scholarly journals Legal Consequences of Late Payments in Payment of the Insurance Premium // Pravne posljedice docnje u plaćanju premije osiguranja

2018 ◽  
Vol 8 (8) ◽  
pp. 102
Author(s):  
Slobodan Stanišić
Keyword(s):  
Life Insurance ◽  
Insurance Coverage ◽  
Insurance Premium ◽  
Insurance Contract ◽  
Insured Person ◽  
Legal Consequences

The paper discusses the legal consequences that may occur when the insured person late or do not fulfill the obligation to pay premiums. Failure to pay premiums on time and in the manner as provided by the insurance contract or by law, affect the beginning of life insurance coverage, and thus the existence of insurers liability to indemnify or pay the insured sum at the occurrence of an event that is insured case.

scholarly journals PERHITUNGAN PREMI ASURANSI JOINT LIFE DENGAN MODEL VASICEK DAN CIR

2019 ◽  
Vol 8 (3) ◽  
pp. 246
Author(s):  
I MADE WAHYU WIGUNA ◽  
KETUT JAYANEGARA ◽  
I NYOMAN WIDANA
Keyword(s):  
Stochastic Process ◽  
Interest Rates ◽  
Life Insurance ◽  
Insurance Premium ◽  
Insurance Contract ◽  
Insurance Company ◽  
Vasicek Model ◽  
Cir Model ◽  
Premium Payment ◽  
Premium Price

Premium is a sum of money that must be paid by insurance participants to insurance company, based on  insurance contract. Premium payment are affected by interest rates. The interest rates change according to stochastic process. The purpose of this work is to calculate the price of joint life insurance premiums with Vasicek and CIR models. The price of a joint life insurance premium with Vasicek and CIR models, at the age of the insured 35 and 30 years has increased until the last year of the contract. The price of a joint life insurance premium with Vasicek model is more expensive than the premium price using CIR model.

OSIGURANjE ŽIVOTA U KORIST TREĆIH LICA

2021 ◽  
pp. 535-551
Author(s):  
Zoran Miladinović ◽  
Keyword(s):  
Life Insurance ◽  
Legal Status ◽  
Insurance Contract ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Law ◽  
Legal Provisions ◽  
Insured Person ◽  
Insured Event

Insurance of life in favor of third parties is more important than the insurance of life in case of death. Moreover, in some rights this type of insurance can be contracted only in the event of the death of the insured person. There are no such restrictions in our insurance law, which means that the same can be agreed in case the isured person reaches a certain age. With this type of insurance, the insured event can be realized on the person of the insurance policyholders or on some other person. The insured person can therefore be the insurance contractor himself and it can also be another person. Considering that in this type of insurance, upon the occurrence of the insured event, the payment of the insured amount is always made to a certain third party beneficiary and that the insurance contract mentions several persons with different legal status, the insurance contract must clearly define the issues such as clear determination of the beneficiary insurance, what happens if the insurance beneficiary dies before the insured person, or the contractor assures, whether it is necessary for the insurance beneficiary to give his consent to be paid compensation, whether and until when the insurance policyholder can revoke the benefit he has contracted for a third party-beneficiary of the insured, etc. All these issues are mainly regulated by legal provisions, but of particular importance are General Conditions of life insurance of life insurance companies, as the above issues are clearly defined on the basis of experiences that have proven to be open in practice.

OSIGURANjE ŽIVOTA

2021 ◽  
pp. 19-39
Author(s):  
Zoran Miladinović ◽  
Keyword(s):  
Life Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Insurance Companies ◽  
Eu Countries ◽  
Insured Person ◽  
Traditional Function ◽  
The Law ◽  
The Republic ◽  
Developed World

