Types of insurance in the Russian Federation
Translation of the article: Types of Insurance
In the Law of the Russian Federation have been foreseen such kinds of insurance: property, personal and liability insurance. It is also can be identified separately reinsurance.
The contract of property insurance specifies the obligations of the insurer to compensate the insured person damage caused to the insured property, when will occur insured event. Payment of compensationin its turn limited to the amount specified in the contract. As a rule, a contract of property insurance signs in respect of corporate or personal property. Thus, the object of insurance can be: vehicles (land, water, air), goods, real estate, other property. There are a lot of insurance products in this type of insurance. You can insure the financial risks that relate to the loss of income through the stop in production due to occurrence of insured event. Property insurance can help you in case of contractors bankruptcy or in case of non-compliance of their obligations, and in some other cases.
Existing types of insurance in Russia, also provide private insurance. Since the insurer agrees to pay the amount specified in the contract upon the occurrence of the insured event, which will damage the health of the insured person or to his death. Payment of insurance can be a one-time or periodic. Agreement on personal insurance includes the obligation of insurer to pay the insurance premium to insured person due to the contract. Personal insurance includes the following subspecies of insurance: life insurance, accident insurance, pension, medical insurance, etc. So in all personal insurance is tied to a single object and a number of insurance risks, which are provided in each individual insurance product.
This insurance is considering the object of insurance liability to third parties (companies or individuals) who may be harmed by the actions or omissions of the insured person. Liability insurance contract transfers the responsibility for damage to the insurance company, which in turn must pay the sum that the insured person will have to pay to third parties as compensation for the damage. This insurance protects the insured property and protects it from liability for possible damage to property and health of legal entities and citizens.
In Russia, among all types of insurance - reinsurance distinguished separately. This type of insurance is some kind of a system of financial relations, which provides the transfer of responsibility for financial risk from one insurer to another. Reinsurance can hold either the insurer or specialized insurance company. The system reduces the risk of reinsurance on the international and domestic insurance markets, and allows even small insurers to carry out major insurance risks.
The Russian Federation has used such types of insurance, which provides contract in the two forms: compulsory and voluntary insurance. 1st type of insurance is at the request of the parties, and the second - in the force of law.