured, for the next period on other conditions. Most often, the revision affects the determination of the tariff. The company, as a rule, offers a table of tariffs calculated for several categories of insured persons, divided by sex and age, the basis for which are the mortality tables of the population of this sex and age group. Here the principle applies: the higher the risk of death of a particular category of citizens, the more expensive the insurance. A term life insurance contract can be concluded with the right to renew it by the policyholder, i.e. the policyholder can extend the contract for the number of years indicated initially (renewal period) until the age of the insured has exceeded the limit. For the insurer, such a contract provides for a guarantee period during which the insurer renews the contract for the next year at the rates specified in the original contract.

To attract customers, companies can offer, in addition to a simple type of life insurance, also pay periodic payments to policyholders. bonuses, which depend on the results of the company's work for the year. As a rule, the amount of the bonus is proportional to the sum insured under the term life insurance contract. The company can offer different options for using this additional amount of money: send it to reduce insurance premiums in future periods, leave the bonus for the company to invest, send the bonus to increase the sum insured without increasing insurance premiums.

The conditions of this type of life insurance do not provide for the payment of the redemption amount to the insured (beneficiary). Another negative side of this contract for the policyholder is the constant increase in the insurance premium with each renewal of the insurance contract, and because of this, insurance coverage can be very expensive by the end of the contract, so over time, it becomes profitable to convert a term life insurance contract into a life insurance contract. insurance or survival. Contracts that include this possibility are convertible term insurance.

Among the special varieties of term life insurance, insurance with a decreasing and increasing sum insured can be distinguished. Declining Insurance sum provides for a reduction in the sum insured each year to zero at the end of the contract. Since term insurance can serve as a guarantee of repayment of the loan even in the event of the death of the borrower, the insured can appoint the beneficiary of the lender and insure his life for the amount of the loan. The decrease in the sum insured will correspond in this case to the gradual repayment of the debt. Term Insurance with increasing sum insured is based on taking into account the effect of inflation, which reduces the real cost of coverage.

family income insurance, as a rule, it is an addition (option) to term life insurance. Its purpose is to provide the beneficiary with a guaranteed income for a certain period of time.

So, after the death of the insured person, the beneficiary is paid not a lump-sum fixed sum insured, but an annuity that replaces the income of the deceased family member. The frequency of such payment can be different - monthly, quarterly, annual, and such payment is made before the expiration of the insurance contract. Family income insurance may also include an automatic increase in benefits, for which two main models are used: the first - income increase in terms of family income insurance - is carried out during the period of the insurance contract from the moment it enters into force and until the insured event occurs, and the second - the increase in income occurs during the entire period of the insurance contract. This provision of the insurance contract is designed to protect the beneficiary from the impact of the inflation factor. This coverage extension is available at an additional premium rate.

2. Life insurance (endowment). Survival policies provide for the payment of the sum insured at a certain point in time in the future or in the event of death before the expiration of this period. This agreement contains all the features of a term life insurance agreement, but is added by the insurer's obligation to pay the sum insured upon surviving until the end of the insurance period, and the insured has the right to the redemption amount.

The premium for this type of life insurance is higher than the premium for term death insurance because setting an expiration date means that most claims are filed earlier than this term and, therefore, insurance premiums will be collected over a shorter period of time. The “accumulative component” is formed not only by investing the accumulated funds by the insurer, but also by redistributing funds between the insured under this type of insurance, i.e. all those who survive until the end of the contract with their periodic

contributions cover the amount of the provisions paid for those who did not live to see this date. The life insurance tariff itself for a particular person is formed by three main factors: the age of the insured, the forecast for the dynamics of mortality for the entire circle of insured persons in a given company, and investment opportunities in the current market situation. The simplest form of survival contract is a non-revenue survival contract, in which insurance premium rates and insurance payments are fixed.

Life insurance does not have many additional options, although inexpensive life insurance contracts are most commonly used. (low-cost endowment), which are additional security for a certain age. The risk part allows you to pay some expenses, for example, those associated with the acquisition of real estate, loans, etc. Payment options are quite diverse: it can be a lump sum, a fixed annuity, and a combined payment option.

Quite often, this type of life insurance contract is used to insure children (by a certain age, event, etc.).

Few insurers use the opportunity to receive a redemption amount, and few use the opportunity to receive a loan from the insurance company for the amount of the sum insured on preferential terms, since life insurance is usually considered by insurers as a way of accumulation, and all of the above opportunities involve damage to accumulation. For life insurance, insurers can offer profit sharing. Policyholders are usually offered to manage bonuses in the same way as in the case of a term life insurance contract. The main disadvantage of the contract

insurance is the fact that with the long-term nature of the contract, its terms cannot be changed by the parties during the term of its validity.

3. Life insurance (whole life insurance). Life insurance is used mainly to protect the dependents of the insured in the event of his death, which is an insured event. This type of life insurance contracts dominates the markets of developed countries. For example, 56% of the German population has at least one life insurance policy. For the insured, such a scheme is no different from life insurance up to 100 years, and for the insurer from term insurance - in case of death for a period of 100 years. The standard contract contains a constant throughout the entire period of validity

contract amount of insurance coverage in case of death. Under such contracts, the insured is entitled to receive the redemption amount after the first two or three years of payment of insurance premiums.

