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The policyholder's relinquishment of their rights to the insured property in favour of the insurer in exchange for payment of the full sum insured. The policyholder resorts to abandonment in order to be relieved of the obligation to prove the extent of the losses suffered as a result of an insured event.
An event (incident) that occurs suddenly, against a person's will, as a result of external mechanical, electrical, chemical or thermal action on the body of the insured person, causing harm to health, injury or death
An event (incident) that occurs suddenly, against a person's will, as a result of external mechanical, electrical, chemical or thermal action on the body of the insured person, causing harm to health, injury or death.
Economic and mathematical calculation methods used by an actuary when calculating insurance reserves
An individual holding a licence from the authorised body who carries out economic and mathematical calculations of the amount of liabilities and insurance premium rates under insurance and reinsurance contracts, and who also assesses the profitability and returns of the lines of insurance being written or planned by an insurance (reinsurance) company, in order to ensure the required level of solvency and financial stability of the insurance (reinsurance) company
A written supplement to a previously concluded insurance or reinsurance contract that sets out changes to the earlier agreed terms, as agreed between the parties. It may entail a change in the insurance rate and corresponding mutual settlements under the policy concerned.
An employee of an insurance (reinsurance) company whose functions include reviewing claims for insurance payment and assessing the damage caused by an insured event.
A written contract between the parties under which one party (the insurance agent) undertakes, for a fee, to provide intermediary services in the name and on behalf of the other party (the insurance company) in concluding insurance contracts within the authority provided for by the legislation of the Republic of Kazakhstan in force and the internal documents of the insurance company.
Payment for an agent's services in performing the relevant duties (assignments) in the interests and in the name of an insurance company, in accordance with the terms of the agency agreement.
A sum or sums paid by the insurer periodically, over a term set by the contract, as insurance benefit (regular income) in the amount specified in the contract. Payments are made upon the occurrence of an insured event (or events) provided for by the contract, for example reaching an age stated in the contract, or in cases provided for by the insurance rules.
Persons with knowledge and experience in the field of inland water transport who prepare the calculation for determining the average statement, that is, the general average losses to be apportioned among the parties involved in the carriage;
A person who benefits under a contract or on another lawful ground, including a person in whose interests a trust is held and the recipient of money under a letter of credit or an insurance policy.
Impairment of the physical integrity of the body sustained by the insured during the period of the insurance contract, caused directly and independently of other causes, as a result of an unavoidable, accidental and evident external impact.
Insurance of goods during transportation
A group of classes of insurance providing for insurance payments in the amount of partial or full compensation for damage to a person's property interests connected with the possession, use and disposal of cargo, including baggage, goods and all other kinds of products, as a result of their damage, destruction or loss, regardless of the method of transportation.
An insurance company that places a risk, ceding it into reinsurance.
The assignment or transfer to other persons of one's right to hold property or funds or to receive them (assignment of a claim). It is used to denote the transfer of a risk into reinsurance, in which case the ceding company acts as the cedent and the reinsurer as the cessionary.
An insurance company that accepts a risk into reinsurance (the reinsurer).
The activity, and the relations connected with it, arising from the acceptance of insurance risks under an insurance contract by several insurance organizations simultaneously, with their liability apportioned in accordance with a coinsurance agreement concluded between them.
Insurance carried out by virtue of the requirements of legislative acts, the terms of which are determined by agreement of the parties unless otherwise provided by the legislative acts governing compulsory classes of insurance. A compulsory insurance contract may be concluded only with an insurer holding a licence to carry on that class of insurance.
A document confirming the reinsurer's commitment in respect of the share of risk it has accepted in reinsurance, prepared by the insurance broker for each individual reinsurance contract and setting out the main terms of the reinsurance contract, on which the reinsurer places a mark (the signature of an authorised person or a stamp) showing the share of risk (part of the sum insured) it has accepted in reinsurance, stating the reinsurer's full name. The reinsurance cover note is drawn up in accordance with the accepted business practice of the international insurance market
Losses, unforeseen expenses, loss of property and money, lost profit, or harm in the form of loss of the property of legal entities and individuals due to the infliction of harm or the non-performance of obligations undertaken towards them.
The part of the losses of the person insuring property, provided for by the terms of insurance, that is not recoverable from the insurer. It is set either as a percentage of the sum insured or as an absolute amount. There are two types of deductible: conditional (non-deductible, or “franchise”) and unconditional (deductible). In the first case, the insurer is relieved of liability for damage that does not exceed the set deductible amount, but must compensate the damage in full if it exceeds that amount. Under an unconditional deductible, damage is in all cases compensated net of the set deductible amount.
