scholarly journals Niepewność interpretacyjna zapisów ochrony ubezpieczeniowej konsumentów ubezpieczeń na życie oferowanych do kredytów mieszkaniowych na przykładzie wybranych ofert

2021 ◽  
Vol 3 (31) ◽  
pp. 89-105
Author(s):  
Katarzyna Nowak
Keyword(s):  
Life Insurance ◽  
Natural Phenomenon ◽  
Insurance Policy ◽  
Insurance Sector ◽  
General Terms ◽  
General Insurance ◽  
Insurance Cover ◽  
Policy Holder ◽  
The Individual ◽  
General Conditions

Bundled package of home loans and insurance are a natural phenomenon. Banks treat insurance as the primary security for the credit. For the consumer–borrower can help in financial difficulty. The purpose of insurance added to the loan is to reduce the risk of inability of borrowers to pay back their loans to banks and to ensure the safety of the insured or beneficiary of the insurance policy Therefore, insurance added to the loans should effectively protect borrowers. However, bundled package entails the risk of mismatching the insurance cover with the individual policy-holder insurance needs. Consumer–borrower may not be aware of the scope of insurance protection, which results from the insurance contract and general insurance terms and conditions. Therefore, in order to properly understand the offer of insurance, it becomes necessary to familiarize the borrower–the consumer with the general insurance conditions. However, as research shows, there is a big problem on the insurance sector with unintelligible insurance policy. The purpose of the article/hypothesis: The aim of the article is to compare and assess the scope of insurance cover based on the provisions of the general conditions of life insurance added to home loans by the two largest banks in Poland. Methodology: The article uses a comparative analysis of the scope of insurance cover on the based on provisions of the general conditions of insurance. The following categories have been selected from the general conditions of insurance: subject of insurance, definitions of events covered by the liability of the insurer, nature of benefits, amount of insurance and exclusions and limitations of liability. Results of the research: the analysis of the scope of insurance cover at selected banks in the article shows that selected categories from the general terms and conditions of insurance limit the potential level of insurance cover. After reviewing the general terms and conditions of insurance, consumer–borrower is not sure whether he will get help from the insurer when he needs it.

scholarly journals A Mutual Reinsurance Scheme

1971 ◽  
Vol 6 (2) ◽  
pp. 163-177 ◽  
Author(s):  
Harald Bohman ◽  
Ulf Grenander
Keyword(s):  
Life Insurance ◽  
Insurance Company ◽  
Insurance Policy ◽  
Insured Person ◽  
Insurance Business ◽  
Basic Facts ◽  
Policy Holder ◽  
Administrative Expenses

In order to make this report clear to those without experience in insurance matters, we first present some basic facts about the insurance business. In so doing we intentionally omit certain facts irrelevant to the present study. The most important omission of this kind is our assumption that the insurance business operates without administrative expenses and without sales costs. We also assume that the insurance business is run in such a way that no profit is made. It will be evident to readers already directly connected with insurance problems what further omissions we have made and why we have made them.Insurance is the establishment of a contract between the insurance company and the insured person This contract is by tradition called the “insurance policy” and the insured person is called the “policyholder”. By agreeing to the insurance policy, the policyholder commits himself to paying certain premiums to the insurance company, and the insurance company commits itself to paying certain amounts to the policyholders. The conditions under which such payments are to be made are of many different kinds: the policy-holder dies, the policyholder becomes ill, a homeowner's house is burnt down, or the policyholder has a collision in his car. The circumstances under which a payment is to be made to the policy-holder are described in detail in the insurance policy. The amount to be paid is either fixed or variable: in life insurance the amount to be paid is always fixed and stated in the insurance policy, but in most other forms of insurance the intention is that the insurance compensate the policyholder for the losses he might incur as a consequence of the events covered by his policy.

