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Classification of Insurance

Classification of insurance is a system of dividing the insurance industry, the types of varieties, forms and systems of insurance relations. The basis of this division is the differences in the objects of insurance, the categories of insurers, insurance cover and the form of insurance.
By way of insurance are distinguished:

The insurance industry is the highest link in the classification of insurance. Based on the objects of insurance there are three branches of insurance:

    1. Property;
    2. Personal;
    3. Liability insurance.

The next link classification – subsectors of insurance. The basis of division in the sub-sector non-life insurance is forms of property, personal property and categories of policyholders. 

Hence the sub-sectors of the property insurance are: 


In the personal insurance division into subsectors may be used depending on the amount of liability, long-term or short-term insurance.

Accordingly, private insurance is divided into three sub-sectors:

In liability insurance division into subsectors may be used depending on the amount of third party liability. Hence the sub-sectors of liability insurance are:

Assistance - a commercial organization that provides technical, medical and financial assistance to insured (insured persons, beneficiaries) and insurers as part of the contract with the insurer.

Reinsurance Brokers - legal and natural person carrying out activities for the organization and execution of the conclusion of the reinsurance contract on its own behalf and on behalf of the insurer, acting under the reinsurance agreement as an insurer.

Beneficiary - a person who is in the insurance contract is listed as the beneficiary of the insurance payment.

General policy - an insurance contract, the terms of which are insured under similar conditions, different batches of similar goods or sending / receiving homogeneous goods within a certain time.

Property insurance contract - a contract whereby the insurer undertakes for a premium upon the occurrence of specified in the contract of insurance cases to compensate the insured or the beneficiary caused due to the event of the insured property losses or damages in connection with other insured property interests of the insured (to pay insurance compensation) within certain sum insured.

Contract of personal insurance - the insurance contract, under which the insurer undertakes for a premium, to pay a lump sum or periodic stipulated by the contract sum insured in the event of injury or death of the insured named in the contract or the insured to achieve a certain age or the onset of his life otherwise provided by the contract of insurance cases.

Voluntary insurance - insurance, carried by consent of the parties.

Reinsurance contract - a contract under which the insurer accepted the risk is considered to be fully or partially insured with another insurer.

Insurance contract - a contract in which the insurer undertakes to attack under the contract of insurance cases to compensate the insured or a third party (the beneficiary) to whom the contract is concluded, caused due to damage of the event insured interest within a certain amount of the insurance contract and the insurer agrees to pay due contract premium.

Liability insurance contract - a contract in which the risk can be insured of the insured or any other person, to which such liability may be imposed by the obligations arising from injury to life, health or property of third parties.

Insurance agent - mediation relating to the conclusion of contracts of insurance and service for and on behalf of the insurer under the authority granted to him by the insurer.

The activities of the insurer - the activities of professional participants of the insurance market, related to the implementation of insurance.

Subsidiary - a legal entity with respect to which another entity has control.

Insured - the person who is insured by the insurance company of the loss.

Property insurance - insurance risk of total loss (death), shortage or damage of certain property.

Catastrophe - an incident resulting from natural or manmade disasters, resulting in the death of people or any other irreparable consequences in the history of an object.

Personal insurance - life insurance and health of individuals.

Endowment insurance - insurance that contains elements of saving and accumulation of funds and provides for the payment of insurance when the insured event, including the expiry of the insurance contract period or an event under the contract of insurance, depending on which one comes first in the certain period of time.

Reinsurance - the kind of reinsurance under which the reinsured (assignor) must pass, and the reinsurer to take all the risks of this type of insurance.

Compulsory insurance - insurance, carried out in view of the requirements of legislation.

General insurance - personal, property insurance, liability insurance and other types of insurance, non-life insurance industry.

Assessment of insurance risk - the inspection and evaluation of the insured property.

Assessment of damages - the inspection and assessment of damage to the property in order to establish its actual size.

The object of insurance - not contrary to law the property interest of the insured specified in the insurance contract.

Reinsurer (assignor) - the insurer (reinsurer) is transmitted to certain reinsurance contract terms of the insurance risk, its acceptance of the contract of insurance to another insurer (the reinsurer).

Reinsurance - work to protect one insurer (the reinsurer) property interests of another insurer (reinsurer) related to the adoption of the latter under the insurance contract (main contract) obligations to insurance payment.

Regulation of insurance - the insurance company document that defines the conditions of the insurance for a certain type of insurance.

Reinsurance Organization (reinsurer, concessionaire) - a legal entity carrying out activities for the conclusion and execution of contracts of reinsurance.

