Extension of product line of property insurance (insurance of memorial monuments and plates as an example)

2016 ◽  
Vol 10 (1) ◽  
pp. 186-195
Author(s):  
Ирина Суслова ◽  
Irina Suslova ◽  
Елена Бокарева ◽  
Elena Bokareva ◽  
Антонина Соколова ◽  
...  
Keyword(s):  
Product Line ◽  
Insurance Contract ◽  
Insurance Companies ◽  
Insurance Company ◽  
Material World ◽  
Property Insurance ◽  
The Law ◽  
Funeral Services

Experience of the last ten years says that monuments become the object of violations and destructions. Almost daily shocking news of vandalism on burial places are appearing in mass media. Such behavior of violators of the law causes sincere neglect and misunderstanding in decent citizens. At the same time citizens are concerned by safety of monuments as subjects of a material world, look for ways to save them from possible encroachments, and themselves from unplanned expenditure on their restoration. It is known that the monuments executed from noble stones, shod fencings and marble slabs cost much, and from time to time is very expensive. And it is twice offensive when such gravestone constructions are exposed to attack and plunder. Today in Russia there are protected cemeteries, but as practice shows, and protection isn´t able to save a grave from this trouble. In that case insurance companies come to the rescue. They are ready to compensate the damage caused by vandals in the presence of the insurance contract. At first sight this service is strange, but its demand says that the condition of society where such immoral manifestations are possible is strange. The insurance contract execution of gravestone constructions of insurance company requires the passport of the insurer, the name of a cemetery and number of a grave, and also the documents for production of these constructions confirming the corresponding expenses. It is need to be note that such insurance can directly be made out on a place and supplement the list of the provided funeral services.

SUBROGATION IN INSURANCE CONTRACT

2018 ◽  
Vol 28 (6) ◽  
pp. 1985-1991
Author(s):  
Tatjana Dimov
Keyword(s):  
Insurance Contract ◽  
Insurance Companies ◽  
Property Insurance ◽  
Insured Person ◽  
Legal Position ◽  
Insured Loss ◽  
Injured Party ◽  
The Right ◽  
Insurance Agreement ◽  
Responsible Person

Subrogation is a legal right characteristically reserved by property insurers. Subrogation occurs in property insurance and in some particular cases of liability insurance. The doctrine of subrogation operates to ensure protection of certain specific principles relevant to the property insurance including the principle of indemnification whereby the compensation received is no more and no less than a full indemnity for the insured loss or damage suffered by the insured due to loss occurrence, the principle of non-cumulation in terms of claims under the same insurance contract and the principle which excludes claiming indemnity from the person who is legally responsible for causing the loss, because otherwise the insurance contract may be an unjustified source of profit for the insured as the insured would get double recovery or paid out twice for the same claim.With the payment of the reimbursement from an insurance agreement on the insurer, all rights that the insured has towards the persons responsible for the damage up to the amount of the paid compensation are transferred. With the subrogation, the insurer takes up the legal position of the insured person and exercises his right to subrogation from the rights of the insured (derivative acquisition of the right), so that the insurer exceeds the claims in scope and amount as the insured had towards the perpetrator.Subrogation is the right of the insurer, it is not his obligation. The insurer is not obliged to use this right to transfer the rights to the responsible person.The notion of subrogation is often associated with the concept of insurance regression. But there is a difference between these two terms: recourse is the right of the insurer to claim the amount of compensation that he has paid to the insured (injured parties) from the harmful person, while subrogation is the transfer of the right (the claim for damages to the responsible person) from the insured to the insurer up to the amount of the compensation paid on the basis of an insurance contract. The right to recourse is a consequence of the existence of subrogation, i.e. transfer of the rights of the insured person to the responsible person, and which is reached by the law itself.Тhe subrogation doctrine also operates to ensure that the defendant or the person who is legally responsible for the loss shall not be absolved of liability under the civil law. Namely, the perpetrator should bear the consequences of his liability for the caused damage, and therefore the legislator of the insurer (as one of the contractual parties in insurance contract) has recognized the right what he has paid the injured party (as the contractual party in the insurance contract called the insured) to calm from the perpetrator.Furthermore, subrogation doctrine operates to ensure profit for the insurance companies whereby the reimbursement funds the claims or sum insured are covered from additionally grow; therefore, this doctrine is of great importance to the insurers.

