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 ?
Their services include: Compensation Plan Design, Territory & Quota Optimization, Assessment & Roadmapping, Workflow, Incentive Compensation Management, Insurance Compensation Management, CPQ, SPM & CPQ Vendor Selection, Reporting & Analytics, Data Management, Operational Support, Enhancement & Expansion and Customer Success.
Gershon and his father tried to claim insurance compensation but policemen, influenced by the anti-Semitic climate of the time, alleged that the family had faked the robbery.
This meeting was organized as a continuation of the General Committee of ENESA held on July 1, where it addressed the current situation of accidents through the Agricultural Insurance, as well as the technical sustainability of the System, the sufficiency of bonuses, the precise adjustments, stabilization reserves and reinsurance through the Insurance Compensation Consortium.
Summary: Farzana Anwar Ansari, mother-of-two is clueless where to go for her insurance compensation
the other bus company involved in the mishap paid Francisco Cabellida and Ruth Salopado P200,000 each as insurance compensation for their injuries.
Following the transactions, benefits for plan participants are now protected under Assuris, the life insurance compensation association designated under the Insurance Companies Act of Canada, versus prior protection under the Canadian Pension Benefits Guarantee Fund.
Ireland's Insurance Compensation Fund could have to pay claims from collapsed Danish insurer, Qudos.
Q I have been awarded payment protection insurance compensation, from which tax will be automatically deducted.
31: PACICC Risk Officers Forum Meeting, Property and Casualty Insurance Compensation Corp., Toronto.
State unemployment insurance compensation. Currently, quarterly state unemployment insurance compensation is estimated using monthly data from the Department of Labor's Employment and Training Administration (ETA) on the amount of benefits paid to unemployed workers by state.
CAA is dominated by either corrupt or incompetent mediocrity and cronies which is reflected by their failure to carry out proper investigation into any air crash that has occurred involving Pakistan registered aircraft nor have any next of kin got adequate insurance compensation, although fares charged are equivalent to those prevailing internationally.
Insurance compensation for a motor accident death is capped at S million, while there are lesser claims for non-fatal injuries.

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