Insurance Policy - a document certifying the conclusion of the insurance contract and the entry into force of the obligations of the insurer the insurance claim under the terms of the insurance contract.

Claim unsettled - claimed loss arising in connection with the insured event, the insurer's liability for which has not yet exercised or not fully executed at the balance sheet date.

The transition to the insurer the right to compensation insurer (subrogation) - go to the insurer, claims, within the amount paid a claim, which the insured (or beneficiary) is the person responsible for the losses.

Loss adjustment expenses - the amount of cash allocated to pay for expert and consulting or other services related to the evaluation and reduction of the size of the damage (harm) caused to the property interests of the insured, the beneficiary or the insured.

Regression - the right of recourse.

The risk of civil liability - liability risk for the obligations arising from injury to life, health or property of other persons, and in the cases provided for by law, liability under the contracts.

The parent organization - the legal entity that has control over another entity.

Insurance - the relationship to protect the interests of individuals and legal entities, if certain insurance claims from cash funds generated by insurers of paid insurance premiums (contributions), and by other means insurers.

Insurance companies (Insurer) - a legal entity carrying out insurance activity on the basis of a license authorized body.

Insured - legal or natural person who has entered into an insurance contract with an insurance company (insurer).

Insurance indemnity - the amount of money paid by the insurer insured (beneficiary) within the sum insured when the insured event.

Insurance premium - a contractual fee that insured must pay the insurer in the manner and time stipulated in the contract of insurance.

Insurance premium, gross - insurance premiums accrued during the period, regardless of when it received on cash.

Unearned insurance premium - is part of accrued insurance premiums (contributions) under the agreement relating to the period of the contract, beyond the scope of the reporting period is designed to fulfill commitments to future benefits that may arise in the next reporting period;

The insurance value of the property - the real value of the property at its location on the date of the insurance contract.

The sum insured - the amount of money to the insured object insurance and which is the maximum amount of liability of the insurer when the insured event.

Insurance agent - a legal or natural person carrying out the activities of the organization into the insurance contract for and on behalf of the insurer.

Insurance broker - legal or natural person carrying out activities for the organization and execution of the conclusion of the insurance contract for and on behalf of the insurer.

Insured event - an event that upon the occurrence of which, under the law or contract of insurance the insurer is obliged to make an insurance payment.

Life insurance - a set of insurance, providing insurance payments in case of death of the insured or his survival to the end of the period of insurance or insurance contract certain age.

Insurance compensation - the amount paid by the insurer under the insurance contract to cover damage caused by an insured event ..

Insurance premiums - insurance premium, the insurer time to time by the insurer under the terms of the insurance contract.

Insurance Surveyor - legal or physical entity that provides services to:

 
  •     inspection and analysis of the object of insurance before the contract of insurance;
  •     analysis of all the facts and circumstances of risk, determine the degree of risk to the insurance contract;
  •     compilation of expert opinion on the object under investigation insurance.

Insurance value - the value of the insured property specified in the insurance contract entered into between the insured and the insurer.

Insurance risk - the alleged event, in case of occurrence of which is held insurance.

Insurance rate - the unit cost of insurance coverage.

The mystery of insurance - information on the size of the sum insured, the amount paid and the redemption premiums and other terms of the contract of insurance (reinsurance) related to the individual policyholder, the insured or the beneficiary.

Excess (Deductible) - release the insurer from the damages not exceeding a certain size.

Facultative reinsurance - the kind of reinsurance, in which reinsurance may transfer its acceptance of any insurance risk to the reinsurer, without any obligation on the transfer of a risk in reinsurance.

Reinsurance, in which whether or necessary reinsurance (reinsurance) review for each insured risk separately.
 
 
FREQUENTLY ASKED QUESTIONS
General questions
Question:
What is needed for a contract of insurance?

Answer:
For car insurance:
  • Technical Passport.
  • Certificate of registration.
  • Driving licenses: your and all those administrators.
  • Power of attorney to manage all those administrators.

