Insurance Compensation

Compensation, Insurance

 

the amount paid by an insurance company to the insured when covered damages occur. In the USSR, insurance compensation is paid by the Central Administration of State Insurance, or Gosstrakh. The amount paid depends on whether or not the property was insured for its full value and on the extent of the damage. Under obligatory insurance, damages are reimbursed in the full amount of the coverage in cases of total loss of property and in the specific sum provided for by the policy in cases of partial damage. Under a voluntary insurance contract, insurance compensation is paid in an amount equal to the losses incurred but within the limits of the coverage (for example, the Civil Code of the RSFSR, art. 388).

Two systems of computations are used to determine the amount of a loss in cases of partial damage to property not insured for its full value. With the proportional liability system, which is more common, the ratio of insurance compensation to the value of the damages is equal to the ratio of the coverage to the insured interest, that is, the actual value of the insured property. Under the system based on the first loss principle, which is used to insure chattels and transportation, insurance compensation is paid in the amount of the full value of the incurred damages but within the policy’s coverage.

References in periodicals archive ?
Petersburg and the Leningrad region paid insurance compensation for the fire-damaged country house located in the village of Koskolovo, Kingisepp district.
This insurance compensation claim relates to a pension foundation which was a guarantee insurance client of Garantia in 2011 and which in December 2011 was placed in administration in accordance with the Act on Pension Foundations (1164/1992, as amended).
Where is the insurance compensation we keep hearing about?
The Insurance Compensation Fund of the Motor Insurance Bureau of Ireland usually coughs up more than 90% of damages.
It receives no government funding or insurance compensation.
Kirsch noted that the reclassification of CES devices to class ll will greatly improve healthcare providers' ability to treat such conditions as anxiety and depression with an effective alternative to drug therapy and open the door to broader insurance compensation.
WFAC is currently focused on reclaiming mis-sold payment protection insurance compensation for hundreds of thousands of customers across the UK.
Companies behind calls about payment protection insurance compensation and other unsolicited messages will be hit with penalties of up to 20 per cent of turnover.
and paid 646mln AMD in health insurance compensation.
Lloyds Banking Group is tipped to post a pre-tax profit of more than [pounds sterling]3bn for the first half of the year, despite increasing its payment protection insurance compensation pot, while it moves towards privatisation.
They also set aside another PS150million to cover the cost of payment protection insurance compensation and another PS150million on an IT project.
3m by the City watchdog after up to 140,000 customers had their payment protection insurance compensation payments delayed.

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