Under a standard life insurance contract, the policyholder pays the same insurance premiums during the period specified in the contract. When setting tariff rates, the insurer focuses on the death rates of the insured, the profitability of available financial instruments, and the costs of running their own affairs. Without terminating the contract, you can use the savings that in this case exist for the policyholder as face value poles and get a loan from the company at preferential rates. These actions reduce the redemption value of the policy, but enable the insured to independently make investment decisions and influence the investment growth of the face value of the policy, since bonuses are distributed in proportion to the face value of the policy and other parameters (sum insured and insurance premium). Consider some of the most common modifications of the life insurance contract.

A. Limited-payment whole life insurance

The policyholder independently determines the period of payment of contributions: pay the entire amount of the contribution at a time or pay throughout life. The payment period can be expressed in the forthcoming number of full years of life of the insured (5, 10, 20) or end in connection with any event (retirement age). Due to the limited period of payment of contributions, this type of insurance can be quite expensive for the insured in the early years.

B. Investment life insurance (interest-sensitive whole life)

Bonuses are not provided, and all investment income is automatically directed to increase in face value. The mechanism is as follows: the policyholder pays a premium, from which the costs of managing the contract are deducted, the balance is added to the savings fund at the end of the previous year, and income is accrued for the entire amount from the rate of return for this type of insurance from this company, then the costs of paying the insurance premium are deducted in case of death. The remainder is the face value of the policy.

In this case, there is always a difference between the face value of the policy and its redemption amount in favor of the face value. Allocate investment life insurance with low And high annual income. An insurance contract with a low annual premium provides for the right of the insurer to revise the insurance rate after the expiration of the guarantee period. For those who have concluded an agreement with an increased contribution, all tariff fluctuations are reflected in the face value of the policy without the participation of the insured.

B. Variable whole life insurance

This type of variable life insurance contract differs from all others in terms of its economic content and capital turnover scheme. The insurer's expenses for doing business, the contribution in case of death are deducted from the amount of the contribution, and the balance is invested in the individual savings account of the insured. The insurer offers a certain set of investment funds, and the increase in the face value of the policy and the sum insured in case of death depends on the success of the investment. In this case, all investment risks are borne by the insured, and the insurer guarantees the minimum amount of the sum insured in case of death, which increases if the assets in the savings account grow with a certain rate of return. The insurer does not guarantee the relative face value of the policy, and all investment income is added to it, bypassing the bonus mechanism.

D, Universal whole life insurance

Universal life insurance implies the possibility of choosing various schemes for calculating the sum insured, a flexible system for paying insurance premiums, and wide investment opportunities, with the exception of the participation of the insured in making investment decisions.

There are 2 methods of recalculating the sum insured in case of death. According to the first method, the amount does not change throughout the entire term of the contract, but if the face value of the policy approaches the sum insured, then the provision of the contract, which implies the purchase of additional units of insurance, is in effect. This is done in order to prevent the life insurance contract from turning into a survival insurance contract.

According to the second method, the sum insured is constantly growing by the amount of the increase in the face value, i.e. new units of insurance are constantly being acquired for the amount of growth in face value. The agreement contains a condition on "planned periodical insurance contribution", which allows the contract to remain in force even with a negative face value. The insurer undertakes not to terminate the insurance contract if the policyholder pays the minimum agreed amounts. The period of validity of such a provision is limited, and then it is necessary to increase the contributions. The increase in insurance value is carried out according to

general scheme: the insurer guarantees a minimum rate of return, and the real amount is announced at the end of the year or depends on the profitability of the selected financial instrument.

The policy may include a number of additional conditions: indexation of the sum insured in case of death; payment of the sum insured in case of death of a family member of the insured; accelerated increase in the sum insured in case of death; the ability to temporarily switch to paying a premium only for term life insurance.

D Variable universal life insurance (variable whole life insurance)

The participation of the insured in making investment decisions is added to the universal life insurance. Buyers of such a policy risk the very face value of the policy. The winnings are not divided among all insurers, but are credited to an individual savings account. The insurer acts more like a dealer in the stock market, representing the interests of the insured. Such life insurance is now very widespread in developed countries as part of the financial planning system discussed above.

4. Life insurance with the payment of annuities

This type of insurance is also called annuity insurance or pension insurance.

The contract is designed to ensure, in old age or under other circumstances, the maintenance of the level of income that is possible with active work. When the insured survives to a certain period established in the contract, the insurer undertakes to pay the insured insurance coverage in a certain amount with a certain frequency for a certain time.

The obligation of the insurer to pay the sum insured occurs only when the insurance premiums are paid in full by the insured. Based on this, 2 periods of the contract are distinguished: the period of payment of insurance premiums and the period of payment of insurance annuities.

Sometimes between them there can be more waiting period(delay period). Contributions can be paid at regular intervals or in a lump sum.

Usually, the policyholder is given the right to change the size of the annuity, the frequency of its payment, the conditions for accumulating the contribution reserve. If the contract is terminated before the deadline, the policyholder is entitled to receive the redemption value. The contract also establishes the procedure for calculating the amount that heirs can claim, including if the death of the insured occurs during the period of insurance payments.

A. Immediate Life Annuity

The insurance premium is paid by the insured in a lump-sum payment, and the obligations of the insurer for the insurance payment must be carried out immediately with the established frequency. A variant of the immediate annuity is the guaranteed annuity, which specifies a minimum payment period. It will be paid out over the guaranteed period or the entire life of the insured, whichever is longer. If he dies during the guaranteed period, then the balance of the guaranteed amount will be paid to the heirs.

