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Life insurance

    Shiimaa Mohamed
    By Shiimaa Mohamed

    Categories: Insurance


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    Life insurance

    There are many individual insurance policies in the market according to the coverage that meets the needs of the vast majority of insurance customers, the most important of which are:

    Temporary insurance covers the risk of death only, is the simplest types of life insurance, is temporary for a specified period 5 10 15 20 25 years, this insurance has no recoverable value is only protection, cover death for any reason, and this insurance cost is very simple and very high protection.

    Combination insurance The amount of insurance is paid in the event of death or survival until the end of the insurance. The insured benefits from a percentage of the investments made by the insurance companies and are, therefore, called insurance with the participation in profits.

    Collective insurance means the insurance of a group of individuals (usually working in one business) that can cover death or survival to a certain age or both. The contractor in this insurance is the employer.

    The conditions and benefits between the contractor and the insurance company shall be agreed against the contributions paid by the contractor whether the payment is borne by the worker or the employer or both. This insurance is regarded by employers as an added advantage to encourage workers to increase the bid and continue to work.

    What types of life insurance do you have?

    Mixed Insurance Normal:

    The amount of the original insurance shall be paid immediately upon the death of the insured to the beneficiaries or at the end of the insurance period to the insured himself.

    Mixed Insurance:

    The amount of the original insurance shall be paid immediately upon the death of the insured to the beneficiaries or at the end of the insurance period to the insured himself. However, the premium paid in the first five years shall be reduced by half and paid in full from the sixth year of insurance.

    Temporary insurance with premium repayment

    The amount of the original insurance shall be paid immediately upon the death of the insured to the beneficiaries. If the insured remains alive at the end of the insurance period, the company shall refund all the basic premiums paid to the insured himself.

    Limited Term Insurance:

    The amount of the insurance shall be paid immediately after the death of one of the insured or at the end of the insurance period if the insured is alive.

    Temporary lock insurance:

    In this type, the amount of insurance is paid in the event of the death of the insured before the end of the insurance period and nothing is worth at the end of the period.

    Mixed insurance on the lives of two people

    The amount of the insurance shall be paid immediately after the death of one of the insured or at the end of the insurance period if the insured is alive.

    Parent and child insurance

    The Company shall pay the amount of insurance on the date specified for the expiry of the insurance period if the child for whom the insurance is held is alive whether the father is alive or not.

    In the case of the death of the child, God forbid, before the end of the insurance period and was 7 years old or more, the company pays the insurance amount upon his death.

    If not more than 7 "seven years", the company will pay the installments paid and the insurance will end.

    Mixed insurance for children

    The amount of the insurance shall be paid at the end of the insurance period if the child who holds the insurance for him is alive and whether the insured is alive or not.

    If the beneficiary child dies before the end of the insurance period, the company will refund all premiums paid only and the insurance will end.

    Life insurance

    The amount of the insurance shall be paid after the death of the insured or at the age of 85 years.

    What types of collective insurance?

    • Temporary insurance (protection only).
    • Mixed insurance (protection + savings).

    What is the difference between temporary and collective insurance?

    Temporary insurance: The term of insurance is one year and the renewal is covered annually, including partial disability and kidney death only.

    The insurance period is paid for the insured at the end of the insurance period provided that the premiums are paid in full in addition to the benefits mentioned in the temporary insurance referred to above.

    Do you have a new product that you will be selling in the coming period in the Libyan insurance market?

    Of course, we are in the process of introducing a new type of insurance on life related to the insurance of bank loans called decreasing insurance in the sole installment (which is that it helps the bank to recover the value of the loan balance granted to the customer provided the customer buys a document from the company to secure the loan granted by the bank to him).

    In case of death of the customer, the company shall pay the balance of the loan to the bank either in one installment or in installments according to the agreement to which the document is concluded.

    The advantages of life insurance in terms of social and economic aspects?

    Social life insurance is an important factor in the fight against poverty resulting from the physical loss of a person due to retirement or death, or a complete or temporary disability due to illness or accident. This is why the social importance of insurance arises. Life insurance also works to spread and facilitate education. We find contracts to provide children with sufficient security to pay for themselves if their parents die at school age. Insurance also eliminates anxiety, Insurance reassures itself.

    On the economic side, life insurance works on:

    1 - Increasing production and efficiency by reassuring the same worker or employee increases his ability to produce as the sense of anxiety would weaken the capacity of the individual products is affected by the national economy, while the sense of reassurance makes the individual offers his work satisfied with the mind and thus increase production efficiency.

    2 - Saving the exploited wealth, For example, the capital is guaranteed to his family in the death of one of the partners in solidarity

    And withdraw his share of the capital by his heirs.

    3 - The formation of huge capital and this is the great importance of life insurance for production on

    Especially for the national economy in general.