The degree of limitation of a person's life activity resulting from a health disorder with persistent impairment of bodily functions
Double (multiple) insurance is the insurance of the same object with several insurers under separate contracts with each of them. In the case of double insurance of property, each insurer is liable to the policyholder within the limits of the contract concluded with it; however, the total amount of insurance payments received by the policyholder from all insurers may not exceed the actual damage. The policyholder is entitled to receive an insurance payment from any insurer up to the sum insured provided for in the contract concluded with that insurer. If the insurance payment received does not cover the actual damage, the policyholder is entitled to recover the shortfall from another insurer
When an insured event provided for by a property insurance contract occurs, the policyholder (insured) must take reasonable and practicable measures in the circumstances to prevent or reduce possible losses, including measures to rescue and preserve the insured property.
A form of medical care provided in the event of illnesses and conditions requiring urgent medical assistance in order to prevent substantial harm to health or eliminate a threat to life
A set of measures for providing qualified medical care to patients with acute illnesses or injuries at all stages of treatment (outpatient clinic, ambulance service, inpatient hospital).
An agreement between the ceding company (cedent) and the reinsurer under which the reinsurer is obliged to make a reinsurance payment when an insured event occurs under the insurance contract covered by the reinsurance, and the cedent undertakes to pay the reinsurer the reinsurance premium and to perform the other obligations provided for in that agreement.
Fear is an emotion arising in situations of threat to an individual's biological or social existence and directed at the source of real or imagined danger. Unlike pain and other forms of suffering caused by the actual action of factors dangerous to existence, fear arises in anticipation of them. Depending on the nature of the threat, the intensity and specific character of the experience of fear vary across a fairly wide range of shades (apprehension, dread, fright, terror). Functionally, fear serves to warn the individual of impending danger, helps to focus attention on its source and prompts the search for ways to avoid it. When fear reaches the strength of an affect (panic fear, terror), it can impose species-typical patterns of behavior (flight, freezing, defensive aggressive behavior). The fear reaction appears at the earliest stages of both phylogenesis and ontogenesis without any visible influence of learning. Initially it is triggered by genetically fixed unconditioned stimuli (for example, a sudden intense stimulus, pain, novelty), but because of the marked tendency of fear to leave traces (conditioning), which often occurs by the type of imprinting, the range of influences that provoke it can expand rapidly. In a person's social development, fear acts as one of the means of upbringing: for example, an instilled fear of moral or criminal condemnation is used as a factor in regulating behavior. Since in society an individual enjoys the protection of legal and other social institutions, a heightened tendency toward fear loses its adaptive significance and is traditionally assessed negatively. Established fear reactions are relatively stable and can persist even when their senselessness is understood. Therefore, cultivating resistance to fear is usually aimed not at ridding a person of it, but at developing the ability to keep self-control in its presence. Inadequate fear reactions are observed in various mental illnesses (for example, phobias).
Extraordinary and unavoidable circumstances, such as natural phenomena, military action, etc.
The acceptance of risks into insurance or reinsurance with the aim of passing them on in full (100%) to other insurance or reinsurance companies, often at the latter's request and for an appropriate fee.
The insurance rate at which the policyholder pays the insurance premium, consisting of the net rate and a loading used, for example, to cover the insurer's administrative expenses of carrying out insurance operations, contingencies and profit
In group insurance, a single insurance contract covers several insured persons who are at the same time beneficiaries.
Any impairment of health not caused by injury, with objective manifestations that make it possible to establish a diagnosis.
The measure of financial interest in the insurance.
INSURANCE is a way of reducing risk by guaranteeing compensation of potential losses to the injured party. Losses are compensated from an insurance fund, which is formed from the contributions of policyholders fearing losses and is managed by the insurer that guarantees their compensation. Insurance is one of the most important components of the service sector. Although insurance does not create new goods, spreading any policyholder's losses among all participants in the insurance fund makes their activities safer. Without insurance, many types of production activity involving uncertainty and risk would be impossible.
An individual or legal entity included in the register of insurance agents that acts as an intermediary in concluding insurance contracts in the name and on behalf of one or more insurance companies under an agency agreement.
A legal entity that represents the policyholder in matters relating to the conclusion and performance of insurance contracts with an insurer on the policyholder's instructions, or that, in its own name, acts as an intermediary in providing services connected with the conclusion of insurance or reinsurance contracts, and also provides consulting services on insurance and reinsurance matters.