B. Deferred life annuity

The policyholder may pay insurance premiums over a certain period or in a lump sum. This option assumes that there is a waiting period between the end of the contribution period and the start of annuity payments. You can establish the right of the heir to the redemption amount in the event of the death of the insured during the waiting period.

B. Time annuity (immediate or deferred)

The insurer pays annuities only for a certain period of time.

The contract specifies a deadline for payments.

The insurance contract can be concluded on the terms of joint life insurance and an annuity for the last survivor. Such a policy is convenient for married couples, when after the death of one of the spouses, payments are fully preserved or slightly reduced.

Insurers also offer incremental annuities to reduce the impact of inflation.

This type of personal insurance is very popular in developed countries, because it is the most affordable of the most reliable ways to provide a pension, bonuses on this type of insurance are often tax-free, and the yield is about 2% higher than on other investments. For example, in Germany, 80% of the population consider annuity insurance to be the safest way to provide income after retirement.

Principles of underwriting in life insurance

The mortality rate indicator directly affects the price of the insurance service and the thoroughness of the underwriting carried out by the insurer in connection with the conclusion of the insurance contract. Obviously, not all insured persons can be accepted for insurance under the same conditions. The classification scheme may take into account the difference in estimated mortality among smokers and non-smokers, and therefore the amount of medical underwriting, and if a positive decision is made on the insurance of a person, the cost of insurance will differ for a smoker and a non-smoker.

Life insurance companies must determine:

a) the extent to which expected mortality (or morbidity) as well as standard premium rates will be considered equal to the average level, and

The main purpose of underwriting is to ensure that insurance is provided on terms and conditions and at a premium that exactly matches the degree of risk being taken on.

Risk (term) underwriting, widely used in the insurance business, involves two main elements: (1) selection and (2) classification.

Selection is the process by which an insurer evaluates insurance applications from customers to determine the degree of risk offered for insurance. Classification- this is the process of allocating the insured to the appropriate group of clients with approximately the same expected possibility (probability) of the occurrence of an insured event.

Generally accepted principle underlying the insurance company's underwriting philosophy is that the standard group should include a large percentage of policyholders who meet the average standard in being able to be insured.

The main factors that life insurance companies take into account when underwriting life and health insurance are as follows.

Age. Mortality expected in subsequent years largely depends on the age of the policyholders. The older the person, other things being the same, the higher the likelihood of his death.

Floor. The sex of policyholders, like age, is rarely considered as a selection factor, but this factor is usually used as a classification factor (when determining the premium rate) in life insurance. The expected annual mortality of females is lower than the expected annual mortality of males with the same indicators.

Medical aspects -Physical condition and medical history.

Insurance companies request information about the insured, which may affect the likelihood of an insured death. The insurer may request individual medical records to be examined.

These factors that form life insurance underwriting standards are not exhaustive, but remain fundamental when an insurance company makes a decision on insurance and its conditions.

25. Features of insurance against accidents and diseases.

Accident and illness insurance is one of the traditional types of insurance.

The purpose of accident insurance is to compensate for damage caused to the health and life of the insured as a result of an accident.

Accident insurance may be compulsory or voluntary.

Compulsory accident insurance is one of the elements of the social insurance system and covers the risks of industrial injuries and occupational diseases.

This is a rather limited list of insured risks and amounts of insurance coverage, which, in the case of insurance against accidents at work, applies to the consequences of accidents occurring at the workplace or during working hours, including the time of travel to the place of performance of official functions and travel from the place work home. The insurance premiums are paid in full by the employer.

Another type of compulsory accident insurance is the compulsory state insurance of life and health of those categories of civil servants whose professional activities are associated with an increased risk of an accident in the performance of their official duties. These are military personnel, employees of internal affairs bodies, judges, bailiffs, employees of the tax police, employees of institutions and bodies of the criminal correctional system, etc.

State personal insurance covers the risks of death, disability of the insured as a result of injury, injury, bodily injury that occurred during the performance of the insured's official duties. Insurance coverage is established on the basis of the size of the official salary or on the basis of the amount of the minimum monthly wage.

The basics of compulsory state insurance of various categories of employees are enshrined in the relevant regulations:

a) Federal Law "On Compulsory State Insurance of Life and Health of Military Personnel, Citizens Called for Military Training, Individuals and Commanders of Internal Affairs Bodies of the Russian Federation, Employees of Institutions and Bodies of the Criminal Correctional System and Employees of Federal Tax Police Bodies";

b) Law of the Russian Federation "On the Police". Law "On Internal Troops of the Ministry of Internal Affairs of the Russian Federation";

c) Law of the Russian Federation “On the Status of Judges in the Russian Federation”;

d) Law of the Russian Federation "On private detective and security activities in the Russian Federation" and others.

Compulsory accident insurance is also found in transport. Thus, compulsory personal insurance of passengers transported by air, rail,

by water and road transport along intercity and tourist routes, is carried out in relation to the risks of death, injury, bodily injury resulting from an accident that occurred when following any of the listed modes of transport. The maximum sum insured to be paid in the event of the death of a passenger is fixed by law and amounts to 120 minimum monthly wages and is calculated on the date of purchase of the travel document.

