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Let us talk about some general concepts of life insurance in this article:
Life insurance is a kind of personal insurance which provides a duty of the insurer to carry out insurance payment according with the contract of insurance in case of death of the insured person and also if it is provided by the life insurance contract, in a case if the insured person lives till the termination of period of validity of the contract of life insurance and (or) achievements by the insured person of the age defined by the contract.
Life insurance treaty provisions can provide also a duty of the insurer to carry out insurance payment in case of accident which has occurred to the insured person and (or) illnesses of the insured person.
In case of approaching of insured event regular consecutive lifelong insurance payments (insurance of lifelong pension) are provided, the prediction in the contract of insurance of risk of death of the insured person throughout the period between the beginning of a validity of insurance and the first insurance payment from among lifelong insurance payments is obligatory. In other cases the prediction of risk of death of the insured person is obligatory throughout all period of validity of the contract of life insurance.
Insurance payments under the life insurance contract are carried out at a rate of the insurance sum (its part) and (or) in the form of regular, consecutive payments caused in the contract of insurance of the sums. The size of the insurance sum and (or) the sizes of insurance payments are defined under the arrangement between the insurer and the insured person during the conclusion of the contract of life insurance or at modification of the insurance contract.
The insurance sum can be established on private insured event, group of insured events or on life insurance contracts in the whole. The insurance sum is not established for insured event after the approaching of which are carried out the regular, consecutive insurance payments. Established in the contract of life insurance the size of the investment income should not exceed four annual interest rates.
The life insurance contract necessarily provides increase in the size of the insurance sum and (or) the size of insurance payments for the sums (bonuses) which are defined by the insurer once a year by results of the received investment income and obligatory deduction in mathematical reserves of a part of the investment income.
The life insurance contract the increase in the size of the insurance sum and (or) the size of insurance payments for the sums (bonuses) which are defined by the insurer once for a year from other financial results of its activity (participation in profits of the insured person) also can be provided.
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