Coverage (insurance)
In insurance, coverage is the assumption of insurance cover by the insurer .
General
Through the insurance contract , the policyholder transfers a certain risk to the insurer in the form of risk transfer . This process is called coverage or coverage. If damage occurs, this is covered by the insurance cover and the policyholder does not have to pay it himself from his own assets . This is why the term insurance is defined as "covering an individually uncertain , overall estimated need for funds on the basis of compensation in the collective and in time".
Legal issues
The insurance coverage is determined by the insurance policy and the General Insurance Conditions (AVB). The cover letter is a promise by the insurer that grants the policyholder or the insured person provisional cover before concluding an insurance contract and before paying the initial premium . It is a preliminary contract that results from Section 49 (1) VVG and is not binding on the policyholder. This provisional cover can be transferred to a main contract (insurance contract) and then becomes part of this contract ( Section 52 (1) VVG). If the policyholder does not conclude a main contract, he must subsequently pay a premium for the preliminary contract in accordance with Section 50 VVG .
species
Either every impairment is covered regardless of the cause (“universality of dangers”, “all risks coverage”) or only the consequences of individually listed causes or damage situations are covered (“specialty of dangers”, “named perils coverage "). The "All Risks-Cover" ( German "all Risks" ) is increasing and offers companies integrated (holistic) covers for property insurance , business interruption and liability insurance or for private persons natural hazards in the residential building or household contents insurance . "Named Perils" ( German "notified Hazards" ,) means, in relation to an insurance coverage that the risks insured individually in the insurance policy or are mentioned in the AVB and defined.
Coverage issues
The coverage is part of the word for many actuarial compound words:
- The premium reserve is a technical provision to ensure the constant ability to fulfill obligations arising from insurance contracts.
- In life insurance, coverage capital is the difference between the expected cash value of future insurance benefits and the expected cash value of future insurance premiums. In the event of early termination, the surrender value roughly corresponds to the reserve capital.
- In the event of a reported damage, the insurer uses the coverage check to determine whether there is insurance coverage.
- The sum insured in liability insurance corresponds to the sum insured for other types of insurance .
- Under Hermes guarantees it is colloquially an export credit agency of the Federal Republic of Germany in favor of German exporters and banks by the Euler Hermes SA .
Cover procedure
The cover procedure is:
- The funded procedure in personal insurance determines the capital value from insured events that have already occurred .
- Entitlement coverage method : According to actuarial principles, the necessary amount of the reserve capital is calculated in life insurance , taking into account the probability of death ( mortality table ) and the expected return on capital on the capital market .
- The pay-as-you-go system is mainly used in the statutory pension scheme and is based on the generation contract , in which the younger generation finances the current pensions of the older generation with their contributions to the statutory pension scheme .
The difference between the two capital cover and the pay-as-you-go system is the interest-bearing accumulation of an actuarial reserve in the case of the funded system, while insurance premiums received in the pay-as-you-go system are used directly for cover.
See also
Individual evidence
- ↑ Michael Radtke, Fundamentals of the calculation of insurance products in property and casualty insurance , 2008, p. 3
- ↑ Fred Wagner (ed.), Gabler Versicherungslexikon , 2011, p. 710
- ↑ Ute Arentzen / Eggert Winter, Gabler Wirtschafts-Lexikon , 1997, p. 863
- ^ Erwin Deutsch, Das neue Versicherungsvertragsrecht , 2008, p. 157
- ↑ Fred Wagner (ed.), Gabler Versicherungslexikon , 2011, p. 710
- ↑ Dieter Farny, Versicherungsbetriebslehre , 2006, p. 390
- ^ Freiherr Frank von Fürstenwerth / Alfons Weiß, VersicherungsAlphabet (VA) , 2001, p. 156
- ↑ Fred Wagner (ed.), Gabler Versicherungslexikon , 2017, p. 212
- ^ Jörg Freiherr Frank von Fürstenwerth / Alfons Weiß, VersicherungsAlphabet (VA) , 2001, p. 155
- ^ Jörg Freiherr Frank von Fürstenwerth / Alfons Weiß, VersicherungsAlphabet (VA) , 2001, p. 157
- ^ Johann-Matthias Graf von der Schulenburg / Ute Lohse, Insurance Economics , 2014, p. 336
- ^ Johann-Matthias Graf von der Schulenburg / Ute Lohse, Insurance Economics , 2014, p. 336