In the event of an injury or injury, the amount of insurance coverage is calculated in proportion to the severity of the bodily injury or injury received as a result of the accident.

The cost of insurance is included in the cost of the travel document.

The terms of the insurance contract, the methodology for calculating and economic justification for insurance rates, as well as the provision on the procedure for the formation of reserves for compulsory insurance of passengers are approved by the insurance supervisory authority, and then the rates are agreed with the Ministry of Transport and Communications of the Russian Federation.

Currently, voluntary accident and illness insurance also has several implementation models (individual and collective) and provides insured persons with insurance protection against the economic consequences of bodily injury, sudden illness, disability, death resulting from unforeseen and random events, qualifying like an accident.

In the classification of types of insurance activities given in the "Conditions for Licensing Insurance Activities in the Territory of the Russian Federation" dated March 19, 1994, it is the concept of "insurance against accidents and illnesses" that is used. It includes: “... a set of types of personal insurance that provide for the obligations of the insurer for insurance payments in a fixed amount or in the amount of partial or full compensation for the additional expenses of the insured,

caused by the occurrence of an insured event (in this case, a combination of both types of payments is possible).

Thus, the principal criteria for classifying an incident as an accident in its broadest sense for insurance purposes (actual accident and illness) are:

a) the suddenness of the impact; at the same time, suddenness implies that the event should be relatively short-lived in terms of its harmful effect on the human body;

b) impact that does not depend on the will of the insured; in other words, they also talk about the unforeseen impact, that is, causing harm to the life and health of the insured (insured person) unintentionally, not at the will of the insured;

c) the impact is external; external influence is understood as the actions of people, as well as natural phenomena or mechanical influences that harm the anatomical and physiological integrity of a person;

d) impact identified by time and place of occurrence; this is an extremely important aspect for establishing the very fact of the occurrence of an insured event;

e) the impact, manifested in the violation of the internal or external functions of the body.

The most common definitions of disability used in the practice of Russian insurance organizations are as follows:

Permanent complete loss of general ability to work- complete and absolute incapacity for work, which does not allow the insured person to engage in any work activity and which lasts until the end of his life.

Partial complete loss of general ability to work- loss of limbs, vision, hearing, speech or smell. Thus, this type of disability is equated to a certain type of bodily injury or other impairment of bodily functions.

Temporary disability (illness)— the inability determined by the doctor for health reasons to perform work for a relatively short period of time - up to three months, after which the patient must be sent for examination of the VTEK to determine the degree of loss of general ability to work.

Under bodily injury at the same time, they mean a violation of the physical integrity of the body or an illness of the insured person, provided for in the tables of insurance payments, that occurred during the validity period of the insurance contract as a result of an accident. Whereas disease implies any health disorder not caused by an accident, diagnosed for the first time on the basis of objective symptoms after the entry into force of the insurance contract.

Quite often, insurers also distinguish the concept loss of professional ability to work,

which implies a total or partial incapacity for work, which does not allow the insured person to engage in his professional activities.

Persons requiring constant care- these are persons who, due to an objective state of health, cannot independently serve the physiological needs of the body and (or) need special medical (therapeutic, curative, diagnostic) care.

The disability group is established in accordance with the requirements and on the basis of the conclusion of the MSEC, characterizes the degree of disability and determines care requirements, medical indications and contraindications. The requirements of MSEC provide for the establishment of three groups of disability.

The first group of disability implies social insufficiency due to a health disorder with a persistent, significantly pronounced disorder of body functions due to diseases, the consequences of injuries or defects, leading to a pronounced limitation of life.

The second group of disability is defined as social insufficiency due to a health disorder with a persistent pronounced disorder of body functions due to diseases, the consequences of injuries or defects, leading to a pronounced limitation of life.

AND third group of disability stands out in relation to social insufficiency due to a health disorder with a persistent slight or moderately pronounced disorder of body functions due to diseases, the consequences of injuries or defects, leading to a mild or moderately pronounced limitation of life.

When insuring children against accidents and illnesses, a certain specificity in the formation of insurance protection is manifested in the fact that children do not yet have the ability to work and the scale of disability groups is equally inapplicable to them. With regard to children, we can only talk about such risks that can be insured, such as various injuries (bodily injuries), as well as the very fact of assigning a disability without reference to a specific group.

Thus, current trends in the structuring of insurance coverage for insurance against accidents and illnesses come down to what is standard coating extends to the classic, traditional manifestations of an accident.

However extended coverage may also include insurance cover for:

a) sudden illnesses equating to accidents, as well as

b) cases of disability (temporary, permanent, professional) or for various groups of disability (if the insurer continues to adhere to the Russian scale for assessing the degree of loss of a citizen's health).

The contract is concluded on the basis of a written application of the insured, which also contains questions about all the conditions and circumstances that are essential for taking the risk for insurance, and the risk selection criteria are subjective risks, profession, age and health of the insured, etc. The insurance contract is concluded on the basis of insured statements.

Profession until recently remained the most important criterion for risk selection, while other criteria, such as, for example, participation in certain sports, supplemented it.