Employers' Liability Insurance

1931 ◽  
Vol 13 (1) ◽  
pp. 1-66 ◽  
Author(s):  
Hugh W. Brown
Keyword(s):  
Common Law ◽  
Liability Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Home Office ◽  
The Subject ◽  
Insurance Business ◽  
The Law ◽  
Workmen's Compensation

SynopsisUnder Common Law an employer has always been liable to his workmen for his own personal negligence, but it was not until 1897 that there was enacted the first of a series of Workmen's Compensation Acts which introduced a remarkable change in the law, inasmuch as the workman was given a statutory right to compensation for accident without requiring him to prove any negligence whatever.The evolution of the law relating to Workmen's Compensation is traced through the successive Acts of Parliament, and the provisions of the Workmen's Compensation Act 1925, which codifies the law on the subject, are summarised so far as they relate to the liability covered by an Insurance Policy. Under the Act the employer is liable for personal injury to his workmen by accident “arising out of and in the course of” the employment or by certain scheduled industrial diseases.An Insurance Policy covers the liability at Common Law and under the Employers' Liability Act 1880 as well as under the Workmen's Compensation Acts, and in addition makes the Insurance Company responsible for the cost of defending claims. The injured workman may have to consider whether he is likely to recover a larger sum by way of damages than he would receive in compensation by arbitration proceedings under the Workmen's Compensation Acts, and he can then elect which course to take.A description is given of the Returns of Compensations made by Insurance Companies to the Home Office on behalf of the employers in certain selected industries as required by the Workmen's Compensation Act 1925.The requirements of the Assurance Companies Act 1909 relating to Employers' Liability Insurance business are stated. In the Annual Returns to the Board of Trade under this Act, an Actuarial Valuation of the Outstanding Claims that have been in existence for five years or more is called for on an annuity basis, but no regulations are laid down for estimating the Liability in respect of Outstanding Claims of shorter duration. The present method is to take each of such claims and after considering the facts—nature of injury, rate of compensation, etc.—to make the best possible estimate of the ultimate cost to the Insurance Company. Later developments of the injury, however, may cause such estimate to be wide of the amount which the Company is called upon to pay. A plea is advanced for an investigation into the liability in respect of Outstanding Claims, in the hope that it may be found possible to arrive at average factors which could be used, with a suitable grouping of the Claims, to determine the Liability under the non-fatal Outstanding Claims from the first occasion of their becoming outstanding. When there is no recognised method based on past experience of making such an estimate, judgment may be influenced by factors not solely relevant to the ascertainment of the liability.All the leading Offices transacting Employers' Liability Insurance business are members of the Accident Offices Association. This Association was formed after the passing of the Workmen's Compensation Act 1906, by which the scope of workmen's compensation was widely extended. The Association controls the rates and policy conditions of the Tariff Offices, but as the regulations are in great measure confidential, detailed information can only be given regarding what is already common knowledge.A further step was taken in Government supervision of Insurance Companies by the Agreement made in 1923 between the Home Office and the Accident Offices Association, the effect of which is to limit to 37½% the expenses and profits in respect of the combined figures of the members of the Association.The trend of probable future legislation as recommended by the Departmental Committee in the Insurance Undertakings Bill is described, and the questions of Compulsory Insurance and State Insurance are touched upon.An account is given of an Undertaking made recently by the Accident Offices Association to furnish the Government with workmen's compensation statistics in connection with a Home Office Scheme of enquiry into the Incidence and Causation of Accidents.The subject is so extensive that it has only been possible to deal with it in broad outline, but in conclusion reference is made to various aspects that could with advantage be expanded.

scholarly journals ANALYSIS OF COMPETITIVE POSITIONS OF INSURANCE COMPANIES IN THE NON-LIFE INSURANCE MARKET IN UKRAINE

2019 ◽  
pp. 88-94
Author(s):  
O. Pakhnenko ◽  
O. Zhuravka ◽  
V. Podhorna ◽  
A. Sukhomlyn
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Motor Vehicle ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Premiums ◽  
Property Insurance ◽  
Financial Condition