Life insurance is the field of insurance which covers all those types of insurance where the occurrence of the insured accident is connected to a certain event in the life of the insured person. There are two basic types of life insurance: life insurance in case of death of the insured person and annuity insurance in case the insured person lives longer, t.i beyond the insured life term. Life insurance is the insurance where the insurer for a certain insurance premium assumes the obligation to pay to the insured person or the other beneficiary designated by the insured person a certain sum of money in case of his death or annuity installments in case he lives longer then the agreed life term. Although originally, life insurance was forbidden and was considered to be an unethical legal activity, today life insurance is accepted in legislations and in practice worldwide and it has been proven as a very beneficial and justified institute. This type of service is offered by insurance companies with an investment aspect which allows life insurance to keep its traditional function (protection from various risks – death, disability, life longer than the agreed insurance term), but also to have a wider, macroeconomic function in the form of savings and investment. This service has not been widely accepted in the Republic of Serbia although it is regulated by both the Law on insurance and the Law of contract and torts. In the 1990s it almost ceased to exist, while nowadays it started to revive, but with far less cases than in EU countries and other countries of developed world.

scholarly journals PERLINDUNGAN HUKUM TERHADAP AHLI WARIS ATAS UANG PERTANGGUNGAN ASURANSI JIWA (Studi Kasus Putusan Pengadilan Negeri Lubuk Pakam Nomor : 10/Pdt.G/2015/PN Lbp)

2021 ◽  
Vol 29 (2) ◽  
pp. 44
Author(s):  
Alusianto Hamonangan ◽  
Ria Sintha Devi ◽  
Melky Saro Bulyan Zebua
Keyword(s):  
Life Insurance ◽  
Insurance Coverage ◽  
Legal Protection ◽  
Court Decision ◽  
District Court ◽  
Legal Certainty ◽  
Insurance Policy ◽  
The Status ◽  
Insured Person ◽  
The Right

Life insurance is an insurance, whereby an insurer binds himself to an insured person, by receiving a premium, to provide reimbursement due to a death event. Study and analyze the heirs whose names do not recommend as beneficiaries in a life insurance policy to which the heirs have responded as heirs. Indication of wishes to the insured party's wishes submitted in the SPAJ and agreed upon in an agreement document called an Insurance Policy. In this study raised the title Legal Protection Against Inheritance Who Is Not Designated in Life Insurance Policy (Study District Court Decision Number: 10 / Pdt.G / 2015 / PN Lbp). The formulation of the problem in this research, first how are the beneficiaries in life insurance after the insured dies (District Court Decision Number: 10 / Pdt.G / 2015 / PN Lbp)? Second, how are the legal efforts of the heirs appointed to get the right to money? life insurance coverage as inheritance (District Court Decision Number: 10 / Pdt.G / 2015 / PN Lbp)?, three, how is the legal protection in the decision that decides the inheritance rights to life insurance coverage money (District Court Decision Number: 10 / Pdt.G / 2015 / PN Lbp)?. This type of research is a normative legal approach method, the nature of this research is descriptive in accordance with the problem and research objectives.The results of the study investigated the consideration that the judge's consideration in making the decision number: 10 / Pdt.G / 2015.PN Lbp, based on several considerations, the judge examined arguments, letters, certificates and decided that the sum insured was an inheritance that the panel of judges ordered and passed guided by arguments, evidence and evidence submitted in the trial. The judge's decision obtains a stipulation regarding the legal heir for the party who wins the case, obtains legal certainty regarding the status of inheritance ownership in the form of compensation from life insurance. As a recipient of life insurance funds, they have an administration because the heirs are actually the heirs regulated in the Civil Code and determined by a judge's decision. The judge's decision obtains a stipulation regarding the legal heir for the winning party in the case, obtains legal certainty regarding the status of inheritance ownership in the form of compensation from life insurance to the legal heir.

scholarly journals LEGAL CONSEQUENCES OF VIOLATION OF THE VOLUNTARY HEALTH INSURANCE CONTRACT UNDER UKRAINIAN LAW

2021 ◽  
pp. 44-53
Author(s):  
D. E. Korzh ◽  
A. L. Svyatoshnyuk
Keyword(s):  
Health Insurance ◽  
Medical Insurance ◽  
Insurance Contract ◽  
Voluntary Health Insurance ◽  
Force Majeure ◽  
Insured Person ◽  
Insurance Case ◽  
Attending Physician ◽  
Legal Consequences ◽  
Insured Event