Thus, groups of insurers (insured persons) according to this criterion are divided into the following categories:

A) 1st category- sedentary professions with rare movements; professions related to the control of physical and manual labor; low-risk factory workers (eg, real estate agent, insurance agent, kindergarten teacher, neurologist, ophthalmologist, archivist, architect, choreographer, geographer, etc.);

b) 2nd category- manual workers in workshops and industrial enterprises (without the use of mechanical means); manual workers (without the use of explosive materials and traumatic equipment) (for example, a plumber, an agronomist, a lawyer, an actor, a psychiatrist, a physiotherapist, a biochemist, a city transport driver, etc.);

c) 3rd category- professions associated with physical labor or the use of mechanical means, explosive materials; persons working at a height of more than 5 meters (for example, a ballet dancer, an archaeologist, an ambulance doctor, an anesthesiologist-resuscitator, an auto mechanic, a veterinarian, a cutter, an installer, an assembler, an antenna fitter, etc.);

Currently, more and more attention is being paid to lifestyle the insured person, their habits, because with the growth of opportunities for extreme sports or the availability of buying sports cars, an increasing number of people acquire certain habits or addictions that increase the likelihood of an accident.

Accident and illness insurance means that the insurer covers the risk that the insured will be physically injured as a result of an accident, and not natural causes. Under natural causes in relation to this type of insurance, sudden onset of acute illnesses (diseases) that caused death or disability are understood.

An insurance contract may be concluded with insurance coverage in the event of the following events:

a) death as a result of an accident or illness, quite often also referred to as the sudden death of the insured (insured person);

b) permanent or partial complete loss of the general working capacity of the insured person as a result of an accident or illness;

c) temporary disability (illness) of the policyholder (insured person) as a result of an accident or illness;

d) disability of the policyholder (insured person) as a result of an accident or illness.

An insurance contract may be concluded in the event of the occurrence of one or more of the events listed above.

Sudden death of the insured person, permanent or partial complete loss of general ability to work, temporary disability (illness), disability of the insured (insured person) are recognized as insured events if:

a) these events were a direct consequence of an accident or illness that occurred during the period of validity of the insurance contract;

b) these events occurred within 1 (one) year from the date of the accident (illness) regardless of the validity of the insurance contract at the time of the occurrence of these events;

c) these events and the accident (illness) are confirmed by documents issued by the competent authorities in the manner prescribed by law (medical institutions, MSEK, registry office, court, etc.).

As a rule, the insurance contract and (or) insurance rules also contain exceptions.

An individual insurance contract is concluded by an individual, and its effect applies to the insured, and may also apply to members of his family. Under a collective insurance agreement, the insured is a legal entity, and the insured are individuals who are employees of the enterprise, in whose life and health the insured has an insurable interest. Collective insurance contracts are concluded, as a rule, by employers in favor of their employees or by various unions, societies, associations (hunters' associations, trade unions, etc.) in favor of their members.

Accident insurance is also the most common additional insurance coverage in various types of life insurance.

When insuring against accidents and illnesses, insurers use two approaches to building insurance coverage:

a) the first one is based on the principles of insurance against all risks, while the types of insured events covered (injury, death as a result of an accident, temporary disability, etc.) are quite clearly named (identified), but without establishing the specific causes of such consequences, but with a list of exceptions (withdrawals);

b) the second follows the principle of insurance on the basis of named perils, while the policy (insurance rules) contains a detailed list of all events that are recognized or not recognized as insured and, accordingly, are included in or excluded from insurance coverage.

In case of death as a result of an accident, the insurer pays to the beneficiary,

specified in the insurance policy, or the heirs of the insured (insured person) the established sum insured. In case of injuries, bodily injuries, other health damages, insurance coverage is paid, the degree of disability is given based on the complete loss or loss (decrease) in the functionality of various organs, as a rule, based on the statistics of the insurance company.

Benefit tables can either be very detailed and cover various aspects and manifestations of an accident. Thus, the classification of the consequences, and with them the amount of insurance payments (as a percentage of the sum insured established under the insurance contract) can be carried out in relation to a body part or organ.

Then a deeper classification is carried out on the basis of the allocation of a single injury or other consequences of an accident.

The amount of insurance coverage payments on the occasion of assigning a certain disability group is calculated by multiplying the sum insured specified in the insurance contract,

by the coefficient according to the disability group. This method is based on data on the percentage of general disability, which is calculated by medical institutions or medical expert commissions (MSEC).

The second method is based on the category of "incapacity for work". For various categories of disability, tables of insurance payments are also used. For multiple indicators of disability, the amount of the benefit is determined by adding the coefficients shown in the benefit tables, however, the total amount of the benefit cannot exceed 100% of the disability for the body that includes the lost members.

In case of temporary disability (illness), such a form of insurance coverage as a daily allowance for the period of treatment and rehabilitation may be provided, however, in this case, the insurer seeks to limit not only the amount of the daily allowance (established in proportion to the sum insured), but also for the period for which the insurer will pay insurance coverage. As the maximum value of the benefit, it is customary to consider the size of the average daily labor income of the insured (insured person).

In addition, such insurance coverage is usually provided with a temporary deductible, expressed in the number of first days of incapacity for work for which insurance coverage is not paid (it is usually the first seven days).

Insurance coverage may also provide additional coverage for various categories of expenses related to and (or) directly arising from an accident, for example:

a) medical expenses necessary for the treatment of the consequences of an accident (expenses for emergency medical care, hospitalization, outpatient treatment, medicines, care, etc.);

b) transportation costs (if it is necessary to transport the insured person to a medical institution, home, etc.);

c) expenses for prosthetics, cosmetic surgery, rehabilitation (sanatorium) treatment;

d) expenses related to the transportation of the body of the policyholder (insured person) to the place where the insured person permanently resided (repatriation of the body);

e) expenses associated with the stay of a family member with the insured (insured person), etc.

