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ISZH and NSZH. How to make money and stay alive

We understand endowment and investment insurance.

Victor Tyurin

understood the ILI and NSZH

For several years now, Russia has been offering unusual financial services: investment life insurance and endowment life insurance. Abbreviated ISZH and NSZH.

These are not simple, but interesting products. Now we'll tell you everything.

What is life insurance

“Regular” life insurance works like this: you enter into a contract for a certain period and pay a premium. If an insured event occurs during the contract, then you or your loved ones will receive a payment - usually many times more than your contribution. If nothing bad happens, then your contribution will become the income of the insurance company.

It is more correct to call such insurance risky with an emphasis on "and". Officially, the term "conventional insurance" does not exist.

ILI and NSZH have different rules. You conclude a contract for a long period - at least five years, more often for 15-30. Then you either deposit a large amount at once, or gradually deposit small amounts. If an insured event occurs during the contract, you or your loved ones will receive a payment. If it does not happen, then at the end of the term the insurance company will return the deposited money to you, sometimes even with a surcharge.

The main difference is in the return of contributions made. In conventional life insurance, you pay a small amount, but then you lose it. In ILI and HOA you pay large amounts, but then return them, possibly with interest.

NSZH is issued in order to guarantee the accumulation of a large amount with simultaneous insurance protection. ILI is most often issued for investment income, and not for insurance protection.

How is the NSZH and ILI

Each client's insurance premium is divided into several unequal parts.

risky part- this is a payment for insurance protection against the risks listed in the contract. In fact, this is "insurance in insurance." The larger it is, the larger the maximum amount you are insured for. However, the risk part is non-cumulative and non-refundable.

Accumulative part- the main part of the contribution. The insurance company invests the funded part of your premium and receives additional income. The insurance company keeps part of the income for itself, and pays part to you at the end of the term. Thanks to this, even taking into account the cost of the risky part of the insurance, you will still receive the planned amount at the end of the term.

HOA (cumulative life insurance) is a type of life insurance in which you lend to a company for free, and it insures you for free.

ILI (investment life insurance) is a type of insurance in which you lend to a company for free, and it shares with you the profits received from investing your money and insures your life.

When will the money be paid

Payments under the contract will be in two cases: if a person dies or does not die. Insurers romantically call the second option survival.

Death. If the client dies and the cause is not on the exclusion list, the insurance company pays out the money. An exception is, for example, if the client's death occurs as a result of hostilities. In this case, the contract will be considered terminated and the heirs will be paid the "redemption amount". The redemption amount is usually 80-95% of the total amount of contributions made.

Survival. If nothing happened to the client during the entire period of insurance, the company returns the full amount of accumulated premiums and investment income, if any.

Options. Insurance companies often offer to enter into the contract and pay for additional risks, for example:

1. Primary diagnosis of deadly diseases.
2. Disability for any reason or as a result of an accident.
3. Temporary disability (sick leave) as a result of an accident.

If there are such options in the insurance policy and this is exactly what happens to the client, he will receive a payment. But it is important to remember: contributions to pay for additional risks at the end of the term are not returned.

Some insurance companies have the option "Exemption from paying insurance premiums in case of disability (disability) as a result of an accident or illness." It works like this: if a client is assigned a disability, he is “exempted” from further payment of contributions. At the same time, the company itself pays the client's contributions and forms savings, which are paid at the end of the contract for "survival".

How to pay fees

Insurance premiums can be regular and one-time. With HOA, it is usually necessary to make contributions regularly, with HOA - to make one time, but a large amount.

Regular contributions must be paid during the entire term of the contract. You can pay once a year, or more often. The annual premium is more profitable: with frequent payments, the insurance company can set an additional surcharge - it turns out that the amount of 12 monthly premiums will be more than one annual.

You can skip or change the amount of the payment only in agreement with the insurance company.

Early termination of the contract is possible, but disadvantageous. In this case, you will be returned only the "redemption amount" - part of the contributions you made - and you will receive less than you managed to accumulate. In fact, this is a penalty for early termination. The amount of losses in different contracts varies greatly, usually from 5 to 20% of the contributions.

Why draw up an NSZH

HOA is suitable if the client wants to guarantee a large amount of money. Since the accumulation periods are long, anything can happen. With the UA, after the first installment, the client is already insured for the amount he needs.

Why is NSZH usually issued:

1. save up for a child's higher education at a prestigious university;
2. to accumulate capital for a future pension;
3. save up for real estate.

It will take a long time to save up, so UA is always long-term insurance, at least 5 years, and insurance premiums are large - in tens, and sometimes hundreds of thousands of rubles every year. You need to be ready for this.

