Insurance risk due to Contract is a sudden outbreak of the disease, which belongs to one of the mentioned below classes, at Insured party during the validity of the insurance contract:
disease of the endocrine system;
diseases of the blood and blood forming organs;
diseases of the nervous system;
diseases of the blood circulation system;
diseases of the digestive apparatus
skin and hypodermic tissue diseases;
diseases of musculoskeletal system.
A voluntary disease insurance contract may be concluded against the occurrence of the following risks:
a temporal loss of Insured party’s working capacity or health disorder as a result of the disease;
a steady loss of Insured party’s working capacity (its determination of I, II or III groups of disablement) as a result of the disease;
insured party’s death as a result of the disease.
As a rule, by consent of the parties, an insurance contract is concluded as to a certain combination of those risks. The list of risks, which are included into the insurance contract, significantly influences the amount of the insurance premium.
How are the amounts of Sum insured and insurance tariff determined?
Sum insured is money sum, determined in the insurance contract, within the limits of which Insurer is obliged to perform an insurance indemnity in case if an insured event occurs. The amount of Sum insured is determined by consent of the Parties.
Insurance tariff is an amount of insurance premium (a fee for insurance), determined in percentage from Sum insured.
Insurance tariff depends on the list of chosen risks, professional riskiness, period of insurance, other insurance terms. The amount of annual insurance tariff due to a voluntary disease insurance is within the range from 0, 5 to 12 %.
How is the amount of insurance indemnity determined?
In case of any temporal loss of Reinsured party’s working capacity as a result of the disease, Insurer performs the insurance indemnity in the amount from 0,05 to 0,7% (the concrete amount is determined in the insurance contact) from Sum insured for each day of working incapacity.
In case of Reinsured party’s health disorder, the indemnity is determined due to an insurance indemnity table (the table with determination of disease diagnosis and its proper % from Sum insured).
In case of determining a disablement group to Reinsured party as a result of the disease, Insurer performs the insurance indemnity, the amount of which is determined in percentage from Sum insured:
from 90 to100% — in case of determining Ist disablement group to Reinsured party;
from 60 to 80% — in case of determining IInd disablement group to Reinsured party;
from 40 to 60% — in case of determining IIIrd disablement group to Reinsured party;
The concrete amount of the insurance indemnity and its restrictions are determined by the insurance contract.
In case of Reinsured party’s death, Insurer pays out 100% from Sum insured to Beneficiary or Reinsured party’s heirs.