Life Insurance Potential in India: An Economic Approach

2002 ◽  
Vol 6 (2) ◽  
pp. 11-18
Author(s):  
Ashok Thampy ◽  
S. Sitharamu
Keyword(s):  
Life Insurance ◽  
Business Strategy ◽  
Insurance Coverage ◽  
Insurance Companies ◽  
Public Confidence ◽  
Insurance Sector ◽  
The People ◽  
Building Activities ◽  
The Government ◽  
The Individual

The market for life insurance in India has evolved in the context of the specific socio-economic and political environment that existed over the years. Prior to nationalisation, although the insurance business had grown considerably, it remained an essentially urban phenomena. This limited spread of life insurance was also marked by many malpractices, deficiencies and frequent liquidation of insurance companies, shaking public confidence in purchasing insurance. The objectives of nationalisation were to spread insurance coverage, to provide a stable environment thus increasing the confidence of the people in insurance, and to harness the resources generated for nation building activities as determined by the government. The purpose of this paper is to estimate the size of the individual life insurance market that exists in India. In this study, we have not provided an estimate of the potential for group life insurance. It is hoped that these estimates will help to plan the business strategy and set goals in the life insurance sector.

scholarly journals A Comparative Study of Service Quality of Life Insurance Companies in India

2014 ◽  
Vol 4 (1) ◽  
pp. 447-458
Author(s):  
Neha Sharma
Keyword(s):  
Quality Of Life ◽  
Life Insurance ◽  
Insurance Companies ◽  
Innovative Product ◽  
Technology Usage ◽  
Insurance Policy ◽  
Product Introduction ◽  
Insurance Sector ◽  
Regular Customer

The Indian Life Insurance sector has witnessed a major revamp in 1999 with the establishment of Insurance Regulatory and Development Authority (IRDA) and subsequent entry of Private sector players. These changes are affecting the way service is being delivered. Technology usage, new innovative product introduction and competition are seen as drivers of quality of service being provided to the customers. In this study using SERVQUAL model, we have examined the importance of service based on the 5 dimensions viz, Tangibles, Reliability, Responsiveness, Assurance and Empathy. Using 120 Life Insurance policy holders from 3 Life insurance companies in Agra the study identified that the gaps exist even after 15 years of privatization of this sector. The study indicated that a lot needs to be done for improving customer focus and services activity in the Life Insurance sector. Regular customer surveys with increased sample sizes across the country will enable the Insurance companies to fill the gaps.    

scholarly journals The Dynamics of General Insurance Sector in India - Growth and Performance Perspective

2019 ◽  
Vol 9 (2) ◽  
pp. 536-540
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Insurance Policies ◽  
General Insurance

Life is full of risks and uncertainties. In fact risk is everywhere. Even when you ride a bike to the nearest shop in the street, there is a risk. One must protect himself or herself from this risk. The solution is insurance. Broadly it is two types i.e. life insurance and non-life insurance (general insurance). In this paper we discuss about only general insurance. General insurance helps in securing ourselves and things we value like homes, cars, bikes or any other property from any kind of mishap whether it is big or small. General insurance protect insured property from fire accidents, floods, earthquakes, storms, thefts, travel accidents/mishaps or any other kind of calamity, even from the cost incurred against us from legal action depending upon the type of policy selected by the insurer. From the post liberalization scenario, general insurance in India is growing rapidly. The reasons behind its spectacular growth are allowing private companies to enter into Indian market, low insurance premium, TPAs (Third Party Administrators), Fast and immediate settlement of insurance claims, Innovative general insurance policies, discounts in insurance products, increasing awareness among people, more distribution channels etc. The other side of the coin is, public sector insurance companies are facing cut throat completion from private insurance companies as they offer wide variety of policies at a low premium. Due to this few general insurance companies are closed and few are forced to come out with same polices and services. Ultimately the performance of public sector general insurance companies also enhanced with the competitive moves by private players. On the other hand, customers are also exposed to new trends in the insurance market. Insurance Regulatory and Development Authority (IRDA) is the apex body in India to monitor the activities of insurance companies. It has laid down standard terms and conditions to general insurance companies and also given scope for personal accidental life insurance policies. IRDA has taken all the measures to improve the performance of general insurance companies as it is one of the fast growing areas in Indian economy. General insurance companies under public sector are facing lot of challenges from private players and to with stand in the completion, even they have improved a lot in their quality of service in multiple facets like decreasing the premium, quick settlement in claims etc. In a nut shell, general insurance business is contributing significantly to Gross Domestic Product (GDP).

