What is insurance? The most basic terminology in insurance you should know

Insurance has long been associated with human life, but understanding what insurance is and the concepts surrounding insurance is not well understood.

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Insurance is an activity whereby an individual is entitled to insurance benefits through a contribution to himself or herself to a third person in the event of a risk. This allowance is paid by an organization, which is responsible for all risks and compensation for damages according to the methods of statistics.

Compulsory insurance is a type of insurance prescribed by law on insurance conditions, premium rates, minimum insurance sums which organizations and individuals participating in insurance and insurance enterprises are obliged to make. .

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Voluntary insurance is a type of insurance whereby participants are entitled to choose an insurance company, insurance products, premium rates and insurance benefits.

Compulsory insurance covers: Insurance of motor vehicle owners, insurance of air carriers for passengers; Professional liability insurance for legal consultancy activities; Professional liability insurance of insurance brokerage enterprises; Fire insurance; Compulsory medical insurance; Compulsory social insurance, the rest are voluntary insurance products.

In addition, there are many other types of insurance on the market such as the type of commerce and the State, the subject of insurance is people and property or civil liability ...

Insurance products are either developed or sold through insurance enterprises or government agencies. For example, life insurance companies deploy life insurance products, non-life insurance companies deploy health insurance, auto insurance, home insurance, travel insurance products. ..., the Social Insurance Agency organizes the implementation of regimes and policies of social insurance, unemployment insurance, health insurance ...

The most basic terminology in insurance you should know

Social insurance is an agency attached to the Government, functioning to implement social insurance policies and regimes, health insurance and manage the social insurance fund in accordance with law.

Health insurance fund means a financial fund formed from the source of payment of health insurance premiums and other lawful revenue sources, which is used to pay medical examination and treatment expenses for participants of health insurance and expenses. apparatus management fee of the health insurance organization and other lawful expenses related to health insurance.

Social insurance fund is a financial fund independent of the state budget, formed from contributions of employees and employers and with the support of the State.

The period of paying social insurance premiums is the time from the time employees start paying social insurance premiums until they stop paying. In case an employee pays social insurance premiums intermittently, the period of paying social insurance premiums is the total time of paying social insurance premiums.

Insurance enterprise is an enterprise established, organized and operating under the Law on Insurance Business.

Insurance agent means an organization or individual authorized by an insurance enterprise on the basis of an insurance agency contract to perform insurance agency activities in accordance with the Law on Insurance Business and other provisions of relevant laws.

Insurance agency activities are activities of introducing, offering insurance, arranging the conclusion of insurance contracts and other jobs to perform insurance contracts under authorization of insurance enterprises.

Insurance buyers are organizations and individuals that enter into insurance contracts with insurance enterprises and pay insurance premiums. The purchaser of insurance may also be the insured or beneficiary at the same time.

The insured is an organization or individual with property, civil liability and life insured under an insurance contract. The insured may be the beneficiary at the same time.

Beneficiary is an organization or individual appointed by the insurance purchaser to receive insurance money under a human insurance contract.

Insurance contract is an agreement between the insurance purchaser and the insurance enterprise, whereby the insurance buyer must pay the insurance premium, the insurance enterprise must pay insurance to the beneficiary or indemnify the assured. insurance when insurance events occur.

Insurance premium is the sum of money that the insurance buyer must pay to the insurance enterprise according to the time limit and method agreed upon by the parties in the insurance contract.

The sum insured is the amount approved by the insurance enterprise and stated in the insurance contract in order to determine insurance benefits according to the contractual provisions.

An insured event is an objective event agreed upon by the parties or prescribed by law which, when that event occurs, the insurance enterprise must pay insurance benefits to the beneficiary or indemnify the assured.

Contract term is a period of time determined for the parties to perform the rights and obligations agreed in the contract. This period of time is calculated from the time the contract arises until the time when the grounds for contract termination appear.

Terms of exclusion of insurance liability stipulate the case where the insurer is not required to indemnify or pay insurance proceeds when insurance events occur.

What is insurance? The most basic terminology in insurance you should know

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