Life Insurance - Insurance that provides protection for long-term interests of the insured. Provides, as a rule, regular long-term financial relationship between the insured and the insurer.
One of the main purposes of life insurance is the accumulation of certain sums of money, such as retirement, or age, or other events in the life of the insured.
Contributions are generally paid on a regular basis (eg, monthly) during the storage period (from date of contract of insurance until the insured event). During the entire storage period, the insurer enters into transactions with the client's money, putting them in a variety of assets (bank deposits, securities, real estate and other assets). As a result, by the time the insured event (endowment insured up to a certain period) accumulated well over the amount of accumulated contributions, by capitalization (interest income), the accumulated amount.
The insurer pays the insurance coverage is usually in the form of life annuity (lifetime of financial rent). Sometimes a contract may provide for lump sum the whole sum insured, then all obligations of the insurer under the contract ends.
In life insurance realized cumulative function of insurance products are also developed in which long-term life insurance with an investment component (English unit-linked insurance plan) are combined in one program.
Life insurance in many developed countries is seen as part of the pension system.[Edit] See also
Assurance on survival
Life insurance with an investment component
One of the main purposes of life insurance is the accumulation of certain sums of money, such as retirement, or age, or other events in the life of the insured.
Contributions are generally paid on a regular basis (eg, monthly) during the storage period (from date of contract of insurance until the insured event). During the entire storage period, the insurer enters into transactions with the client's money, putting them in a variety of assets (bank deposits, securities, real estate and other assets). As a result, by the time the insured event (endowment insured up to a certain period) accumulated well over the amount of accumulated contributions, by capitalization (interest income), the accumulated amount.
The insurer pays the insurance coverage is usually in the form of life annuity (lifetime of financial rent). Sometimes a contract may provide for lump sum the whole sum insured, then all obligations of the insurer under the contract ends.
In life insurance realized cumulative function of insurance products are also developed in which long-term life insurance with an investment component (English unit-linked insurance plan) are combined in one program.
Life insurance in many developed countries is seen as part of the pension system.[Edit] See also
Assurance on survival
Life insurance with an investment component
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