Suicide Clause in Various Life Policies in India

IJOHMN ◽  
2017 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Mr. Afroz Khan
Keyword(s):  
Life Insurance ◽  
The Self ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Law And Policy ◽  
State Of Mind ◽  
Insured Person ◽  
Indian Law ◽  
Policy Holder

Life insurance policy is a contract between the policy holder (assured) and the insurer (insurance company), where the insurer promises to pay a designated beneficiary a sum of money (a “premium”) upon the death of the insured person. In return, the policy holder agrees to pay a stipulated amount (at regular intervals or in lump sums). In nutshell, life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Suicide means a wilful and intentional act on the part of the self-destroyer. It includes every act of self-destruction. Policies of life insurance contain conditions by which the liability of the insurer is modified and limited in case of suicide by the assured. Where there is such a clause in a policy, the insurer can avoid the policy. The position in England and in India is different on this issue. In England suicide is a crime and hence no money is payable if a person commits suicide while in a sane state of mind. On the other hand if the assured was insane at the time of committing suicide, the sum due can be recovered by his legal representatives. Under the Indian law, suicide in itself is not an offence, and as such a policy cannot be avoided on the ground of suicide, unless the policy otherwise provides. Suicide will, however, not affect the rights of assignee, if the policy holder had assigned the policy for valuable consideration. The burden of proving suicide is upon the insurers and where the cause of death is not known, the presumption is against suicide and the policy cannot be avoided. This same is followed in India. According to this approach, the claim would be barred on a contractual level because the assured cannot be the author of his own loss, and on a broader level, because the law will not allow him to benefit from his own criminal acts. This paper examines the development of law and policy in relation to claims on life insurance policy where the assured or insured has committed suicide after the commencement of the policy and the effect of suicide clause in life insurance contract. Is that the present practice of insurance companies to insert suicide clause in life policies, indirectly promotes commercial suicide in cases of intentional suicides.

scholarly journals A Comparative Study of Service Quality of Life Insurance Companies in IndiaA Comparative Study of Service Quality of Life Insurance Companies in India

2014 ◽  
Vol 9 (2) ◽  
pp. 1572-1584
Author(s):  
Neha Sharma ◽  
Santi SwarupKandikonda
Keyword(s):  
Quality Of Life ◽  
Service Quality ◽  
Comparative Study ◽  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Policy ◽  
Product Introduction ◽  
Insurance Sector ◽  
Regular Customer

The Indian Life Insurance sector has witnessed a major revamp in 1999 with the establishment of Insurance Regulatory and Development Authority (IRDA) and subsequent entry of Private sector players. These changes are affecting the way service is being delivered. Technology usage, new innovative product introduction and competition are seen as drivers of quality of service being provided to the customers.In this study using SERVQUAL model, we have examined the importance of service based on the 5 dimensions viz, Tangibles, Reliability, Responsiveness, Assurance and Empathy. Using 120 Life Insurance policy holders from 3 Life insurance companies in Agra the study identified that the gaps exist even after 15 years of privatization of this sector. The study indicated that a lot needs to be done for improving customer focus and services activity in the Life Insurance sector. Regular customer surveys with increased sample sizes across the country will enable the Insurance companies to fill the gaps

scholarly journals A STUDY ON THE AWARENESS, PREFERENCE AND SATISFACTION OF POLICY HOLDERS TOWARDS LIC WITH SPECIAL REFERENCE TO MALAPPURAM DISTRICT

2016 ◽  
Vol 4 (10) ◽  
pp. 82-90
Author(s):  
Jayapriya ◽  
P.S. Chandni
Keyword(s):  
Life Insurance ◽  
Chi Square ◽  
Insurance Sector ◽  
Modern Economy ◽  
Rural And Urban ◽  
The Family ◽  
Chi Square Test ◽  
Policy Holder ◽  
Children Education ◽  
Number Of Customers

Life insurance is actually an agreement between the insured and the insurer in which the policy holder accepts to pay regular premium to the insurer. In return, the insurer guarantees monetary protection to the insured in case of any accident or mishaps. If the insured dies in accident, financial help is provided to his family members. Thus, life insurance is necessary as it provides protection to not only for the insured but also to the family of insured in case of any unwanted disaster. A thriving insurance sector is very important to every modern economy. Firstly because it encourages the habit of saving, secondly because it provides safety to rural and urban enterprises and productive individuals. At present the number of customers investing in LIC is increasing rapidly due to various reasons. Some of them are investing to get tax advantage, while some others are for children education,children marriage, pension for future etc.The number of LIC agents are also increasing .They are providing adequate services to their customers. This study helps to find out the awareness level of customers towards various schemes of LIC and to measure the preference and satisfaction of policy holders towards LIC. The data required for the study are collected from 100 customers of LIC from Malappuram district through well designed questionnaire. Simple percentage and chi square test are used for analyzing the collected data.

