Change the insurance company profitable after two years of service in it. Terminated the contract with your insurer of life, the client must be prepared for the fact that the company will pay him less than he gave her.
The fact that the early termination of the contract the insurance company pays the client a so-called redemption amount. The size of it will always be less than the funds already made by the client. "The redemption amount is calculated mathematically on the date of termination of the contract of insurance, depending on the period during which the contract and acted in accordance with methodology approved by the State Commission for Regulation of Financial Markets" - explains the actuary department of insurance premiums accounting and actuarial insurance company "Blakitny polіs" Vladislav Makhlai.
On the redemption amount and term of the agreement affects the amount of payments already made. "The size of the redemption amount depends on the period for which the contract is concluded, the duration of its action, in fact, made payments and the sum insured," - says Cards. It also determines the amount of the redemption policy of each individual insurance company. For example, in "Grave Ukraine" surrender value is 95% of what the client has made. And the insurance company "Jupiter", one of the programs of insurance "for the 2nd year actually paid out 50% of the accumulated amount, and then paid 95% in fact, the accumulated amount." The official explanation for this behavior of insurers - that the money the company spent on the teller customer service and payment of taxes on its premiums. A similar practice exists in the banks - if the client wants to withdraw the money early, he will get not 10%, for example, annual, and only 2% or 1.5%.
Two years without the right care
In most companies during the first two years of the contract, the customer is not entitled to the redemption amount (the standard term life insurance contract - 10 years). "According to the rules of our life insurance company, the redemption amount is payable only after two full years of the contract of insurance" - warns Makhlai. A similar term redemption offer to its customers in the companies' Grave Ukraine "and" Oranta-Life. " "In" Grave Ukraine "redemption value already appears in the second year of the term of the policy. And many companies pay the purchase price only after three years ", - says member of the board of the insurance company" Grave Ukraine "Roman Denise. "Until the end of the second year of insurance surrender value is equal to zero" - agrees with him head of underwriting and customer service insurance company "Oranta-Life» Victoria Maps. Also, the redemption amount differs depending on the coating, which is included in a particular insurance policy. "According to the insurance program, which places emphasis on the accumulation, the redemption amount will be higher than under the program, which focuses on the risk part", - says Cards.
For what may be expelled from the customer
The initiator may be a cancellation of the contract and the insurer and the policyholder. Moreover, if the initiator supports the policyholder, he can not explain the reasons for termination. But the reasons for termination of contract by the insurance company must always be grounded. In accordance with Art. 28 of the Law of Ukraine "On Insurance" Insurance Company has the right to terminate the insurance contract unilaterally without the consent of the insured. That is, if the customer complies with all terms of the contract, the insurer can not be out of nowhere to break the contract, otherwise it will end litigation. "In order to terminate the contract required a special reason, such as gross violations of the insured," - says the representative of the Grazer Wechselseitige Versicherung AG in Ukraine, a member of the insurance company life «Grave Ukraine" Roman Denise.
First of all, such grave breaches include the provision of false or incomplete information in the contract. However, the client can "lie" of ignorance, and insurance companies, as a rule, pre-check the weight of lies client. "The insurance company has initiated termination in the case where the client provides deliberately incomplete or false information, which are significant in assessing the risk," - says the head of underwriting and customer service insurance company "Oranta-Life» Victoria Maps.
A significant reason for the termination of the contract is a failure to pay the next premium. But in this case the insurer will not immediately break off relations with the client, and offer a few options out of the situation, including the revision of the contract and changing the size and frequency of payments.
According to Mahli Vladislav, "the grounds for early termination of long-term contract of insurance is the liquidation of the insurer in accordance with the legislation of Ukraine, and the adoption of the judgment of the insurance contract null and void."
Ironically, the reason for termination of the contract may be ... an insurance payout. "Pay the client compensation for disability, the Company may terminate this relationship further by the client, if it considers that a customer in his own new as an unacceptable risk", - said Denis.
The fact that the early termination of the contract the insurance company pays the client a so-called redemption amount. The size of it will always be less than the funds already made by the client. "The redemption amount is calculated mathematically on the date of termination of the contract of insurance, depending on the period during which the contract and acted in accordance with methodology approved by the State Commission for Regulation of Financial Markets" - explains the actuary department of insurance premiums accounting and actuarial insurance company "Blakitny polіs" Vladislav Makhlai.
On the redemption amount and term of the agreement affects the amount of payments already made. "The size of the redemption amount depends on the period for which the contract is concluded, the duration of its action, in fact, made payments and the sum insured," - says Cards. It also determines the amount of the redemption policy of each individual insurance company. For example, in "Grave Ukraine" surrender value is 95% of what the client has made. And the insurance company "Jupiter", one of the programs of insurance "for the 2nd year actually paid out 50% of the accumulated amount, and then paid 95% in fact, the accumulated amount." The official explanation for this behavior of insurers - that the money the company spent on the teller customer service and payment of taxes on its premiums. A similar practice exists in the banks - if the client wants to withdraw the money early, he will get not 10%, for example, annual, and only 2% or 1.5%.
Two years without the right care
In most companies during the first two years of the contract, the customer is not entitled to the redemption amount (the standard term life insurance contract - 10 years). "According to the rules of our life insurance company, the redemption amount is payable only after two full years of the contract of insurance" - warns Makhlai. A similar term redemption offer to its customers in the companies' Grave Ukraine "and" Oranta-Life. " "In" Grave Ukraine "redemption value already appears in the second year of the term of the policy. And many companies pay the purchase price only after three years ", - says member of the board of the insurance company" Grave Ukraine "Roman Denise. "Until the end of the second year of insurance surrender value is equal to zero" - agrees with him head of underwriting and customer service insurance company "Oranta-Life» Victoria Maps. Also, the redemption amount differs depending on the coating, which is included in a particular insurance policy. "According to the insurance program, which places emphasis on the accumulation, the redemption amount will be higher than under the program, which focuses on the risk part", - says Cards.
For what may be expelled from the customer
The initiator may be a cancellation of the contract and the insurer and the policyholder. Moreover, if the initiator supports the policyholder, he can not explain the reasons for termination. But the reasons for termination of contract by the insurance company must always be grounded. In accordance with Art. 28 of the Law of Ukraine "On Insurance" Insurance Company has the right to terminate the insurance contract unilaterally without the consent of the insured. That is, if the customer complies with all terms of the contract, the insurer can not be out of nowhere to break the contract, otherwise it will end litigation. "In order to terminate the contract required a special reason, such as gross violations of the insured," - says the representative of the Grazer Wechselseitige Versicherung AG in Ukraine, a member of the insurance company life «Grave Ukraine" Roman Denise.
First of all, such grave breaches include the provision of false or incomplete information in the contract. However, the client can "lie" of ignorance, and insurance companies, as a rule, pre-check the weight of lies client. "The insurance company has initiated termination in the case where the client provides deliberately incomplete or false information, which are significant in assessing the risk," - says the head of underwriting and customer service insurance company "Oranta-Life» Victoria Maps.
A significant reason for the termination of the contract is a failure to pay the next premium. But in this case the insurer will not immediately break off relations with the client, and offer a few options out of the situation, including the revision of the contract and changing the size and frequency of payments.
According to Mahli Vladislav, "the grounds for early termination of long-term contract of insurance is the liquidation of the insurer in accordance with the legislation of Ukraine, and the adoption of the judgment of the insurance contract null and void."
Ironically, the reason for termination of the contract may be ... an insurance payout. "Pay the client compensation for disability, the Company may terminate this relationship further by the client, if it considers that a customer in his own new as an unacceptable risk", - said Denis.
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