Social insurance rules and conditions
Group insurance does not differ from individual insurance in terms of insurance coverage. In group insurance contracts, insurance amounts are paid in cases of death, permanent total or partial disability, or when the insured reaches a certain age or after a certain period. The insurance amounts are disbursed either in the form of an immediate amount or in other forms. Monthly pension.
Social insurance
The most famous type of group insurance is when the employer
in his establishment or factory concludes a group insurance contract with one
of the insurance or takaful companies for the purpose of providing insurance
protection for his worker against the risks of death or disability or
disbursing the insurance amount as a reward for leaving the service - thus
reassuring the worker about his future and the future of his family as well.
The employer is reassured that his employees will perform the work in a
reassuring manner for the benefit of everyone.
Group insurance is characterized by low insurance costs for
the insured individual because the employer contributes with the worker to pay
a large portion of the premium.
The types of group insurance are the same as the types of
individual insurance, which are temporary insurance and savings insurance, but
this is done in different forms that suit the nature of each employer.
Group insurance is not subject to the underwriting rules
that apply to individual insurance because the insurance is carried out without
medical procedures, but requires some special conditions. For example: the
worker must be regular at work and not on sick leave.
Underwriting and pricing in
individual insurance
Acceptance into individual insurances takes place according
to the underwriting rules set by the company. This occurs when the insurance
applicant fills out some forms and answers many questions about the financial
health aspect so that the insurance applicant can be evaluated and the
insurance amount is appropriate to his condition.
One of the most important general conditions in individual
insurance documents is that the company issued the insurance policy on the
basis of the data provided by the insurance applicant, and that in the event of
fraud or fraud, the insurance becomes invalid, and insurance premiums are
estimated according to complex actuarial principles that depend on the value of
the insurance amount, the insurance period, and the types of insurance
coverage. So that the premium is sufficient for the insurance company and fair
for the insured.
Surplus Analysis
Or analyze the results of revenue and expense calculations
and study the various factors affecting the results of this calculation. The
life insurance policy is a long-term document in which the insurance premium is
determined in advance. The insurance premium continues throughout the duration
of the policy, and the insured cannot modify the insurance premium. The
insurance premium is determined using actuarial foundations that are more
conservative than averages. Expected.
The technical principles used
in estimating the accounting reserve are: -
• Interest rate 0
• Table used.
• Calculate the net premium.
• Commercial premium calculation.
• The method used.
The account reserve is also
affected by the following:
1) Distribution of life insurance portfolio issues during
different years.
2) Distribution of types of individual life insurance - for
different issuance years.
3) The different types of insurance issued by the company
(individual - group - public)
- In addition to reinsurance.
- Strengthening precautions.
- The duration of the company’s activity in the life insurance branch.