Sum insurance

from Wikipedia, the free encyclopedia

Sum insurance is the name given to insurances where a fixed sum insured has been agreed, e.g. B. with a disability insurance or term life insurance .

General

The sum insured can be freely agreed between the policyholder and the insurer . In the event of an insured event, the insurer undertakes to provide exactly the agreed service for sum insurances . In this respect, the sum insurance differs from the damage insurance , in which the insurer undertakes to compensate for the damage incurred.

economic aspects

In terms of insurance, a distinction is made between current value and new value . Originally, the basis for non-life insurance was only the current value and formed the sum insured. Currently, property insurance is mostly based on the new value (new building value for buildings , otherwise replacement costs at new value). However, it is still customary to agree with a new value insurance that the current value of an insured item represents a minimum value of the new value, often 40%, so that there is actually a replacement value replacement in the event of damage . Often there is also the waiver of the objection of the current value in connection with the fact that the thing is constantly being maintained and is in use. However, this is usually only in the commercial insurance to for commercial and technical facility. The restriction of the new value agreement to z. B. 40% current value is related to the prohibition of enrichment .

Other forms of sum insurance are defined as "at first risk" (often for cash, jewelry and ancillary costs - e.g. fire extinguishing costs) and also for "arbitrary" sum limits such as in accident insurance or life insurance , as well as in liability insurance , where there is no real value is. Here the sum determination lies in the subjective assessment of the policyholder.

Literature / web links