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Life insurance policy is:
 

Frequently Asked Questions
Monday, 07 January 2013

 

What does the insurance represent?

The principle of insurance is mutuality, i.е. collection of contributions (premiums) from many persons, exposed to one type of risk, to cover the losses of few of them where the risk is realized with the occurrence of an insurance event. Insurance is realized on the basis of cash contributions by multitude of people, which are distributed among the harmed persons.

Insurance is cover of various risks /earthquake, fire, catastrophe, theft, death, sickness.../ “Risk” is a basic concept in insurance, which itself includes simultaneously the uncertainty of its occurrence in future and the fact that the outcome or development of certain situation may place us in position more unfavorable than the one in which we are.

 

What do I win by insuring myself?

Calmness. It cannot be known for sure if the home will be inundated, or will be an object of burglary, if an accident will occur, etc. All these risks can be insured, to ensure financial calmness upon occurrence of unfavorable situation, both for the insured, and in some cases for his/her successors.

 

What can be insured?

Everything – from a television set to life. In general, insurance can be divided into non-life insurance and life insurance. Non-life insurance covers all types of property insurance, third party liabilities (such, for instance as: TPL related to the possession and use of motor vehicle, to the possession and use of aircrafts and vessels, general TPL), casco; travel assistance; accident; sea, air and railway transport; insurance of credits; financial services; legal expenses; suretyship.

Life-insurance covers life insurance; unit-linked life insurance; pension or annuity insurance; marriage and child insurance; permanent health insurance; accident insurance.

 

What does it mean to insure your life?

This insurance has two aspects – investment and provision of future funds to those who are dependent financially on the insured upon his/her death. The investment aspect is important, as there is tax relief on the premium payment, and in a future period it turns into an additional income.

In its essence, life insurance is divided into risk and mixed (risk with a savings element), pension (or annuity) and health insurance. Every insurance company, on its side, offers besides the widely popular insurances and also many their varieties.

 

Which insurances are obligatory?

The Insurance Code provides that obligatory insurance are Third Party Liability insurance of motorists (related to the possession and use of motor vehicles); Accident insurance for passengers in public transport. Obligatory are also many Third Party Liability insurance of persons practicing different professions (for physicians, notaries, constructors, tour operators, security guards, etc.), which have been established under various laws or an international agreement.

 

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2015 Statistics of Insurance Market in BiH

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