The article is devoted to the study of the peculiarities of the legal consequences of violation of the contract of voluntary medical insurance under the legislation of Ukraine. Special attention is paid to the legal consequences of violation of the contract of voluntary medical insurance, such as: unilateral refusal of the contract, modification of the contract, payment of a penalty. The legal positions of the jurisprudence on the issues under consideration are given. The study of the legal consequences of breaching the health insurance contract is important in connection with the following. Such an appropriate form of mutual expression of the will of two or more persons is of scientific interest in view, firstly, of the increase in the share of the said contract in the structure of insurance and, secondly, of the direction of development of state policy in modern conditions in the field of health care. In the article there are specified the features of the medical insurance contract. There are also specified its peculiarities. Examining the legal consequence of a violation of a voluntary health insurance contract, such as a unilateral refusal, it was established that the Civil Code of Ukraine grants certain freedom to the parties in the event of termination of the contract. However, the legislation establishes certain restrictions in case of unilateral refusal of the insurer from the personal insurance contract. Cases of the insured's refusal to make insurance compensation are summarized in the category: those caused by the intentional behavior of the insured person (submission of false information about the fact of the occurrence of the insured event, as well as intentional actions of the insured person (insured person) aimed at the occurrence of an insured event, noncompliance with the prescriptions of the attending physician, which led to a complication of the disease)as well as those whose reasons do not depend on the insured's will (insured person) (receiving services that exceed the insured amount, suffering injuries or illnesses due to force majeure or receiving medical services that are not included in the insurance program). Having considered the judicial practice in cases of unilateral refusal of the contract, it was established that in case of violation of the contract of voluntary medical insurance, it is common for the insured to inattentive study the circumstances in which the insurer is obliged to make certain payments, as well as a false belief that they are not covered by the insurance case.

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.

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.

scholarly journals The IFRS 17 contractual service margin: a life insurance perspective

2021 ◽  
Vol 26 ◽  
Author(s):  
W. Yousuf ◽  
J. Stansfield ◽  
K. Malde ◽  
N. Mirin ◽  
R. Walton ◽  
...  
Keyword(s):  
Life Insurance ◽  
Market Value ◽  
Financial Statements ◽  
Insurance Contract ◽  
Accounting Standard ◽  
Insurance Contracts ◽  
Ifrs 4 ◽  
Insurance Perspective ◽  
To Come

Abstract IFRS 17 Insurance Contracts is a new accounting standard currently expected to come into force on 1 January 2023. It supersedes IFRS 4 Insurance Contracts. IFRS 17 establishes key principles that entities must apply in all aspects of the accounting of insurance contracts. In doing so, the Standard aims to increase the usefulness, comparability, transparency and quality of financial statements. A fundamental concept introduced by IFRS 17 is the contractual service margin (CSM). This represents the unearned profit that an entity expects to earn as it provides services. However, as a principles-based standard, IFRS 17 results in entities having to apply significant judgement when determining the inputs, assumptions and techniques it uses to determine the CSM at each reporting period. In general, the Standard resolves broad categories of mismatches which arise under IFRS 4. Notable examples include mismatches between assets recorded at current market value and liabilities calculated using fixed discount rates as well as inconsistencies in the timing of profit recognition over the duration of an insurance contract. However, there are requirements of IFRS 17 that may create economic or accounting mismatches of its own. For example, new mismatches could arise between the measurement of underlying contracts and the corresponding reinsurance held. Additionally, mismatches can still arise between the measurement of liabilities and the assets that support the liabilities. This paper explores the technical, operational and commercial issues that arise across these and other areas focusing on the CSM. As a standard that is still very much in its infancy, and for which wider consensus on topics is yet to be achieved, this paper aims to provide readers with a deeper understanding of the issues and opportunities that accompany it.

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