    Thus, it is possible to take advantage of these large sums of money collected from the amounts of small premiums for many purposes, including contributing to the establishment of industrial, agricultural, commercial or other companies. The role of insurance has become essential in the economic structure, as there is hardly any important economic project without insurance contribution Directly or indirectly until its spread and breadth in any of the countries have become the norm of its progress.

    The importance of insurance in these areas was imposed on the insurance companies and directed the use of these huge funds and allocated a large part of them to meet the needs of public interests, and most of the countries have absorbed the benefits of insurance has been encouraged by various means, such as exemption premiums and the result of the investment of insurance funds from taxes or reduce their categories Protect them from the abuse of companies, and protect these companies against fraudulent and unfair competition among them.

    Some countries have also made certain types of insurance mandatory, such as social insurance,

    Sickness, unemployment, disability, old age, death and work injury.

    Conditions of insurance companies:

    A company in the world has no past and present what insurance companies have of general and special conditions, hidden and invisible. The most special of these conditions is the arbitrary nature, which forced every country in the world to impose special control on its insurance companies to ease the conditions for citizens.

    The conditions of various insurance companies:

    Some of them are related to the installment, including the amount of the insurance, including the insured risk against it, including the compensation for the accident, including the year in which all the insurance companies participate, including the specific company, including the phenomenon that most people know, It is only learned by the owners of experience and practice as the author says: (Security Deceiver). One of the most important conditions for insurance is the so-called condition of solutions.

    The insurance company shall replace the insured in the third party claim that caused damage to the property of the insured for its own account, and that the insured's right to claim the offender shall fall. Thus, the insurance company may take more than what the insurer pays for the insured, Of the amount of insurance, but it may take full compensation from the offender and deprives the insured of any compensation. Nor does the insured have the right to take more than the amount of compensation for the damage suffered.

    Including the fall of the right to claim insurance in exceptional circumstances such as wars, earthquakes and public disturbances.

    The conditions of the insurance companies are all conditions of compliance, that is, the insured must accept them without discussion, and these conditions protect the insurance companies; where control of the grip on the insured in regular payment of the installment, while placing obstacles without receiving the amount of insurance, Insurance expert Hans Dieter Meer.

    Second: The objectives of the insurance companies:

    Insurance companies do not care about anything like a profit. Therefore, their focus is very much when planning and laying down their basic system, which is based on taking every means of profit and avoiding loss, regardless of what these means may cause embarrassment, opposition to religion, creation or good behavior.

    This is clearly seen in the conditions of arbitrariness and exploitation, especially in the insurance that some States impose on their citizens.

    This is also evident in their investments, which they collect in installments without any contribution to any charitable project.

    All these are indications that it has no purpose in cooperating and serving the people, and if some of its calls insist on persuading people to do so, but its goal is known to profit and get rich quickly at the expense of the insured, says Anton Andreas in his book (trap insurance).

    Positive effects in insurance:

    The owners of insurance say: One of the positive things is the following:

    1- Capital formation:

    Combines business and money that the greatest reason for the composition of the money that the world has ever known in the ancient and modern insurance system headers; so that nothing imagined in the life of taking insurance only and to secure a fortune and a multitude share, whether in exchange for hard earned money or property or rights or just hopes and dreams so that the individual and the community and the state in the modern era devote a huge item in the annual budgets of the cost of insurance, and prepare so hard preparing, but that it has reached that the insurance cost postponed some projects because insurance Does not stop at the limit as much as produced by the insurance owners' perception of the manufacture of risks as far as extending the hand of insurance to collect funds.

    Insurers have a great talent for making, highlighting, and bringing people together. The risk is easier and rarer, and even far-sighted from which the insurance companies blow up to make him a frightening ghost that cannot be ignored, which should accelerate to do what protects and pays. Thus, the owners of the insurance were burdened with huge sums and riches.

    2- Maintaining the elements of production:

    If the plant is burned, exploded, destroyed, or the worker's illness, or dies or breaks, and if it does not compensate or correct it, the elements of human and mechanical production may decline, weaken production or stop. The insurance owners say that insurance can prevent this so that the elements of production do not weaken and do not stop. If the factory is burned, exploded or destroyed, the insurance companies compensate the owners of the factories by paying the amount of insurance that can rebuild the plant. If the worker is sick, she will treat him, and if he is disabled, he will be compensated. And make good of the benefits of insurance and one of its advantages.

    3 - Control the economic balance:

    Many countries, especially the industrial ones, suffer from the economic imbalance between supply and demand. Money may be in the hands of the people, with the few commodities on the market. There may be a lot of goods on the market with the lack of money in the hands of people goods, which is known as the recession. Economists regard both economic conditions as unhealthy.

    In the case of economic inflation, it is possible to expand compulsory insurance to provide as many people as possible, especially social insurance, so that a large amount of money can be withdrawn from the hands of the people. Supply and demand.