Many insurance companies undertake to accrue a small income on the amount of contributions - 2-4% per annum. This is beneficial: it allows you to partially offset inflation and increase the total amount of savings. Sometimes the income can be more, but it depends entirely on the willingness of the insurance company to share with the client. It is impossible to predict such income.

UAJ is suitable for those who are ready to save for a long time and do not expect to receive high interest. If you need to accumulate some amount for a period of less than 5 years and at the same time receive a significant income, then the UA is not suitable. For such tasks, bank deposits or ILI are more suitable.

Life insurance, deposit or ordinary life insurance?

Gennady wants to save 1 million rubles. He can save on a deposit or with the help of the UA. If Gennady is alive and well, then the deposit is really suitable. But if he dies, the difference will be noticeable.

On deposit Gennady's heirs will receive only the amount that he actually accumulated during his lifetime. Moreover, they will not receive it immediately, but only after entering into the inheritance - after 6 months. The amount will be divided among all heirs.

With NSZh the heirs of Gennady will receive the entire million rubles much faster - on average in 2 weeks. The money will be received by those people whom Gennady himself indicated in the policy as beneficiaries. And it is not a fact that these will be the same people as the official heirs.

Why draw up an ISI

ILI is suitable if you already have a lot of free money and want to invest it in something and get income. ILI is a kind of deposit for 3-5 years, only with a higher potential income than a regular bank deposit. It also includes life insurance.

Different insurance companies offer different ILI strategies. This means that you can choose where your money will be invested. Typically, insurance companies offer to invest in securities of large foreign companies, such as pharmaceuticals or IT, and precious metal indices.

I have collected examples of ILI strategies offered by various insurance companies.

The insurance company will not give you all the profit it earns on the investment of your premiums. The size of your share determines the "participation rate". It is spelled out in each contract and does not change during the entire period of ILI. Usually the client receives from 50 to 80% of the profitability earned by the insurance company. Therefore, the actual profitability of ILI for you is always lower than the results from advertising brochures.

Always specify the participation rate right away - it will affect your income.

If the investment turned out to be unprofitable, then the insurance company compensates for the loss on its own from its own funds. This condition is found in all contracts. You can't get a loss on ILI. If you do not terminate the contract early, then the worst thing that can happen is a zero return. Then the company will simply return the amount of your contributions at the end of the contract.

What is important to know about ISI

ILI is not a contribution. Therefore, the deposit insurance system for ILI does not work. When the license is revoked, the insurance company must terminate the contract and return the premiums received. Or the company may assign your contract to another insurance company, which will serve it in the future.

If the insurance company has not done either one or the other, then you can return the contributions only in the general procedure for collecting debts from bankrupts. Therefore, it is important to choose a reliable company, otherwise, when you revoke your license from the insurance company, you may lose all the contributions you have made.

ILI income is not guaranteed. Of course, it can be 20, and 50, and 100% per year, as the advertisement promises. But it can be 1%, and 0%, and for all 5 years.

ILI insurance coverage has been reduced. In order to increase the accumulative part of the contribution, which is used for investments, the company reduces the risky part. On the one hand, this makes it possible to earn more. On the other hand, insurance protection under such programs is minimal. You need to read the contract carefully.

tax deductions

The state loves when you independently insure life and health. Therefore, when applying for a housing insurance and housing insurance, you can get a tax deduction and return the tax in the amount of 13% of the contribution amount. This is relevant only for citizens who pay personal income tax.

Insurance must be issued for 5 years or more. Sometimes clients are offered to issue policies for a period of 3 years or shorter - they are not provided with a tax deduction.

The deduction is provided from contributions not exceeding 120,000 rubles per year. This limit also includes other expenses that qualify for a tax deduction, such as tuition or medical expenses.

To receive a deduction, you need to provide a standard package of documents to the tax office: a 2-NDFL certificate, a completed declaration, an agreement with an insurance company and documents that confirm the payment of contributions.

In 2018, Gennady took out a life insurance policy for a period of 15 years with an annual insurance premium of 100,000 rubles. In 2019, Gennady will draw up documents for a tax deduction and receive a 13% × 100,000 = 13,000 R tax deduction. If the amount of the insurance premium is 150,000 rubles per year, then the amount of the deduction will be 13% × 120,000 (maximum by law) = 15,600 R.

Most of our citizens are more or less familiar with such a concept as life insurance. Many people ignore such proposals - insurance is an unpopular tool in Russia. And before those who nevertheless decide to insure, another question arises: what kind of insurance to choose? Natalya Smirnova, head of the consulting company "Personal Advisor", talked about what types of life insurance exist, and whether they should be abandoned.