Under an insurance contract, one party (the policyholder) undertakes to pay the insurance premium, and the other party (the insurer) undertakes, on the occurrence of an insured event, to make an insurance payment to the policyholder or another person in whose favour the contract is concluded (the beneficiary), within the amount determined by the contract (the sum insured).
In property insurance, the absolute (monetary) amount for which individual items, or all of the policyholder's property, are insured. The concept of insurance coverage is also used to assess an insurer's total liabilities across all the classes of insurance it writes.
The currency in which the insurance is concluded. The premium is payable, and insurance indemnity amounts are paid, in the insurance currency. It must be stated in the insurance contract
The sum insured stated in the insurance contract, up to which the insurer is liable to the policyholder (third parties)
A system of economic relations arising from the purchase and sale of a specific commodity, “insurance cover”, in the course of meeting society's need for insurance protection.
A document issued by the insurer to the policyholder that constitutes the insurance contract. Insurance policy forms for compulsory classes of insurance must have at least three degrees of protection against forgery, of which microtext, an invisible element detectable under ultraviolet radiation, and a tangier (guilloche) grid are mandatory. The text of the policy form must be in two languages: the state language and Russian.
Control over the activities of insurance market participants, exercised by state bodies
The price of a unit of insurance cover. The methods of calculating insurance tariffs define the following components of the tariff: 1) net rate; 2) risk loading; 3) expense loading; 4) gross rate.
The process of determining the actual value of movable and immovable property accepted or to be accepted for insurance. The insurance valuation is the basis for calculating the sum insured and for determining the extent of the loss incurred and the amount of the insurance payment.
An event upon the occurrence of which the insurance contract provides for an insurance payment to be made.
The person in respect of whom the insurance is effected
A legal entity that, under an insurance contract and in return for a fee (the insurance premium), undertakes to compensate the policyholder or another person in whose favor the insurance is taken out for losses resulting from the occurrence of insured events specified in the contract.
The insurer's maximum liability arising from the terms of the insurance contract.
The insurer's obligation to pay the policyholder an indemnity or the sum insured when an insured event provided for by the terms of the insurance contract occurs.
A group of classes of insurance providing for insurance payments in the amount of partial or full compensation for damage to a person's property interests connected with the obligation to compensate for damage caused to third parties, as a result of insuring all risks.
Damage caused to the object of insurance as a result of an insured event, which the insurer is required to compensate.
The policyholder is obliged in all cases to act as if his property were not insured and to take all measures within his power to reduce or prevent the loss, even though the loss may be recoverable under the terms of the insurance.
An expert and authorised representative of the insurer who, by agreement with the policyholder, determines the cause, nature and amount of insured losses.
Protection of the property interests of participants in a maritime venture against risks associated with the carrier's liability for obligations arising from harm caused to the life, health and property of a passenger, with the carrier's liability when carrying dangerous goods, and also for damage from oil pollution of the sea from ships (when carrying oil in a volume of two thousand tonnes or more). The scope of the insurer's liability, the relations between the parties before and after the occurrence of a loss, etc., are determined by legislative acts and the terms of the insurance contract.
Insurance of the civil liability of vehicle owners: a group of classes of insurance providing for insurance payments in the amount of partial or full compensation for damage to a person's property interests connected with the obligation to compensate for damage caused to third parties in connection with the use of a vehicle, including the civil liability of a carrier.
Property that does not constitute real estate, including money and securities
A form of insurance in which each policyholder is a member of a mutual insurance society, that is, a legal entity formed as a consumer cooperative for the purpose of providing mutual insurance of its members' property interests
A legal entity established in the organizational and legal form of a consumer cooperative for the purpose of providing mutual insurance of the property interests of its members.
The part of the gross rate intended to build up the insurer's resources for making insurance payments.
A term of a reinsurance contract providing for the reinsurer's obligation to make a reinsurance payment up to the amount specified in the reinsurance contract, if the amount of the insurance payment under the insurance contract concluded by the cedent exceeds its own retention in that payment
An agreement between the ceding company (cedent) and the reinsurer under which the reinsurer is obliged to make a reinsurance payment when insured events occur under contracts of a given class of insurance (or contracts grouped by other criteria, such as similar insurable interests, policyholders or insured risks) covered by the reinsurance, and the cedent undertakes to pay the reinsurer the reinsurance premium due to it under all such insurance contracts and to perform the other obligations provided for in that agreement.