The paper explores the practical aspects of forming a competitive environment in the non-life insurance market of Ukraine and analyzes the competitiveness and financial performance of leading insurance companies. Based on the analysis of non-life insurance market concentration indicators, the authors concluded that there is no clear leader in this market, the level of market concentration is negligible. Based on the analysis of non-life insurance market leaders by volume of gross insurance premiums in the whole market and by main types of non-life insurance (CASCO, motor vehicle liability insurance, property insurance, fire and catastrophe risk insurance, CARGO, health insurance) the authors found that the leadership of insurance companies in the market does not mean their leadership in all types of non-life insurance; some insurance companies specialize in certain types of insurance and not being leaders in the insurance market at all occupy leading positions in certain segments of non-life insurance market. In order to provide a general assessment of the competitiveness of individual insurance companies in the non-life insurance market, the following indicators were selected: the volume of gross insurance premiums, gross insurance payments, insurance reserves and the amount of equity. In order to assess the size of market share of an individual insurance company in a more objective way, it is suggested to calculate the average share of the insurance company. The calculations made it possible to identify the leaders of the non-life insurance market in 2018 and to explore the dynamics of changes in their competitive position during 2016-2018. For the three insurance companies that have been identified as the leaders of the Ukrainian market non-life insurance in 2018 (“UNIKA”, “AXA Insurance” and “PZU Ukraine”), the authors analyzed the main indicators of their financial condition, namely the profitability of insurance services, profitability of sales, return on assets, return on equity, overall liquidity, absolute liquidity and autonomy. It was found that all the analyzed insurance companies are profitable, however, among the three leading Ukrainian insurance companies, the most effective in 2018 was the insurance company “PZU Ukraine” and the least profitable – “UNIKA”. Keywords: competitiveness, insurance company, market concentration, market share, competition.

Legal Specifics of Bankruptcy Proceedings of Insurers in Ukraine

2018 ◽  
Vol 16 (1) ◽  
Author(s):  
Nino B. Patsuriia ◽  
Valeria V. Radzyviliuk ◽  
Nataliіa V. Fedorchenko ◽  
Ivan R. Kalaur ◽  
Mikhail I. Bazhenov
Keyword(s):  
Legal Status ◽  
Legal Regulation ◽  
Insurance Companies ◽  
Bankruptcy Law ◽  
Insurance Company ◽  
Insurance Contracts ◽  
The Law ◽  
Legal Consequences

Abstract Many countries adopted legal regulation of insolvency problems of insurers and rules for bankruptcy proceedings (insolvency) to mitigate and prevent consequences of bankruptcy and preserve the assets of insurance companies. To a certain extent, Ukraine follows the similar track. The authors describe the specifics of bankruptcy proceedings, defined by the laws of Ukraine on bankruptcy, and “complicated” by the legal status of the insurance company. On the basis of the analysis, the authors put forward a proposal to modernize bankruptcy law as part of the legal regulation of bankruptcy of insurers-debtors (bankrupts). It is established that the Law of Ukraine of 1992 provides for the possibility of applying a procedure of sanation to the insurers. The authors state that the specific legal consequences of the liquidation procedure and the recognition of a debtor as a bankrupt include the termination of all insurance contracts and sale of property. It has been established that the incoherence of bankruptcy laws of different countries is explained by different approaches to legal regulation.

scholarly journals Hospital Responsibility for Release of Medical Information of to Claim The Insurance in Telogorejo Hospital Semarang

SOEPRA ◽  
2019 ◽  
Vol 5 (1) ◽  
pp. 115
Author(s):  
Suyoko Suyoko ◽  
Budi Sarwo ◽  
Tjahjono Kuntjoro
Keyword(s):  
Medical Information ◽  
Criminal Responsibility ◽  
Legal Aspect ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Company ◽  
The Third ◽  
The Law ◽  
The Third Party ◽  
The Republic

Hospitals are responsible to establish the patients’ medical information. However, in reality they should encounter conflicts with the third party who represents the patients to get the medical information, such as the insurance company. This research aims to discover about hospital’s responsibility in establishing patients’ medical information as a proof to claim the insurance and the problems that should be encountered by the hospital in carrying out the responsibility.This research was conducted in Telogorejo Hospital, Semarang. It implements juridical sociology approach with analytical description. The primary and secondary data were gathered from observation result, interview result, and questionnaires analyzed using the qualitative-descriptive method.The result shows that from legal aspect, Telogorejo Hospital has agreed to give the insurance companies which have partnership-relation the access to the patients’ medical information.Whereas for the insurance company which has no partnership-relation with the hospital, the medical information is given after getting the permission from the patients. It is also found out that the patients’ right for reimbursement claim has not yet been given at its best because the filling of the patients’ medical information has not satisfied the minimum, relevant, and adequate principals, so if it causes some disadvantages to the patients, the hospital is legally responsible following the Law of the Republic of Indonesia Article 46 Act Number 44 Year 2009 about Hospital based on the principle of Vicarius Liability. Nevertheless, there is no claim from the injured party. The criminal responsibility aspect of Telogorejo Hospital has protected the confidentiality of the medical information, so the implementation does not contradict with Article 322 of the Criminal Code of the Republic of Indonesia. From the administrative responsibility, Telogorejo Hospital can be expected to be responsible according to the Law of the Republic of Indonesia Article 29 verse 2 Act Number 44 Year 2009 about hospital because Telogorejo Hospital has not optimally implemented the fulfillment of the patients’ right for the medical information. Besides that, the government has not fully monitored and given proper guidance to the hospitals. The other findings are the internal factors which include the incomplete medical records and the external factors, such as the lack of understanding about medical information by the third party, such as the insurance company, and the regulation of medical information release also affect the hospital responsibility.