Types of insurance

There are two main types of life insurance: risk and savings.

By risk insurance payments are made in case of risk of death. In addition, if additional options have been selected, insurance is also paid in case of disability, making a certain diagnosis from the list, in case of hospitalization, surgical operations and injuries.

At endowment insurance payments are also made in the event of death and other types of risks selected during registration. However, unlike risk insurance, it also provides for survival risk payments. This means that, having lived to the end of the insurance period, you are guaranteed to receive some amount plus the investment income that the insurance company has earned.

Thus, cumulative insurance, in addition to the protective function, also carries a cumulative one. It will cost you more than the risky one, for which the money for survival is not returned. Risk insurance is not only cheaper, but also more flexible - if you decide to remove the protection, you just need to stop making payments. At the same time, if you terminate the accumulative insurance contract, you will lose the guaranteed amount due to you at the end of the contract. In the best case, you will be able to recover part of the contributions, and if you interrupt payments during the first two years of the contract, you will not receive anything.

Which insurance is better

Risk insurance can be useful in the following cases:

1. The amount of your savings is not enough to pay for treatment in the event of a serious illness, ensure your existence and achieve that have not lost their significance (education of the child,). At the same time, your income does not allow you to achieve the same goals using endowment insurance.

2. You have enough savings for life, treatment and implementation in case of health problems, but a significant part of the capital is invested in instruments, with an unscheduled withdrawal of funds from which losses are likely, or the funds are placed in illiquid assets (for example, real estate) that are difficult to sell quickly at a reasonable price. In this case, risk insurance will be justified.

3. You have not yet decided on your plans for life: you have not chosen priority goals, you want to change your country of residence or field of activity, you are going to start your own business, etc. In cases where you have unstable earnings, you don’t know in which country you will live and work in the future, you didn’t delve into the specifics of the tax legislation of this country and other important points, it is irrational to issue long-term and low-liquid accumulative insurance. In the future, you may find a more effective program in a new place of residence. At the same time, financial protection is necessary, because there are always risks of unexpected expenses, and an unstable financial situation makes them especially dangerous. Therefore, risk insurance will be the most suitable option.

4. You are a young investor with more than 10 years of time to reach serious financial goals such as retirement and educating your children. You have not yet accumulated the necessary capital, and success in the implementation of the financial plan largely depends on your ability to work. In this case, it is wise to take out risk insurance and engage in compilation with a high expected return. Investments will help you save for your goals, and risk insurance will protect against unforeseen situations: in case of loss of working capacity, payments will help pay for treatment and compensate for the gap in the implementation of the investment strategy that may arise due to illness.

Cumulative insurance should be chosen in the following cases:

1. You have financial goals that must be met, no matter what the circumstances, and must not be exposed to market risk. At the same time, you have already decided on the host country, amount and currency. Such goals, first of all, include pension savings and education of children. At least part of the required amount can be provided with the help of cumulative insurance, because the money will be with you in the right time, even if you lose your ability to work or suffer losses while implementing an aggressive strategy to achieve the same goals.

2. There is a risk of divorce and foreclosure. Then you can save your savings by signing an endowment insurance contract. However, if you need to secure savings for a period of less than 7 years, it is better to use investment life insurance.

3. You have poor self-discipline, you can’t save on goals, you have no experience in investing and you are not ready to take risks. If you prefer deposits and other instruments with minimal risk and at the same time have a stable source of income, use endowment insurance to achieve your most important goals.

Thus, perhaps only owners of solid capital stored in reliable liquid instruments can do without life insurance, and they are protected from divorce and penalties in other ways (for example, with the help of family funds). If you do not belong to this category, you should consider what type of insurance to choose.

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

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

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

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

Death of the insured;

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

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

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

The main principles of life insurance are:

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

have insurable interest :

insured in his own life,

employer in the lives of its employees,

spouse in the life of another spouse,

parents in children's lives

business partners,

creditors in the life of the debtor.

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

There are two types of bonuses :

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

insurance object,

subject of insurance

procedure for paying insurance premiums,

coverage period,

form of insurance coverage

type of insurance payments

form of contract.

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

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

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

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

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

Depending on the subject of life insurance, there are:

death insurance;

survival insurance;

mixed insurance.

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

with a one-time (single) premium;

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

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

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

life insurance (for life);

life insurance for a certain period of time.