THE INFLUENCE OF REINSURANCE RATE, LOAN INTEREST RATE AND BANK'S FEE BASED INCOME AGAINST THE PREMIUM RATE ON CREDIT LIFE INSURANCE (CASE STUDY: CREDIT LIFE INSURANCE’S POLICY HOLDER OF PT INDOSURYA LIFE IN 2018)

2021 ◽  
Vol 2 (5) ◽  
pp. 724-740
Author(s):  
Markonah Markonah
Keyword(s):  
Life Insurance ◽  
Hypothesis Test ◽  
Insurance Policy ◽  
Independent Variables ◽  
Premium Rate ◽  
Insurance Case ◽  
Premium Rates ◽  
Policy Holder ◽  
The Impact

This research has purposes to learn further about the impact of reinsurance rates, loan interest and fee-based income towards premium rates on credit life insurance. The unit of analysis was 50 credit life insurance policy holders at PT Indosurya Life throughout 2018. The independent variables that used in this research are reinsurance rates, loan interest and fee based income. While the dependent variable is premium rate on credit life insurance. The sample collected method was taken by saturated sampling. Researchers took the entire population as a sample where the number of samples used were 50 policy holders from credit life insurance which used premium rates and types of effective loan interest for 40 years of age with 5 years of insurance period. The analytical method used was multiple regression analysis and hypothesis test which is done by t-test. And according to the rdata analysis result, loan interest and fee-based income had a positive and significant affect towards credit life insurance's premium rates. Meanwhile, the reinsurance rate variable did not related to credit life insurance's premium rate. It is very recommended to PT Indosurya Life to increase the premium rate on its credit life insurance, so that will increase its Fee Based Income aswell.

scholarly journals The Determinants of Financial Performance in Life Insurance Sector in India

2017 ◽  
Vol 6 (10) ◽  
pp. 261-269
Author(s):  
Kalyani Mulchandani ◽  
CS Manish Sitlani ◽  
Ketan Mulchandani
Keyword(s):  
Financial Performance ◽  
Life Insurance ◽  
Quality Of Data ◽  
Return On Assets ◽  
Independent Variables ◽  
Insurance Sector ◽  
Policy Holder ◽  
Solvency Ratio ◽  
The Relationship

This paper attempts to examine the relationship between financial performance and their determinants in the case of Indian life insurance sector. This study is carried out using Correlation and Multiple Regression Analysis for 23 out of 24 companies for 10 years from 2009-10 to 2014-15. The financial performance is indicated by Return on Assets (ROA) and the independent variables chosen are commission, expenses, liquidity, size, solvency ratio, surplus (deficit)/policy holder’s liability, tangibility and underwriting risk. The quality of data was assessed using Autocorrelation, Heteroskedasticity, Multicollinearity. The results of the model indicated that commission, size and surplus (deficit)/policy holder' are significantly related to financial performance, commission is negatively related and size and surplus(deficit)/policy holder’s liability are positively related to financial performance whereas other factors expenses, liquidity, solvency ratio, tangibility and underwriting risk are not significant related to financial performance.

Assessing the Impact of Suicide Exclusion Periods on Life Insurance

Crisis ◽  
2010 ◽  
Vol 31 (4) ◽  
pp. 217-223 ◽  
Author(s):  
Paul Yip ◽  
David Pitt ◽  
Yan Wang ◽  
Xueyuan Wu ◽  
Ray Watson ◽  
...  
Keyword(s):  
Life Insurance ◽  
Accidental Death ◽  
Insurance Policy ◽  
Death Rates ◽  
Insurance Policies ◽  
Suicidal Death ◽  
Insured Individual ◽  
The Impact ◽  
Insurance Data ◽  
The Relationship

Background: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide. We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some “insurance-induced” suicides – a rationale for this conclusion is given.

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