scholarly journals Optimal Retention for a Quota-Share Reinsurance

2018 ◽  
Vol 20 (1) ◽  
pp. 25-32
Author(s):  
Lienda Noviyanti ◽  
Achmad Zanbar Soleh ◽  
Anna Chadidjah ◽  
Hasna Afifah Rusyda
Keyword(s):  
Financial Services ◽  
Value At Risk ◽  
Risk Measure ◽  
Minimum Variance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Bivariate Exponential Distribution ◽  
Property Insurance ◽  
Bivariate Exponential ◽  
Premium Income

The Indonesian Financial Services Authority (OJK) has instructed all insurance providers in Indonesia to apply a mandatory tariff for property insurance. The tariff has to be uniformly applied and the rule of set the maximum and minimum premium rates for protection against losses. Furthermore, the OJK issued the new rule regarding self-retention and domestic reinsurance. Insurance companies are obliged to have and implement self-retention for each risk in accordance with the self-retention limits. Fluctuations of total premium income and claims may lead the insurance company cannot fulfil the obligation to the insured, thus the company needs to conduct reinsurance. Reinsurance helps protect insurers against unforeseen or extraordinary losses by allowing them to spread their risks. Because reinsurer chargers premium to the insurance company, a properly calculated optimal retention would be nearly as high as the insurer financial ability.  This paper is aimed at determining optimal retentions indicated by the risk measure Value at Risk (VaR), Expected Shortfall (ES) and Minimum Variance (MV). Here we use the expectation premium principle which minimizes individual risks based on their quota share reinsurance. Regarding to the data in an insurance property, we use a bivariate lognormal distribution to obtain VaR, ES and MV, and a bivariate exponential distribution to obtain MV. The bivariate distributions are required to derive the conditional probability of the amount of claim occurs given the benefit has occurred.

OSIGURANjE LICA OD POSLEDICA NESREĆNOG SLUČAJA (NEZGODE)

2021 ◽  
Author(s):  
Zoran Miladinović ◽  
Keyword(s):  
Insurance Premium ◽  
Insurance Contract ◽  
Accident Insurance ◽  
Insurance Companies ◽  
Basic Rule ◽  
Income Loss ◽  
Property Insurance ◽  
Insurance Contracts ◽  
Insured Individual ◽  
Insured Person

Accident insurance, together with life insurance are two basic types of individual insurance traditionally covered by insurance law. In this kind of insurance, the insurer for a certain insurance premium, assumes the obligation to pay the insured sum to the insured individual or other beneficiary if, during the insurance contract, the insured person or other beneficiary sustains injury or even death as a result of the accident covered by the insurance contract, as well as to reimburse the costs of medical treatment and income loss as a result of temporary work disability, if foreseen by the contract. The basic rule in accident insurance is that, in case of the accident covered by the contract, the insured person will receive the insured sum agreed in the contract, and not the reimbursement of the incurred expenses or losses. Only in rare cases this type of insurance has the elements of property insurance – only in cases when the insured is entitled, in addition to the insured sum, to reimbursement of medical expenses and income loss. Today, the insurance of the individuals against accidents is widely used. It is a specific type of services offered by insurance companies. From the original accident insurance contracts signed on voluntary bases, we have come long way to have a large number of mandatory accident insurances, which is mostly the result of the growing number of occupations with the risk of accidents. It is obvious that beneficiaries of this type of insurance have realized that for a relatively small amount of premium, they will receive protection if they suffer from unexpected accidents that may result in physical injuries, even fatalities.

scholarly journals The Choice of Law Issues in Marine Insurance Disputes Resolution in Indonesia

FIAT JUSTISIA ◽  
2018 ◽  
Vol 11 (2) ◽  
pp. 97
Author(s):  
Marnia Rani
Keyword(s):  
United Kingdom ◽  
Insurance Contract ◽  
Insurance Companies ◽  
Insurance Company ◽  
Marine Insurance ◽  
Insurance Policy ◽  
Choice Of Law ◽  
The United Kingdom ◽  
Personal Status ◽  
The Uk