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

The form of insurance coverage can be divided into:

insurance for a fixed sum insured;

insurance with decreasing sum insured;

insurance with increasing sum insured;

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

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

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

By type of insurance payments are distinguished:

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

life insurance with payment of annuity (annuity);

family income insurance;

life insurance with pension.

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

individual;

collective.

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

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

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

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

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

pension insurance contracts;

annuities, or life insurance annuities.

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

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

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

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

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

There are the following types of annuities .

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

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

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

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

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

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

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

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

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

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

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

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

The insurance contract is characterized by the following features:

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

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

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

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

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

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

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

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

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

Mortality table

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

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

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

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

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

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

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

Probability px of a person aged x years surviving to the age of (x + 1) year:

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

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

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

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

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

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

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

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

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

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

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

Quite often, enterprises in their activities use such a method as risk insurance. Risk insurance - this is the protection of the property interests of the enterprise in the event of an insured event (insured event) by special insurance companies (insurers). Insurance occurs at the expense of monetary funds formed by them by receiving insurance premiums (insurance contributions) from insurers.

In the process of insurance, the enterprise is provided with insurance protection for all the main types of its risks, both systemic and non-systemic. At the same time, the amount of compensation for the negative consequences of risks by insurers is not limited - it is determined by the value of the insurance object (the size of its insurance assessment), the sum insured and the amount of insurance premium paid.

When resorting to the services of insurers, the company must first of all determine the object of insurance - the types of risks for which it intends to provide external insurance protection.

The composition of such risks is determined by a number of conditions:

risk insurability. Determining the possibility of insuring their risks, the company must find out the possibility of insuring them, taking into account the insurance products offered by the market;

the existence of an insurable interest of the enterprise. It is characterized by the interest of the enterprise in insuring certain types of its risks. Such interest is determined by the composition of the risks of the enterprise, the possibility of their neutralization due to internal mechanisms, the level of probability of a risk event, the amount of possible damage for individual risks and a number of other factors;

inability to fully compensate for the risk losses at the expense of own resources. The enterprise must provide full or partial insurance for all types of insured catastrophic risks inherent in its activities;

high likelihood of risk. This condition determines the need for insurance coverage for certain risks of their admissible and critical groups, if the possibility of their neutralization is not fully ensured by its internal mechanisms;

unpredictability and uncontrollability of risk by the enterprise. The lack of experience or a sufficient information base sometimes does not allow within the enterprise to determine the degree of probability of a risk event occurring for individual risks or to calculate the possible amount of damage for them. In this case, it is better to use the risk insurance system;

acceptable cost of insurance protection at risk. If the cost of insurance protection does not correspond to the level of risk or financial capabilities of the enterprise, it should be abandoned by strengthening the appropriate measures to neutralize it through internal mechanisms.

The insurance services offered on the market that provide insurance for the risks of an enterprise are classified according to forms, objects, volumes, and types.

The forms are divided into compulsory and voluntary insurance.

Compulsory insurance- this is a form of insurance based on the legal obligation of its implementation for both the insured and the insurer.

Voluntary insurance- this is a form of insurance based only on a voluntarily concluded agreement between the insured and the insurer based on the insurable interest of each of them. The principle of voluntariness applies to both the enterprise and the insurer, allowing the latter to evade insurance of dangerous or unprofitable risks for him.

The objects distinguish between property insurance, liability insurance and personnel insurance.

property insurance e covers all main types of tangible and intangible assets of the enterprise.

Liability Insurance - insurance, the object of which is the liability of the enterprise and its personnel to third parties who may suffer losses as a result of any action or inaction of the insured.

Personnel insurance covers the life insurance of its employees, as well as possible cases of loss of their ability to work, etc.

By volume, insurance is divided into full and partial.

Full insurance provides insurance protection for the enterprise against the negative consequences of risks in the event of an insured event.

Partial Insurance limits the insurance protection of an enterprise against the negative consequences of risks both by certain sums insured and by a system of specific conditions for the occurrence of an insured event.

By types, property insurance, insurance of credit risks, deposit risks, investment risks, indirect risks, financial guarantees and other types of risks are distinguished.

Property (assets) insurance covers all tangible and intangible assets of the enterprise. It can be carried out in the amount of their real market value if there is an appropriate expert assessment. Insurance of various types of these assets can be carried out with several (rather than one) insurers, which guarantees a stronger degree of reliability of insurance protection.

Credit risk (or settlement risk) insurance- this is insurance, in which the object is the risk of non-payment (late payment) on the part of buyers of products when providing them with a commodity (commercial) loan or when delivering products to them on terms of subsequent payment.