The amount of payment of insurance coverage, as a rule, is set in the form of a percentage limit (liability limit) of the sum insured established under the insurance contract.

So, if the sum insured for the basic insurance coverage is set at 100 units, then the general or individual limits of liability for various categories of expenses (additional coverage) can be set at a level not exceeding 15% of the sum insured established for the basic insurance coverage.

The general practice of insurance companies providing insurance against accidents and illnesses, when establishing the amount of insurance payments, is predetermined by whether the insurer establishes a single sum insured (as a rule, in the event of death as a result of an accident), on the basis of which the amount of insurance coverage is calculated, or the insurer applies different sums insured to determine each type of insurance coverage provided under the policy.

Foreign insurance companies offer the two most common options for insurance coverage, namely: the one that provides for the payment of insurance coverage within a single sum insured, set separately for each risk, and the one that involves the provision of insurance coverage within a single sum insured, established as a whole under an insurance policy.

Accident and illness insurance has established itself in Russia as a fairly common and popular insurance, both in the form of individual and collective insurance. Of course, the motivation for concluding such insurance contracts in different periods of the development of the insurance market was different (from financial planning, tax optimization to a real desire to provide employees with adequate social and economic protection). The past and upcoming changes in tax, civil, social legislation suggest that this type of insurance activity will be one of the most popular, inexpensive and dynamic types of insurance.

Life insurance is less developed in our country than in Europe. But gradually it is becoming more widespread, because it provides serious benefits.

Firstly, it allows you to feel confident, because in case of unforeseen circumstances, serious material support is provided.

Secondly, this is a good way to store and accumulate funds. It has serious advantages over conventional bank deposits. Read more about what life insurance is and how it happens.

What is the essence of such a conclusion of such an agreement?

Life insurance consists in the fact that the client pays certain amounts to the insurer, and the insurance company undertakes to return this money with interest after the agreed event occurs.

Such an insured event under the terms of the contract may be the death of the insured or the achievement of a certain age by him.

It is clear that in the event of death, it is not the insured himself who receives the money, but the persons or heirs specified in the contract. The person to whom the compensation will be paid is called the beneficiary. It can be any person at the request of the insured.

Life insurance in the modern sense, based on a scientific and statistical approach, appeared in England. First of all, ship and cargo insurance developed, but then they began to insure the life of captains. And in 1663, businessman J. Dodson studied several cemeteries in London. He honored the number of deaths per year and their age.

So for the first time a statistical approach was applied to calculate insurance premiums and payments. Then other companies began to use similar data, as well as the theory of probability and other scientific achievements. By the 19th century, life insurance began to spread throughout Europe, as well as in the United States and Russia.

Life and health insurance for large amounts is a prerequisite for concluding a contract. Therefore, almost no mortgage loan or car loan is complete without a life insurance policy and a lending object.

History of development in Russia

The first Russian insurance company appeared in 1835, it was called "Life". But the further development of the insurance business was slow, since Life had a 20-year monopoly on this type of activity. When the monopoly ended, other domestic companies began to open. By the time of the first revolution there were eleven of them. After 1885, foreign companies were also able to penetrate the Russian insurance market. There were three of them at the beginning of the 20th century.

In tsarist times, life insurance was not widespread among the population. It was expensive, besides, payments often had to be expected for more than one year. Therefore, only wealthy members of society used the service. The percentage of the insured population was only 0.25%.

After the revolution, all former insurance companies were closed, but in 1921 they were replaced by the Gosstrakh department. This state organization completely controlled insurance in the USSR. Insurance was voluntary, and gradually long-term savings contracts became more common. In 1990, 70% of the working population had an insurance policy. Unfortunately, during the crisis, these savings disappeared simultaneously with the accounts in Sberbank.

In 1992, after the adoption of the law on insurance, this industry ceased to be a state monopoly. Private insurance companies began to appear, but only compulsory insurance became widespread. Now only 5% of the population uses voluntary life insurance services.

In Europe, this figure is 10 times higher. But in recent years, the market has been developing rapidly and enjoys the support of the state. So the prospects for life insurance in Russia are good.

Varieties

Life insurance policies are divided into three groups by the duration of validity: urgent, life and mixed.

  1. Term insurance is also called survival insurance. An insured event occurs when the customer of the service reaches a certain age. If he dies before the specified age, the company does not pay compensation at all or returns only part of the amount previously paid, depending on the terms of the contract. Term insurance is convenient for saving money.
  2. Life insurance is concluded for an indefinite period until the death of the insured. Contributions can be made for a limited number of years or for life. In the second case, the final amount of the payment will be much higher. Upon death, the beneficiary receives monetary compensation. This is one of the most common types of insurance abroad.
  3. Mixed life insurance is concluded simultaneously in case of death or survival. The insured event will be the one that occurs earlier. Under the contract, the amount is the same or higher in the event of death. This type of insurance enjoys special attention in our country.

It is the most popular among the inhabitants of Russia. It combines two extremes - insurance of capital when surviving to the end of the contract and in case of death.

