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Passenger Accident Insurance (For Vehicles Carrying People But Not For Business Purposes).


Chapter 4 - Human Insurance


must pay periodic insurance premiums to the beneficiary as agreed in the insurance contract.

1.2.3 Mixed life insurance: Is an insurance business that combines life insurance and death insurance. Mixed life insurance has two main forms:

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 Classic mixed life insurance: Is an insurance product in which the insurance amount or benefits are paid when the insured person dies before the maturity of the contract or the insured person survives until the maturity of the contract.

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Passenger Accident Insurance (For Vehicles Carrying People But Not For Business Purposes).


 Fixed term mixed life insurance: Is an insurance product in which the insurer commits to pay a certain amount of insurance money to the beneficiary at the maturity of the contract, regardless of whether the insured is alive or dead.

From the main forms of life insurance to best meet customers' insurance needs, insurance companies can change or combine with other types of human insurance to create a rich diversity of life insurance products.

1.3. Basic characteristics of life insurance


1.3.1. Multi-purpose nature of life insurance contracts


While all types of non-life insurance have only one purpose: to compensate for the consequences of risks, life insurance contracts can have many different purposes depending on the purpose of the insurance buyer, for example: Death insurance contracts, in addition to the purpose of risk prevention, also have the purpose of helping the insured leave their family a sum of money in case of the insured's death. Or a retirement insurance contract will establish a pension for the insurance buyer.

1.3.2. Features of life insurance contract fees


 The premiums of life insurance contracts are paid for relatively long periods of time so

To ensure the solvency of the policyholder, the premium may be

paid in full at once or may be paid in installments throughout the insurance period.


Chapter 4 - Human Insurance


 The premiums of life insurance contracts are affected by the combined effects of two factors: "Human Lifespan" and "Finance".

1.3.3. Relationship between the contract signatory (insurer) - the insured

The relationship between the insured and the beneficiaries is complex. To avoid moral hazard risks in death insurance contracts, the law regulates beneficiaries very strictly.

1.3.4. Life insurance allows in the same insurance contract, insurance for two completely opposite events, which are: "Life" event and "Death" event. This is the only case in insurance activities that allows the same insurance activity, insurance for two completely opposite incidents.

1.3.5. Other characteristics of life insurance


- Life insurance and the maintenance of purchasing power of money.


- Fairness and honesty between the insurer and the insured.


- Tax incentives for insurance beneficiaries.


- etc.


Mixed life insurance is diverse and complex. Therefore, calculating fees is very difficult, and must be linked to each type of contract for research and consideration.

2. Personal accident insurance and health insurance


2.1. Personal accident insurance


a. Characteristics of personal accident insurance


Personal accident insurance is a human insurance business, but has similar characteristics to damage insurance:

- Payment of premiums is mandatory. This feature does not exist in term life insurance.

- The term of common contracts is 1 year or a few months depending on the requirements of the insured.

- Notify the insurer of the loss immediately. The notice period is calculated from the date of damage.


Chapter 4 - Human Insurance


b. Basic personal insurance


+ Accidental death insurance


This is a type of insurance that aims to pay a specified sum of money to a beneficiary upon the death of the insured.

+ Permanent disability insurance due to bodily accident.


Insurance benefits are paid according to the rate of disability. This rate is fixed by a scale. Each disability corresponds to a scale of insurance benefits.

+ Insurance for disability benefits due to physical accident.


In case of temporary incapacity for work, the insurer pays the person

insured a daily compensation amount. The total compensation amount for each day of work stoppage is specified in the contract.

This insurance contract may apply a deductible in days: 5 days, 7 days... The compensation period may be limited to a certain number of days: 60, 365 days, 2 or 3 years depending on the agreement between the parties.

+ Insurance for treatment costs


This insurance reimburses the insured for medical expenses following a covered accident.

The compensation costs are the actual costs incurred, the amount incurred is the compensation.

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2.2. Health insurance


In fact, this type of insurance can have different names: illness insurance, hospital allowance, surgery allowance, sickness insurance...

Health insurance is a type of human insurance based on a close relationship with social systems. Together with social protection systems, this insurance ensures financial protection against risks of illness and disease to protect people.

a. Insurance objects


Insurance for illnesses, sickness, maternity... of the insured person and family members of the insured person.


Chapter 4 - Human Insurance


b. Major health insurances


+ Death insurance due to illness.


The beneficiary receives a specified amount of insurance money in the event of the insured's death.

insured against death due to illness


This insurance, essentially a short-term death life insurance, is managed using a divisional technique.

+ Insurance covers expenses.


Is the most popular and important type of health insurance.


This insurance pays the insured for medical expenses arising from illness.


Cost-benefit insurance can cover all risks or be limited to a few major risks: surgery, tumor treatment, hospitalization for surgery... depending on the agreement between the parties when signing the contract.

+ Disability insurance.


This is a type of insurance that provides additional benefits for lost income during periods of work stoppage due to accidents and illnesses that affect the insured person.

This insurance is very popular in developed countries such as France, Germany, UK, USA, Japan, Korea... in Vietnam this insurance service is not available yet.

The disability insurance contract includes two insurances:


- Permanent disability insurance.