Deposit risk insurance is made in the course of implementation by the enterprise of short-term and long-term financial investments using various deposit instruments. The object of insurance is the risk of non-return by the bank of the amount of principal and interest on deposits and deposit certificates in the event of its bankruptcy.

Investment risk insurance- this is insurance, the object of which is various risks of real investment (risks of untimely completion of design work on an investment project, untimely completion of construction and installation work on it, failure to reach the planned design production capacity, etc.).

Indirect risk insurance- this is insurance, which includes insurance of estimated profit, insurance of lost profits, insurance of exceeding the established budget of capital or current costs, insurance of lease payments, etc.

Financial guarantee insurance- the object of insurance is the risk of non-repayment (late repayment) of the amount of the principal debt and non-payment (late payment of the established amount of interest). Financial guarantee insurance assumes that certain obligations of the enterprise related to the attraction of borrowed capital will be fulfilled in accordance with the terms of the loan agreement.

Other types of risk insurance- the object is other types of risks that are not included in the traditional types of insurance.

According to the insurance systems used, insurance is distinguished at the actual value of the property, insurance under the proportional liability system, insurance under the "first risk" system, insurance using a franchise.

Insurance at the actual value of the property It is used in property insurance and provides insurance protection in the full amount of damage caused to the insured types of company assets. Thus, under this insurance system, the insurance indemnity can be paid in the full amount of the financial damage suffered.

Proportional liability insurance provides partial insurance coverage for certain types of risks. In this case, the insurance compensation for the amount of damage incurred is carried out in proportion to the insurance coefficient (the ratio of the insurance amount determined by the insurance contract and the size of the insurance valuation of the insurance object).

Insurance under the "first risk" system. The “first risk” means the damage incurred by the insured upon the occurrence of an insured event, estimated in advance when drawing up the insurance contract as the amount of the sum insured specified in it. If the actual damage exceeded the stipulated sum insured (the insured first risk), it is indemnified under this insurance system only within the limits of the sum insured previously agreed by the parties.

Unconditional deductible insurance. Franchise- this is the minimum part of the damage incurred by the insured that is not compensated by the insurer. When insuring using an unconditional deductible, the insurer in all insured events pays the insured the amount of insurance compensation minus the amount of the deductible, leaving it with him.

Insurance with conditional deductible. Under this insurance system, the insurer is not liable for damage incurred by the company as a result of the occurrence of an insured event, if the amount of this damage does not exceed the amount of the agreed deductible. If the amount of damage exceeded the amount of the deductible, then it is reimbursed to the enterprise in full as part of the insurance compensation paid to it (that is, without deducting the amount of the deductible in this case).

Traveling the world or working in hazardous industries, we are faced with many unforeseen circumstances, often risking our lives. In such cases, a service such as is provided, which everyone can use.

Risk insurance is a contract concluded by a citizen or an enterprise with an insurance company for a certain period, in case of a possible risk to life. Most often, this risk is an accident.

An accident is an unforeseen incident, as a result of which the insured person received any injury, acquired disability or lost his life. Such incidents include: traffic accident, fire, drowning, falling from a height, bite of poisonous insects, etc.

Exists three types of risk insurance: individual, group and obligatory.

An individual form of insurance allows a citizen, at his discretion, to insure his life for a certain period by depositing the necessary amount into the account of the insurance company, depending on the perceived risk.

If during the period the insured person suffers an accident specified in the contract, the insurance company is obliged to pay compensation to the injured person depending on the damage caused to his health. In case of temporary disability, a percentage of the sum insured specified in the contract is paid daily, upon receipt by the insured person of disability of group I, from 80% to 100% of the sum insured is paid, group II disability - 40% - 60%, disability group III - 20% - thirty%. In the event of the death of the policyholder, the beneficiary, that is, the trustee specified in the contract, receives the entire sum insured.

There are exceptions when insurance payments are not produced. This happens when it is proved that the accident was the fault of the citizen. proved that the accident was the fault of a citizen. For example, if he intentionally caused damage to his health or unreasonably endangered his life or died in a car accident while driving while under the influence of drugs or alcohol.

Firms with employees or firms whose activities are associated with a possible risk to the life and health of employees enter into a group risk insurance agreement, as well as property insurance for legal entities. Group risk insurance policies take into account possible accidents that may occur to employees at work, and the road that the employee makes from home to work and back is also included in the policies.

The third type - compulsory risk life insurance, applies to such categories of citizens as: passengers, employees of government agencies, military personnel, employees of the tax police, internal affairs bodies, etc. A feature of compulsory risk insurance is that it is carried out automatically, on the basis of a provision prescribed by law, without requiring the consent of the insured.