According to the object of insurance contracts are divided into three groups:

  • The client insures his own life. He is both the insured and the insured.
  • The client insures another person, such as a child. Then he will be the insured, and the child insured.
  • Co-insurance. Most often, such an agreement is concluded by a husband and wife. An insured event occurs when one of them dies (no matter who). The second spouse receives compensation.

A life insurance contract can be cumulative or risky.

  • Cumulative insurance allows you to gradually form significant capital with the help of small contributions. At the same time, it guarantees the payment of funds after surviving to a specified age or after the death of the insured. Such contracts are usually concluded for a long period.
  • Risk insurance is temporary insurance in case of death. It is concluded in case death occurs within a certain time. And if the insured has successfully survived this period, no payments are made. Capital does not accumulate.

Also, contracts can be individual and collective, when an individual or a legal entity, respectively, applies to the company. Many organizations insure their employees in case of death or work injury.

Distinguish between voluntary and compulsory life insurance. In Russia, the life of civil servants and the military is insured without fail, money for this is allocated from the budget. All passengers of planes and trains are also insured, the cost of this insurance is included in the ticket. In some cases, a person must conclude a voluntary insurance contract, for example, to obtain a mortgage.

Investment insurance

The investment life insurance program is a modern form of accumulative insurance.

It allows not only to collect a significant amount, but also to increase it by a profitable investment in securities. Calculation of life insurance is carried out according to the tariffs of the insurance company and taking into account the amount required for accumulation. Therefore, the cost of such a contract depends on your wishes.

Moreover, this capital, unlike a regular bank account, cannot be arrested or confiscated through the courts, and is not affected during the division of property. Investment insurance appeared in the West 40 years ago, and we are developing it now.

It remains to be added that Russian legislation allows you to terminate a life insurance contract at any time, if such a desire or need arises.

Sometimes such a long-term contract provides for automatic termination under certain conditions. For example, if you miss paying dues three times. But at the same time, the insurance company, in most cases, has the right not to return already paid premiums or returns only part of the amount. Please check this point when reviewing the contract.

Why you need life insurance you will learn from the video:

In many civilized countries, life insurance is a fairly common phenomenon. Many citizens turn to this service voluntarily, regularly pay contributions, insure themselves, children, property, etc.

In Russia, this is not accepted, the inhabitants of our country are distrustful of the provision of such a service by insurance companies. In our country, voluntary insurance is considered the lot of the rich. Of their own free will, the Russians are rarely insured. Basically, it is a mandatory clause in any contract: for hire (the organization provides to the employee), for credit, for hazardous production, for registering a car, etc.

It will turn out very well if nothing happens to a person in his whole life, there will be no accidents, he will calmly live his old age in the circle of his relatives and accumulate a decent amount of money to leave to his loved ones. But we all know that life is unpredictable. It happens that, having a family, a job, a home loan, a person gets into an accident, gets seriously injured and loses his ability to work, albeit for a while. In the absence of reserve capital, the situation will be ruinous. But if certain risks were foreseen, the insured person will be paid a compensation amount that can be used for treatment, rehabilitation or funeral.

When is this document produced?

The domestic financial market provides insurance services to the population. Life insurance provides for the design policies and contracts. Most insurance companies consider insured event not only the death of an individual, but also the accident and illness of the client.

The insured is obliged to pay certain amounts as monthly installments. These contributions can be regular, or you can agree on a one-time contribution. Upon the occurrence of an insured event, the company undertakes to pay savings with possible interest at a time, or the payment of funds can be agreed regularly, after a certain period of time before or after a certain moment, or for life.

To understand the essence and procedure for drawing up an insurance contract, you first need to understand basic terms and actors:

Russian legislation regulates the procedure for the formation of contracts of this type.

A document drawn up for life insurance of an individual must comply with the following requirements:

  • an indication of all the details of the parties to the transaction and the duration of this agreement;
  • listing all insurance risks for which cash payments are provided;
  • decryption of force majeure;
  • determination of the sum insured, which the company undertakes to reimburse in the event of an insured event;
  • signatures of the parties to the transaction.

The signed contract is accompanied by the issuance of a special policy, which serves as confirmation of the transaction. After the procedure, the policyholder is obliged to pay insurance premiums, the amount and date of receipt of which is specified in this contract.

There are several cases where life insurance may be required natural person:

  • lending (in particular) - banks themselves enter into an agreement with an insurance company, entering the borrower's data there;
  • dangerous production - the employer insures his employee and undertakes to pay his family the full cost of the contract upon the occurrence of an insured event;
  • car insurance - the state obliges the owner to conclude a life insurance contract upon registration; insured events are usually associated with car accidents;
  • traveling abroad - traveling outside your country involves temporary life insurance for a citizen during his stay in another state.

Varieties

This service can be classified in different ways, depending on many factors. Each form provides its own characteristics of a certain kind.

So, according to the main criteria, the following are distinguished types of life insurance contracts:

These criteria determine the specifics of life insurance contracts, and the main three basic types differ according to the period of conclusion of the contract:

  1. Lifetime - insurance is paid out immediately or in equal parts to the beneficiary upon the death of the insured person.
  2. Urgent - periodic payments in favor of the beneficiary upon the occurrence of an insured event before the period specified in the contract.
  3. Mixed - insurance can be reimbursed in case of death of the insured during the period of the contract and if he remains alive after the date of its expiration.