Marine insurance business in Indonesia such as marine hull and machinery insurance and cargo insurance are subject to applicable laws and practices in the United Kingdom. Although Indonesia already has marine insurance law which is regulated in Wetboek van Koophandel, in fact, this business subject to English Law and Practice. The choice of law is listed in the insurance policy. Submission of the law and practice in the UK raises the issue for the parties in the insurance contract, between Insurer and Insured. Although the principle of the contract is a law for those who make it, in practice, there is a problem. The problem is especially when there is a dispute between Insurer and Insured. When disputes occur, each party has a different opinion regarding which country's laws may be applied to resolve disputes between Insurance Companies and Policyholders (the proper law of the contract, the applicable law). When referring to the provisions contained in the marine insurance policy which is a contract of the parties, it should be settled under the legal system and the practice of law which is in force in the United Kingdom, because the choice of law is written in the contract. However, the problem arises again, whether the choice of law in the insurance contract can be applied, if the insurance company as a legal entity is established under Indonesian law and domiciled in Indonesia, as well as the policyholders who are Indonesian. On the basis of such matters, this paper intended to elaborate the principles of international civil law in Indonesia regarding the choice of law in the contract and is also associated with the personal status of the insurance company, the personal status of the policyholder who are Indonesian, as well as the consequences of the choice of law listed in marine hull and machinery insurance or cargo insurance and national laws which can be applied to marine insurance disputes occurring in Indonesia. Keywords: Marine Insurance, Choice of Law 

Life Office Solvency and Insolvency.

1978 ◽  
Vol 22 ◽  
pp. 1-44
Author(s):  
D. G. R. Ferguson
Keyword(s):  
Life Insurance ◽  
High Order ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
The Law ◽  
A Company

It is quite impracticable to devise an equitable mode of winding-up an insolvent life insurance company (5).A company being found to be insolvent, what is to be done with it ?… The actuaries have unanimously recommended a reduction of the sums assured, the same premiums being paid, but the lawyers have agreed that this is impracticable … The actuaries are able to take a much higher view; they need not consider what is the law, but what is most consistent with real and substantial justice to all parties. In fact, we may sum it up by saying that the courts of this country are not courts of justice but courts of law (4).[In relation to a method of treating insolvent life insurance companies as a closed fund] Its simplicity, and the entire absence of opportunity for the kind of deception and fraud usually committed by those who manipulate the assets of insolvent companies, are its most striking merits, and are certainly merits of a high order (1).

scholarly journals PLACE OF COMMUNICATION IN THE INFRASTRUCTURE OF THE INSURANCE COMPANY MANAGEMENT

2021 ◽  
Author(s):  
Tetiana Zhuravlova ◽  
Iryna Abernikhina
Keyword(s):  
Insurance Contract ◽  
Communication Process ◽  
Insurance Companies ◽  
Insurance Company ◽  
Communication Tools ◽  
Scientific Publications ◽  
Communication Interaction ◽  
Effective Use ◽  
The Impact

The article examines the nature and role of communications in insurance management, which is not sufficiently covered in existing research. Emphasis is placed on the fact that the issues concerning the management of communications in the process of concluding, supporting the insurance contract, as well as in the process of work of the insurance company with the complaints of policyholders have not been studied enough. It is revealed that information, communications, together with tools to ensure their effective use, is part of the infrastructure of the insurance company management. Types of communication of insurance companies are studied. The authors distinguish two sub-processes of the communication process: the first involves the impact on target and other audiences of potential future consumers; the second sub-process helps to get feedback on the reaction of these audiences and convey their impressions to the insurance company. Both sub-processes are equally important, their unity and efficiency create a communication system of the insurance company. As a result of the analysis of available research, the authors have identified three stages of communication interaction of the insurance company with policyholders: the stage of attracting potential policyholders; the stage of communication interaction of the insurance company and the policyholder in the process of concluding and maintaining the insurance contract; stage of communication interaction of the insurance company and the policyholder in the process of working with complaints. The article considers the stages of communication interaction of the insurance company with policyholders the most significant subject of the external environment in terms of achieving the company’s goal. The authors note that at the first stage, insurance companies use traditional and non-traditional tools of marketing technologies as communication tools. In the second stage, communications take place during the sale of the insurance product (which is implemented in the following sequence: establishing contact with the client; forming the policyholder’s belief in the need to purchase insurance; registration of the insurance contract) and subsequent support of the insurance contract. At the stage of communication interaction between the insurance company and the policyholder in the process of dealing with complaints, mainly digital communication tools are used. As a result of the study, the authors have made the following conclusions: the available scientific publications do not pay enough attention to the nature and role of communications in insurance management, and there is no systematization of tools at each stage of communication interaction with insurance companies.

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