An agreement between the ceding company (cedent) and the reinsurer under which the reinsurer is obliged to make a reinsurance payment when insured events occur under contracts of a given class of insurance (or contracts grouped by other criteria, such as similar insurable interests, policyholders or insured risks) covered by the reinsurance, and the cedent undertakes to pay the reinsurer the reinsurance premium due to it under all such insurance contracts and to perform the other obligations provided for in that agreement.
An individual or legal entity that, under the insurance contract or the legislative acts on compulsory insurance, is the recipient of the insurance payment.
Insurance of the life, health, working capacity and other property interests connected with the person of a citizen. Under a personal insurance contract, either the policyholder or another person named in the contract (the insured person) may be insured
An insurance contract in which the object of insurance is the life, health, working capacity or other property interests connected with the person of a citizen. The objects of personal insurance may be any property interests of citizens and legal entities, including those connected with: 1) the survival of citizens to a certain age or term specified in the insurance contract, death, or the occurrence of certain events in the lives of citizens; 2) harm to the life and health of citizens as a result of accidents and other events, or illnesses; 3) the possession, use and disposal of property; 4) the obligation to compensate harm caused to other persons, including as a result of breach of contract (obligations).
The sum of money that the policyholder is obliged to pay the insurer in return for the insurer's undertaking to make an insurance payment to the policyholder (beneficiary) in the amount determined by the insurance contract.
The part of the net rate that reflects the risk of random deviation from the expected values
A quantitative estimate of the likelihood of an insured event occurring, for which insurance indemnity is paid, in respect of individual lines of insurance. The probability of an insured event serves as the basis for setting insurance rates, premiums, discounts and surcharges.
Insurance of property and the property interests related to it. In property insurance, the risk of loss (destruction), shortage or damage of property and other property benefits and rights is insured
A group of classes of insurance providing for insurance payments in the amount of partial or full compensation for damage to a person's property interests connected with the possession, use and disposal of property as a result of its damage or destruction.
An insurance contract in which the object of insurance is property and the property interests related to it. In property insurance, the risk of loss (destruction), shortage or damage of property and other property benefits and rights is insured: things, money, including foreign currency, financial instruments, works, services, objectified results of creative intellectual activity, business names, trademarks and other means of individualising products, property rights and other property.
A reinsurance contract term under which the reinsurer is obliged to make a reinsurance payment equal to a percentage, set by the contract, of the insurance payment under the direct insurance contract concluded by the cedent.
The premium rate at which an insurer is prepared to accept the relevant risk for insurance. Quotations may be obtained from several insurers in order to establish the most acceptable terms of insurance
The sum insured under a life insurance contract, reduced because the policyholder has stopped paying further insurance premiums ahead of schedule. With a reduced sum insured, the contract remains in force until the end of the insurance term without further payment of premiums.
The activity, and the relations connected with it, arising from the transfer by the cedent of all or part of insurance risks into reinsurance, on the one hand, and the acceptance of those risks by a reinsurance organization, on the other, under a reinsurance contract concluded between them.
A contract under which one person (the reinsurer) undertakes, for a fixed fee (the reinsurance premium), to assume a specified share of the risk of another person (the cedent). A term of a reinsurance contract providing for the reinsurer's obligation to make a reinsurance payment in a percentage, fixed by the contract, of the insurance payment under the direct insurance contract concluded by the cedent;
A sum of money built up by the insurer, in accordance with the requirements of a regulatory legal act of the authorized body, out of part of the insurance premiums received from policyholders for investment purposes, together with the income (losses) from their investment, taking into account the insurer's expenses incurred in managing them.
The part of the volume of liability within which the insurer or the cedent bears liability for its own account in accordance with the insurance or reinsurance contract.
The transfer by a reinsurer of part of a risk it has already accepted to other reinsurers.
Chance events or hazards that are possible rather than inevitable and may cause losses; measured by the frequency and probability of a given level of loss occurring. RISK OF ACCIDENTAL LOSS (of property) is the risk of possibly incurring losses due to the destruction or deterioration of property for reasons beyond the control of the parties to the obligation (chance, force majeure).