Insurance for apartments and household goods in it:

  • Certificate of title or a contract of sale (or lease).
  • When insuring household goods from 3 groups (fur and leather products, jewelery, precious, semi-precious stones and metals, antiques, guns, clothing) - documents proving the right to insurable property (checks, receipts, and so n.).
For the insurance of buildings and household goods including:
  • Documentation of property interest in maintaining the structure of the insured (certificate of the right to property, the registration certificate, a certificate of the land sale contract, garden book, and so on).
  • If possible, the documents describing the design (drawings, diagrams, product data, photos, etc.) and the cost of acquisition or construction of the property.
  • When insuring the buildings, the cost of which:
    • Does not exceed the equivalent of U.S. $ 50,000 is required to provide photographs of the object of insurance;
    • Exceed the equivalent of U.S. $ 50,000, in addition to documents for insurance and photographs required to provide drawings (schemes) and product data structure.
In other cases, the passport is usually enough, but it is, of course, does not apply to such complex types of insurance, as cargo insurance, endowment insurance, etc., in which the volume of available documents varies depending on the program and many other factors. Better contact directly with the agent and he will explain to you in detail what documents are necessary.
 
Question:
Can your company staff to come to my home or office?

Answer:
Yes, it can. Complete the form, call the specialist and we will send to you a specialist who can best choose for you insurance programs.

 
Motor Insurance
Question:
What determines the cost of motor insurance?

Answer:
The insurance premium depends on the characteristics of vehicle, year, length of driving habits, conditions, and features of its operation, the period of insurance, the insurance risk, tariff rates, the size of excess, insurance terms, the number of vehicles and other factors

Question:
What losses are covered without document of Traffic police?

Answer:
According to the regulations for Motor Insurance of Jubilee Kyrgyzstan Insurance Company:
The insurer has the right to pay the insurance compensation without giving the insured (beneficiary, insured) information from public authorities in case of damage to one bodywork (including bumper) or glass element. The insurer will not reimburse you for the elimination of the detected hidden damage.

Question:
I run a vehicle by a power of attorney. How can I insure?

Answer:
For the contract for the risk of "civil liability" You may have a power of attorney from the owner the right to control vehicle in writing.
Insured Risk "Comprehensive Motor Insurance", "Damages additional equipment" can be:
    1. The owner of the vehicle.
    2. A person who owns, uses and disposes of vehicles on the basis of a civil contract (lease agreement, lease, free use, etc.) with the owner of the car.
    3. A person who owns, uses and disposes of vehicles on the basis of a notarized power of attorney (power of attorney) from the owner of the vehicle (1, 2, 3 insurance options).
    4. Person holding a power of attorney from the owner the right to control the vehicle, in writing (only if the beneficiary designation under the insurance owner vehicle, 2 insurance option).
In the insurance contract with the person who owns, uses and disposes of vehicles on the basis of a notarized power of attorney (Power of Attorney) or have authorization from the owner of the right of control in writing, there are several variants of an insurance contract:
    The best option:
    1. The insured and the beneficiary of the insurance contract serves the owner of the vehicle. Person who has the general power of attorney from the owner, conclude and sign a contract of insurance on behalf of and in the interests of the owner. In this case, at the signing of the insurance contract in the "Signature of the insured" must make a note that the person signing the contract, acting on behalf of the owner on the basis of power of attorney (with details - the number and date of issue).
    2. Insured - a person who has power of attorney or general power of attorney in writing, contracts for insurance on their behalf. Beneficiary - the owner of the vehicle. Insurance compensation received or vehicle owner, or the person who has the general power of attorney, receives insurance compensation on behalf of the owner on the basis of general power of attorney.
    3. Insured - the owner of the vehicle, which conclude and sign a contract of insurance on their behalf. Beneficiary - the person who owns, uses and disposes of vehicles on the basis of a notarized power of attorney (Power of Attorney). In this case, the person who has the general power of attorney, receives insurance money on his behalf, because a beneficiary of the insurance contract.

Attention! The insurance contract may not be concluded on behalf of the owner and signed by a person with general power of attorney, with the simultaneous appointment of a beneficiary of a person having general power of attorney, as the law prohibits a person who has the general power of attorney to trade on behalf of the owner with respect to myself.

Question:
Does your company limited by produced year while taking car insurance?

Answer:
No, there is no such restrictions. Jubilee Kyrgyzstan Insurance Company accepts insurance risks fully comprehensive insurance ("Fire + Theft + Physical Damages") vehicles produced in CIS countries over 8 years and foreign production over 12 full years of operation subject to 10% additional premium.

Question:
I am your customer for the second year under the contract of auto insurance. Do you have a special sticker on the window of the car with the word "insured" like labels of the Insurance Company "XXX." If there is, given a discount on the cost of insurance service when placing stickers on glass of the car? Thanks in advance.

Answer:
Yes, these labels are. You can get a sticker with your agent or divested in our central office, located in Bishkek city, 44/1 Zhukeeva-Pudovkina str., 3-floor. Discount when placing stickers on the glass of your car is not available