- Temporary disability insurance.


3. Mixed “accident” and “health” insurance


In fact, for reasons of commercial convenience, some insurance companies offer a mixed contract. It does not cover only one risk “accident” or “illness” but covers both risks for the insured.


IV. Some human insurance activities in Vietnam


Currently, Vietnamese insurance companies are implementing a number of human insurance services, such as:


Chapter 4 - Human Insurance


1. Life insurance


2. Personal accident insurance, illness insurance


2.1. Passenger accident insurance


All passengers traveling on public transport vehicles licensed by the State to transport passengers are insured for life and health.

Passengers' lives and health are insured in case of natural disasters (bad weather, storms, tornadoes, lightning, floods...), unexpected accidents (collisions, fires, explosions, vehicle overturning...)

...), caused by technical problems, driver negligence...


Passengers who have purchased tickets (or have received exemptions or discounts from the time they board the vehicle until they leave the vehicle at the last stop stated on the ticket) are automatically insured.

Insurance premiums are included in the ticket price. Insurance premiums depend on the amount paid for fatal accidents, injuries, the type of passenger vehicle, the distance traveled, the route of transport...

Insurance premiums are calculated based on the transport fare per passenger/km or on the transport fare (generally).

Insurance fee 1

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Number of seats

Number of vehicles in operation

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Number of days of operation

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2.2. 24/7 personal accident insurance.


2.3. Accident insurance for passengers (for vehicles carrying people but not for business purposes).

2.4. Tourist accident insurance.


2.5. Driver and co-driver accident insurance.


2.6. Crew accident insurance.


2.7. Flight crew accident insurance.


2.8. 24/7 student accident insurance.


Chapter 4 - Human Insurance


All students from kindergarten to university during their study, living, internship... are insured for life and health.

2.9. Hospitalization and surgical benefits insurance.


2.10. Human insurance.


2.11 Comprehensive student insurance (including 24/7 accident insurance and health insurance).

3. Personal life insurance


This insurance has been in place since 1990. Coverage covers death risks due to all causes.

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Insurance premiums are calculated by age: the younger the age, the lower the premium.


Human insurance is a necessary but also very difficult business. Whether this type of insurance develops or not depends on the level of organization, the level of education, and the income level of the population.


Chapter

5


Social insurance




National financial resources are distributed into funds: budget fund, reserve fund and social security fund.

Social security funds are also known as "social security", "social security" or "social security".

Social protection appeared very early, in the US since 1935. Until now, every country has social protection, but different in level and scale.

According to ILO Convention 102 (1952), the main protection mechanisms in the ILO - International Labor Organization's social protection system include 9 regimes. Of which, social insurance

considered the most important pillar, creating an alternative source of income in case of interruption of normal income, creating a source of compensation for medical care costs for protected persons and their families.


I- Concept and Subject of social insurance 1- Concept

According to the Vietnamese Encyclopedia : "Social insurance is a guarantee to replace or partially compensate the income of workers when they lose or reduce their income due to illness, maternity, work-related accidents and occupational diseases, disability, unemployment, old age, death, based on a financial fund contributed by the parties participating in social insurance, with the protection of the State according to the law, to ensure the safety of life of workers and their families, while contributing to ensuring social security."


Chapter 5 - Social Insurance


As the backbone of the social security system, social insurance is based on the principle of sharing risks. Social insurance participants are obliged to contribute to a common fund called the social insurance fund. This fund is used to replace or partially compensate for the income of social insurance participants when they lose or reduce their income from their profession due to loss or reduction of working capacity, or loss of employment.

Social insurance is an objective need of workers, has become one of the human rights and was recognized by the United Nations General Assembly and recorded in the Declaration of Human Rights on December 10, 1948, as follows:

"Everyone, as a member of society, has the right to social security and is entitled to the satisfaction of economic, social and cultural rights indispensable for his dignity and the free development of his personality."

Social Insurance in Vietnam is essentially a social system of the State. Social insurance is a legal system that protects workers, by concentrating financial resources mobilized from contributions of workers, employers (if any), and State funding to provide material support to insured people and their families in case of reduced or lost income due to risks of illness, maternity, work accidents, occupational diseases, reaching retirement age as prescribed by law or death.

Although both apply the principle of mutuality, the large compensates the small to transfer risks among insured people and the contributed financial resources are centrally managed, Business Insurance and Social Insurance are two completely independent systems in Vietnam today.

Although countries have not yet reached an agreement on social insurance, they still build their own social insurance system.

2. Characteristics of social insurance

- Social insurance is a community risk-sharing activity based on the principle of "the majority compensates the minority" and the principle of "saving spending".

According to the principle of "the majority compensates the minority", the risks of one or a few people will be shared with many people participating in social insurance to bear together. In that way, risks in life such as: illness, work accidents and occupational diseases, disability, early death... which are the burdens of the few unfortunate people themselves and their families will become lighter when shared with many people. In other words, it is the expression of mutual support of the community - members of society through risk compensation through the social insurance fund.

According to the principle of "saving and spending", social insurance participants must "save" an income by regularly contributing that "save" amount to the social insurance fund when they have income to receive benefits when they are temporarily or permanently disabled from work.

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