Risk [from the Greek risikon, meaning cliff] refers to features of goal-directed activity that “set” an evident uncertainty of its outcome and at times give rise to negative and even harmful consequences for the individual. According to specialists in the study of risk and risk-taking behavior, within classical social psychology and personality psychology the term “risk” is rightly used in three main senses: “1) risk as a measure of the expected adverse outcome in the event of failure in an activity, determined by the combination of the probability of failure and the degree of unfavorable consequences in that case; 2) risk as an action that in one respect or another threatens the individual with loss (losing, injury, damage). Experimentally, a distinction is made between motivated risk, calculated for situational advantages in the activity, and unmotivated risk. In addition, based on the ratio of the expected gain to the expected loss in carrying out the action in question, a distinction is made between justified and unjustified risk; 3) risk as a situation of choice between two possible courses of action: a less attractive but more reliable one, and a more attractive but less reliable one (whose outcome is uncertain and associated with possible unfavorable consequences). Traditionally, two classes of situations are identified here, in which: a) success and failure are assessed on a certain scale of achievement (situations of the “level of aspiration” type), b) failure entails punishment (physical threat, painful stimuli, social sanctions)” (V. A. Petrovsky). It should be noted that the phenomenon of risk manifests itself quite differently in situations where the individual relies, as the saying goes, on luck and the decision to act riskily is not based on an awareness of being able to cope with the problem, and in situations where the willingness to take risks is directly linked to the individual's belief that he can succeed thanks to his abilities and skills. It has been shown that in the second case the willingness to take risks and the individual's confidence that such risk is justified are considerably higher than in the first. In practical psychology, the concept of “risk” is, as a rule, regarded as a term that largely explains the carrying out of activity involving a decision capable of leading to unfavorable, dangerous consequences, and the rejection of a decision whose implementation is known in advance to be safe. One more point cannot be left unmentioned in connection with the problem of risk. In psychology, particularly in recent decades, the concept of the “risky shift” has become firmly established; in terms of meaning it denotes a certain effect achieved as a result of group discussion of a proposed, planned activity. The “risky shift” is essentially an increase (although some researchers believe that cases of reduced risk-taking activity should also be described within the same logic) in the riskiness of real individual and group actions as a result of group discussions. This usually concerns changes in the level of riskiness of secondary individual decisions compared with initial individual decisions, changes in the level of riskiness of secondary group decisions compared with the primary group decision, changes in the level of riskiness of secondary individual decisions compared with the primary group decision, and changes in the level of riskiness of the secondary group decision compared with the primary individual decisions.
Open theft of another person's property
An attack carried out for the purpose of stealing another person's property, accompanied by violence dangerous to the life or health of the victim, or by the threat of immediate use of such violence.
Savings insurance is insurance that provides for an insurance payment on the occurrence of an insured event, including at the end of the period set by the insurance contract or another event provided for by the insurance contract, whichever occurs first. Savings insurance contracts may be concluded exclusively in personal insurance
Any property interests of individuals and legal entities, including those connected with: 1) survival of individuals to a certain age or term set by the insurance contract, death, or the occurrence of certain events in a person's life; 2) harm to the life and health of individuals as a result of accidents and other events or illnesses; 3) the possession, use and disposal of property; 4) the obligation to compensate for harm caused to other persons, including as a result of breach of a contract (obligations).
Unless a property insurance contract provides otherwise, the insurer that has made an insurance payment acquires, up to the amount paid, the right of claim which the policyholder (insured) has against the person liable for the losses compensated through the insurance. However, a contract term excluding the transfer to the insurer of the right of claim against a person who intentionally caused the losses is invalid.
A reinsurance system under which an insurance organization cedes to reinsurance part of the risks it has accepted for insurance.
The amount of money that the policyholder is entitled to receive upon early termination of a savings insurance contract
An employee of an insurance (reinsurance) organization, or a legal entity providing services to an insurance (reinsurance) organization under a paid services contract, whose functions include the preliminary inspection and valuation of an object of insurance proposed for insurance.
A form of incentive paid by the cedent to reinsurers for the opportunity to participate in a reinsurance contract. It is paid annually as a set percentage of the net profit that the reinsurer has earned from the reinsurance contracts in which it participates.
A temporary reduction in an employee's ability to perform their work (official) duties
Secret theft of property
Damage to the tissues of the human body, with impairment of their integrity and function, caused by an external influence (mainly mechanical or thermal).
An insurance product developed and offered by an insurance company to a policyholder within one or more classes of insurance through the conclusion of an insurance contract
Under an unconditional deductible, damage is in all cases compensated net of the stipulated amount. The deductible is set either as a percentage of the sum insured or as an absolute amount.
An employee of an insurance (reinsurance) company whose functions include assessing the insurance risks offered for cover and determining the terms of insurance (reinsurance) contracts
Unlawful taking possession of a car or other vehicle without the intent to steal it.
The financial condition of an insurance company characterized by the fact that over a certain period its cash receipts do not cover its expenses, no profit is generated, and debt increases.
Voluntary health insurance
Insurance effected by the will of the parties. The types, terms and procedure of voluntary insurance are determined by agreement of the parties.
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