In addition to these types, there are also contracts voluntary and compulsory life insurance. The first type provides for the desire of the insured, on his own initiative, to provide for certain risks and protect himself and his loved ones from financial problems in the event of his own death. As for another type of insurance, here an individual is obliged to conclude such an agreement (creditor bank, the state when issuing an OSAGO policy, CASCO, etc., an employer when accepting a citizen for a dangerous job, etc.).

Also exists in the financial market in the Russian Federation. It means the conclusion of an accumulative insurance contract, that is, from the moment the deal is concluded with the insurance company, the insured periodically (monthly, quarterly, annually, etc.) pays insurance premiums. Their amount is fixed in a specific clause of the contract, and upon completion of its validity, the insurer's income from financial transactions in favor of the beneficiary will be added to the savings. Thus, this is a fairly profitable passive income (up to 12% per annum), and partial withdrawals from the account are allowed before the expiration of the contract.

It turns out that the most important points in any life insurance contract are the object (the one who is insured), the subject (the one who will get the insurance amount) and the term (the period of validity of this contract). The remaining factors can be considered additional, but they significantly affect the cost of services provided and the final amount of payment in the event of the death of the insurance object.

Termination procedure

The Civil Code of the Russian Federation, or rather Article 958, allows insured citizens to terminate the contract with the insurer.

Here, financial losses are inevitable, but they can be reduced by taking into account some important nuances.

The contract is terminated for three reasons:

According to the federal legislation of the Russian Federation, termination early life insurance contract is possible in case of:

  • an incident that does not fall under the concept of insurance risk;
  • changes in life circumstances. persons (dismissal from dangerous work, termination of travel abroad, sale of a vehicle, etc.).

If the contract was terminated at the initiative of the insured, the redemption amount will not be returned to him.

Often, life insurance is imposed on a client by the state or a creditor bank, and after some time the person realizes the inappropriateness of this decision. Unfortunately, nowhere in the legislation is there a prescription that determines a fixed amount of payments, it is determined by the insurer and prescribed in the contract.

When contacting the company, the client must have with you passport and draw up an application for termination of the life insurance contract. It should contain the name of the organization providing insurance services, the full name of the insured person, an indication of the previously signed contract, the request itself and details (date, signature). The request may express a desire to terminate the transaction or pay insurance premiums.

Termination of the insurance contract when applying for a bank loan includes the following details:

  1. The mortgage provides for compulsory insurance of the borrower in the first year of the loan agreement, and then this service is paid voluntarily.
  2. If you opt out of your own life insurance when paying a mortgage loan, 1% is usually added to the cost of the product.
  3. Early repayment of any loan means the end of the insurance contract with compensation of funds for the remaining period.
  4. The insurance premium is paid over a three-week period.

Termination of an agreement OSAGO occurs in the presence of one of the following three cases:

  1. A vehicle bought on credit was sold to someone. The borrower draws up an application, attaches to it his passport data, a copy of the policy and a paid receipt.
  2. The car is not recoverable after an accident. To the specified list of documents, it is necessary to attach a certificate from the traffic police confirming the fact of the accident and a paper from the service station about the impossibility of restoring the car.
  3. Bankruptcy of an insurance company.

The procedure for calculating the redemption amount

The redemption amount is the money intended for payment to the insured by the company upon termination of the life insurance contract.

It consists of the reserve paid by the insured as regular insurance premiums and accumulated investment funds. The insurer calculates the share of the contributions that he is ready to return as a redemption amount, and he is obliged to pay out the investment in full. However, due to the fact that some of the savings are in circulation, the applicant will have to wait.

Since one of the parties decided to terminate mutual obligations on its own initiative, it is she who will suffer some losses. That is, the entire accumulated premium reserve is subject to payment, minus the penalty for early termination of the life insurance contract. The redemption value is formed after two years of the contract, and it increases every year. When the term of insurance expires, the redemption amount will be equal to the cost of the entire insurance.

As a rule, the contract contains a guaranteed amount of payment in this case, but the insurer will still have to recalculate the redemption value of the insurance at the time of the client's request. The amount of the payment will fluctuate depending on the current state of the market and interest rates. Also, various bonuses, if any, are taken into account.

Getting a tax deduction

Tax legislation provides for payment to citizens at the cost of life insurance. The amount of all taxes paid for the year can be returned, and this scheme can be implemented for three years in a row, if the total tax deduction for insurance exceeds the annual payments to the budget.

Using the possibility of a tax deduction for life insurance, you can get a tax relief or receive a lump sum payment that compensates for part of the money. This procedure is only possible with a long-term provision of the service.

The deduction is compensated if life is insured:

Mandatory conditions:

  1. The duration of the contract is at least 5 years.
  2. The insured must be a citizen of the Russian Federation.
  3. Regular receipts only from your own wallet.
  4. Official employment and regular payment.

Taxpayers have the right to count on monetary compensation for the cost of a life insurance contract when applying for a mortgage.

The amount due for each reporting period should not exceed 120,000 rubles, the balance of the payment is carried over to the next year.

In recent years, the number of life insurance contracts, including voluntary ones, has significantly increased in the country. Citizens are aware that this is a rather profitable way of investing money, which also provides social guarantees to the insured person and his relatives in case of any emergency.

The rules for terminating life insurance contracts are described in the following video: