Risk insurance for financial risk participants. Financial risk insurance market. Credit risk insurance

Insurance companies can fully protect their clients' funds. Banking organizations actively use the services of insurers to protect their funds. They issue loans only to those clients who have taken out the appropriate insurance. It serves as a guarantee for both the bank and the client. The fact is that the bank is guaranteed to receive funds from the insurance company if the client has a debt. And the client receives a guarantee that he will not pay his debts on his own, but with the help of an insurance company.

Entrepreneurs also very often turn to insurance. For example, one company closed for five days, causing it to lose all income. The insurance company paid the entire amount that was lost during this time. Sometimes it is precisely such insurances that prevent legal entities from going bankrupt.

It should be understood that companies cover only those risks that are specified in the contract. But the risks themselves depend on the types of insurance. You can get credit risk insurance, or you can take out investment risk insurance.

Species

Insurance companies can insure all finances of legal entities and individuals. This is where many types of insurance come into play. Let's look at the most common types that are issued every day.

Financial guarantee insurance

This type of insurance is presented in the form of a guarantee. The company is presented in the form of guarantees that all obligations between the investor and the borrower will be fulfilled. Such insurance is issued for securities, bonds and other documents.

Credit risk insurance

Basically, such insurance is used by banking organizations in order not to lose funds that are issued as loans to clients. The essence of insurance is simple: the banking organization receives funds from the insurance company, and the borrower pays off the debt with the help of the company. Credit risk insurance is especially often used by banking organizations that issue large sums to borrowers.

Investment risk insurance

Individuals and legal entities who earn money by investing money in companies can insure themselves against non-fulfillment of obligations by such companies. Subjects insure themselves against complete loss of permanent income or partial non-payment of money.

Asset insurance

The company can issue insurance for tangible and intangible assets. Such insurance is issued only to those individuals and legal entities that own the assets themselves. For example, it can be issued by the tenant, who is actually responsible for the safety of the property.

Where can I get insurance?

Not every company can issue financial insurance. The fact is that there is a complex procedure for assessing all risks, and it is also very difficult to calculate the real value of the insured object. In Russia, large companies provide such insurance. Let's look at a few of them.

Ingosstrakh

The first thing you need to know about such an insurance company is that it was created in 1947. This indicates extensive experience in the insurance industry. The company also has many positive reviews and a high AA++ rating.

Guta insurance

This company was opened in 1994, but is already among the top 20 insurance companies in Russia in terms of total insurance premiums. Guta Insurance has an A+ rating, which was obtained during an examination from the most reputable independent company “Expert”. This fact confirms the presence of solvency.

Price

Finding out the cost of insurance is quite difficult. It's all about the insurer's assessment of risk. The cost is obtained by multiplying the base tariff rate by the coefficients. The coefficient itself can be either positive or negative. The maximum positive coefficient is 5.0. And the maximum negative coefficient is 0.9.

Many factors determine the size of the coefficient. Among them are the region of the country where insurance is issued, as well as the reputation of the company. Don't forget about the policyholder himself. If an individual or legal entity has some debts, the coefficients will decrease.

Payments

Payments are made if an insured event occurs. The actual amount of payments depends on the final amount, which is obtained by multiplying the base tariff rate by the coefficients. It should be understood that in order to receive payments, the insurance company will have to conduct an examination to find out all the details of the insured event.

Introduction……………………………………………………………………………….3

1. Features of finance insurance………………………...…………4

1.1. Economic content and functions, types of insurance, their relationship with the functions of finance………………………………………………………..4

1.2. Formation of finance in insurance………………………………….8

1.3. Formation and use of insurance reserves………………..…..10

2.Analysis of income and expenses of the federal budget of the Russian Federation for 20 -20...............................................................................................................................13

2.1. Analysis of income and expenses of the federal budget of the Russian Federation for 20…..13

2.2. Analysis of planned indicators of the federal budget of the Russian Federation for the period 20 -20.

Conclusion…………………………………………………………….

References…………………………………………………….

Introduction

The relevance of the abstract part of this course work is determined by the fact that the insurance market is one of the important components of the market economy and financial market, ensuring the financial stability of the economy and the protection of its subjects from risks and uncertainties, because it is a system for organizing monetary relations arising in the insurance process and ensures the needs of the economy and its subjects to receive monetary support in the event of unfavorable unforeseen events and cases. In the insurance market, financial resources of insurance organizations are formed and used, including insurance reserves and funds, to compensate for losses and damage to economic entities through payments. The main goal is to consider the economic content and main functions of insurance, as well as the features of the formation and use of insurance funds. The object of the study is the insurance system, as well as insurance relations - monetary relations that arise in the insurance process.

The calculation part of the work presents an analysis of income and expenses of the Federal budget for a certain period of time, the analytical task of which is primarily to study the structure, dynamics and structural dynamics of income and expenses of the Federal budget of the Russian Federation.

1. Features of finance insurance.

1.1. Economic content and functions, types of insurance, their relationship with the functions of finance .

Insurance is a contract in which one party (called the insurer), in exchange for compensation (called a premium), undertakes to pay another party (called the insured) a specified amount of money or its equivalent in kind after the occurrence of a specified event affecting the insured's interest. The economic essence of insurance consists in the formation by specialized organizations - insurance companies - of an insurance fund formed from the contributions of policyholders (premium), from which losses incurred by policyholders as a result of insured events covered by insurance are compensated. Insurance is divided into property, personal and third party liability insurance and can be in a mandatory form, arising by force of law, or in a voluntary form, embodied in an insurance contract between the policyholder and the insurer. The main organizational form of insurance is a joint-stock company, along with which insurance can take a mutual form, for example, mutual insurance clubs. Economic category, a set of forms and methods for the formation of target monetary funds and their use for compensation for damage in the event of various adverse events, as well as for providing assistance to citizens and (or) their families upon the occurrence of certain events in their lives (survival, death, injury, disability and etc.). insurance is implemented through an insurance legal relationship. According to the form of insurance, insurance is divided into compulsory (by virtue of law) and voluntary (by virtue of an agreement between the parties). According to the content of the insurable interest, a distinction is made between personal insurance (life, health of individuals), property insurance (property objects) and civil liability for damage to third parties (for example, in connection with the operation of a car, aircraft, nuclear installation, etc. as a source increased danger), each type of insurance in foreign practice is generically called an insurance class. Each class of insurance is confronted with a corresponding risk (or group of them) and associated risk circumstances (subject to a comprehensive assessment by the surveyor and adjuster). Therefore, foreign theory and practice considers insurance as the primary placement of risk. The Law of the Russian Federation “On Insurance” defines insurance as a relationship to protect the property interests of individuals and legal entities upon the occurrence of certain events (insurance events) at the expense of funds formed from the insurance contributions (insurance premiums) they pay. A special area of ​​insurance is reinsurance (as a secondary placement of risk). The form of securing obligations in economic and civil law is implemented through a system of financial compensation in the event of unfavorable circumstances in exchange for the predominantly regular payment of small sums of money (insurance premiums), from which an insurance fund is formed, invested by an authorized person (insurer) in income-generating assets. At the same time, the rational economic activity of the insurer acts as a form of financial intermediation, based on deep knowledge of the likelihood of an insured event.

In accordance with the law of the Russian Federation “On the organization of insurance business in the Russian Federation,” the entire set of insurance relations can be divided into 3 sectors. The division of insurance into industries is based on differences in the objects of insurance.

In personal insurance, the object of insurance is property interests related to the life, health, ability to work and pension provision of the policyholder or the insured person. In accordance with the Conditions for licensing insurance activities on the territory of the Russian Federation, personal insurance includes:

1. Life insurance.

2. Insurance against accidents and illnesses.

3. Medical insurance.

In property insurance, the object of insurance is property interests associated with the ownership, use and disposal of property.

Property insurance includes:

1. Insurance of ground transport.

2. Air transport insurance.

3. Insurance of water transport vehicles.

4. Cargo insurance.

5. Insurance of other types of property.

6. Insurance of financial risks.

In liability insurance, the object of insurance is property interests associated with compensation by the insured for harm caused to the person or property of an individual, as well as harm caused to a legal entity.

Along with the classification of insurance by industry, sub-industry and type, forms of insurance are distinguished (Fig. 1.1).

Rice. 1.1. Insurance forms

Such insurance is called compulsory when the state establishes the obligation for the relevant circle of policyholders to make insurance payments. The obligatory form of insurance applies to priority objects of insurance protection, i.e. when the need to compensate for material damage or provide other monetary assistance affects the interests of not only the specific injured person, but also public interests. The Civil Code of the Russian Federation (Article 927) provides for compulsory state insurance, which is carried out by insurance organizations at the expense of the state budget, and compulsory insurance, which must be carried out from other sources.

Voluntary insurance operates by force of law on a voluntary basis. The law may determine the objects subject to voluntary insurance and the most general conditions of insurance. Specific conditions are regulated by insurance rules developed by the insurer.

1.2. Formation of finance in insurance.

Insurance is a special type of economic relationship, therefore the economic and financial foundations of the activities of an insurance company differ from other types of commercial activities in market conditions. The differences relate primarily to the issues of developing financial potential and maintaining the financial stability of the insurer.

In Fig. 1.2 shows a diagram of the formation and use of finances of an insurance company.

Fig.1.2. Formation of finances of an insurance company

The main sources of formation of the financial potential of an insurance company are:

• own capital;
• insurance contributions (premiums) of clients;
• income from investment activities.

Let's consider the main sources of formation of an insurance company's finances and the procedure for regulating insurance activities from the point of view of economics and finance.

1. The equity capital (own funds) of an insurance company consists of paid-up authorized capital, a reserve fund formed from profits, and retained earnings. In addition, the consumption fund and accumulation fund formed at the expense of the insurer’s net profit can be classified as own funds. A characteristic feature of own funds is that they are free from any external obligations. The insurance company's own funds are formed from two sources: from contributions from the founders and from profits received. In order to ensure the financial stability of the insurer, both in Russia and abroad, the law establishes a requirement for a minimum level of authorized capital

Financial risk insurance is a type of property insurance, which is essentially insurance against the risk of loss of profit or non-receipt of income due to various reasons.

Financial risks are different, for example, an individual (employee) can be insured against loss of income due to job loss (due to staff reduction, liquidation of an enterprise, etc.), a legal entity, for example, a bank - against losses associated with personnel errors, dishonesty of employees bank, etc.

Typically, insured events include: stoppage of production or reduction in production volume as a result of events specified in the insurance contract; bankruptcy; unforeseen expenses; non-fulfillment or improper fulfillment of contractual obligations by the counterparty of the insured person, who is the creditor of the transaction; legal expenses incurred by the insured person, as well as other events.

An example is the risks that became especially evident after the collapse of the securities market in October 2008.

It is possible to insure business risk, which is understood as “the risk of losses from business activities due to violation of their obligations by the entrepreneur’s counterparties or changes in the conditions of this activity due to circumstances beyond the control of the entrepreneur, including the risk of non-receipt of expected income.”

Rosstrakhnadzor has established increased requirements for the size of the authorized capital (at least 2.5 billion rubles) for insurance companies engaged in insuring financial risks.

Insurance against loss of profit due to a forced interruption in production (downtime) provides compensation for losses in the event of destruction or damage to certain property of the insured (machinery, production equipment, buildings, structures, etc.) due to caused events (fire, flooding, etc.). ), if the policyholder’s normal business activities cease (or their volumes decrease). The insurer compensates the policyholder for the loss of profit (unearned profit), which he could have received during the normal functioning of the enterprise for a period equal to the period of the forced interruption in production. The loss of profit (lost profit) of the insured may be compensated if the interruption in production occurred as a result of damage (destruction) of property that is not the property of the insured, but transferred to him for use in accordance with concluded agreements (lease, joint venture, etc.).

The amount of insurance compensation upon the occurrence of an insured event is usually determined on the basis of the policyholder's reporting documents and special calculations (the average profit for a certain period preceding the conclusion of the insurance contract or preceding the forced interruption in production, and the average profit for the period are established). More often, this period is taken to be 12 months. If it turns out that during the control (standard) period the policyholder did not receive any profit, then the insurer has the right to refuse to pay insurance compensation, since there was no loss of profit as such.

Insurance against the risk of unexpected legal expenses, those. expenses associated with the conduct of cases by the insured (legal entity, entrepreneur or just a citizen) in courts of general jurisdiction or arbitration courts. The insured event is the forced expenses of paying the state duty, the costs associated with the consideration of the case in court, the costs of paying for the assistance of lawyers, etc.

Insurance of financial risks associated with non-fulfillment of obligations by clients(counterparties) of the insured, for example, risk under a contract for the supply or purchase and sale of goods. This type of insurance also includes insurance of the bank’s financial risk, which is associated with non-repayment of loan funds, including under interbank loan agreements, non-payment of bills purchased by the bank, etc., as well as the risk associated with mistakes of bank employees or dishonesty personnel, which may result in unexpected payments and expenses.

Financial risk insurance under a loan agreement can be carried out under a separate loan agreement or a group of agreements (portfolio insurance). The insurer's liability limit is determined by the insured amount established by agreement of the parties and cannot exceed the amount of the loan issued with interest for using the loan. The bank can insure its financial risk for the entire amount of the loan issued with interest (or without interest) for its use or for a lesser amount.

This type of insurance is different from insurance of borrowers' liability for non-repayment of a loan, which is not currently provided in Russia. Their similarity is that the beneficiary of these types of insurance is, as a rule, a bank, and the insurance risk is associated with non-repayment of loan funds. However, the differences are associated with different interpretations of the insured event, the scope of the insurer’s liability and other differences.

Insurance companies are more willing to enter into insurance contracts with banks not for the entire amount of the loan issued with interest, but for 80-90% of this amount. The bank's share of participation in reimbursing the loss thus provided increases its responsibility and interest in repaying the loan. Before concluding an insurance contract, the insurance company assesses the degree of risk based on information provided by the insuring bank (documents evidencing the financial position of the borrower, feasibility study of the activities being financed, copies of the contracts under which the loan is provided, etc.). The amount of the insurance premium depends on the degree of risk, the loan amount and interest rate, the period of use of the loan and the type of security for the loan obligation.

The validity period of the insurance contract depends on specific risks and the conditions under which they occur. An insured event is the borrower's failure to repay loan funds and interest for their use after a certain period due to the insolvency (bankruptcy) of the borrower, intentional failure or improper performance of his obligations under the loan agreement, the impossibility of the borrower to fulfill obligations due to force majeure circumstances, etc.

Business risk insurance includes both the risk of loss of property and the risk of not receiving expected income. The insured under a business risk insurance contract can only be a person whose risk of losses from business activities is insured. You cannot insure someone else's business risk.

This is the main difference between this type of financial risk insurance. Note that this type of insurance allows an entrepreneur to protect himself from the risks of loss of property (capital) and income (interest on capital).

Banking risk insurance includes insurance:

cash in the bank's cash desk; contents of the subscriber safe; valuables placed in bank vaults; bank property; transportation of cash (“collector” insurance); bank employees from accidents at the expense of funds
jar; can from downtime; bank deposits at the expense of the bank; from accidents of bank depositors in the amount and term of the deposit at the expense of the bank; banking machines (ATMs); credit institutions carrying out transactions with plastic cards, etc.

Of particular interest is depositor interest insurance system(The Federal Law “On Banks and Banking Activities” provides for the creation of the Federal Compulsory Deposit Insurance Fund).

Since 2008, insurance of bank deposits of individuals has become mandatory in a number of cases on the basis of the Federal Law “On the insurance of deposits of individuals in banks of the Russian Federation.” In accordance with this law, bank deposits and bank accounts of individuals, regardless of their citizenship, placed in banks of the Russian Federation are subject to compulsory insurance.

Funds located in foreign banks on the territory of the Russian Federation and funds placed in foreign branches of Russian banks, as well as funds on bearer deposits, are not subject to compulsory insurance.

To carry out this insurance in Russia, a Deposit Insurance System(SSV), i.e. federal state program for the protection of household savings placed in Russian banks. The work of the DIC and the making of payments is organized and carried out by the State Corporation “Deposit Insurance Agency”

The maximum amount of compensation for 2009 is 700 thousand rubles.

With the increasing occurrence of extreme weather conditions and increasing risks associated with agricultural production, the role of agricultural insurance. In 2010, consideration of the bill “On Compulsory Agricultural Insurance” began. In accordance with it, compulsory agricultural insurance (crop and livestock insurance) is provided for those agricultural producers who enjoy financial or material government support.

Classic property insurance has features related to the insurance assessment of objects and determination of the insured amount in relation to valuables placed in the safe
or in a storage facility, securities on the date of the insured event, etc.

The insurance amount is established by agreement of the parties, taking into account the insured risk and the conditions for its manifestation, therefore the amount of the insurance premium is determined depending on the object and the period of insurance.

Property insurance for individuals and legal entities

Insurance of property of citizens is diverse and covers relatively independent types of insurance:

Personal motor transport;

Residential premises (apartment or room in an urban area) and the totality of their structural elements (floors, partitions), as well as finishing of the floor, walls, ceiling;

Buildings (dachas, cottages, bathhouses, etc.) and the totality of their structural elements (roof, walls, ceilings, etc.) taking into account their finishing;

Household and other property, i.e. household items, personal consumption, as well as household items;

Property from damage or death due to the explosion of steam boilers, gas storage facilities, gas pipelines, machines, devices and other similar devices;

Property from damage as a result of accidents of water supply systems;

Electronic equipment from so-called “electronic risks”;

Property in cold storage;

Pets, etc.

However, the object of property insurance for citizens cannot be documents, securities, banknotes, manuscripts, collections, unique and antique items,

products made of precious metals, stones, religious objects, etc., unless a special insurance agreement is concluded for specific property.

Each of these types has its own characteristics and differences when formalizing contractual relations between the policyholder and the insurer.

The property of citizens is usually divided according to the degree of its importance for meeting family needs into two categories:

Priority property, i.e. property of special importance and prime necessity, the destruction of which affects personal and public interests;

Other property, the destruction of which mainly affects the personal interests of citizens.

The destruction of property of the first category (a residential building and farm animals in the area where they are the source of food for the family) can cause extreme damage to the owner, in which he cannot do without outside help. Therefore, in the event of the destruction of this property, the state is forced to provide financial assistance to citizens.

Insurers of residential premises - adult apartment owners, responsible tenants (if the housing belongs to the state or municipal housing stock) or tenants (if the housing is rented, rented under an agreement), as well as members of their families and other persons with an interest in the insurance of this residential premises.

Only owners, responsible tenants, tenants or tenants of housing can be designated as beneficiaries under an insurance contract. Buildings, as a rule, are insured without division into structural elements and finishing elements, but they can also be insured in parts. In this case, the insured amount is established as a share of the cost of the building as a whole, corresponding to the insured’s share in the common property. Currently the so-called “boxed” home insurance, when a limit of insurance indemnity is established for all property located in a residential premises, without indicating the share ratio of various types of insured property.

Any adult family member can be the insured of home and other property owned by the entire family.

Summarizing all of the above, it should be noted that the property insurance market in Russia is constantly developing, firstly, due to the growing welfare of citizens, secondly, due to the rapid development of business and transport, and thirdly, due to changes psychology of the Russian population, which is increasingly aware of the importance of insurance in general and property insurance in particular.

Insurance, on the one hand, acts as a stabilizer of the economic and social situation in the country; on the other hand, it is a sphere of economics and business.

Dear readers! The article talks about typical ways to resolve legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:

APPLICATIONS AND CALLS ARE ACCEPTED 24/7 and 7 days a week.

It's fast and FOR FREE!

At the same time, it refers to methods that allow you to manage risk. The specificity of insurance protection is to compensate for damage when an insured event occurs.

What is it

In the Russian Federation, financial risk insurance is regulated by the Federal Law under number, which was adopted at the end of November 1992.

Amendments and additions have been made to it several times, the latest of which include innovations dated September 1, 2014.

The concept of “financial risk” refers to the risk that arises from various financial transactions and commercial activities. In them, goods act as currency, securities, and cash.

In a market economy, financial risk insurance is an industry that ensures economic freedom and individual rights. It is important in investment activities with capital of financial and industrial groups and holdings.

Financial insurance is directly related to compensation for probable losses if the insured agreements do not bring the expected return over time.

The amount of insurance compensation is determined by the difference between the insured amount and the acquired income from the insured business activity.

Rules

For financial risk, in accordance with the insurance rules, any individual or legal entity with legal and legal capacity can act as an insured or beneficiary.

He has the right to conclude an insurance contract in his own favor, but the possibility of concluding it in favor of a third party is not excluded.

According to the rules, financial risks include:

• losses of expected income associated with untimely sales of products, downtime of the enterprise's production facilities, and a decrease in profitability;
• establishment, financing of a newly created company;
• leasing, fluctuations in the exchange rate of the selling price of securities;
• violation by the counterparty of obligations under the transaction, its insolvency that appeared during the execution of the terms of the transaction.

Forms and types

According to the provisions of the insurance rules, the types of risks determine the forms of insurance for financial risks. For example, price risks are often insured using derivatives, that is, options, futures, and forward contracts used in exchange trading of securities.

Financial risk is divided into main types:

On commodity and stock exchanges, insurance of financial risks is called hedging. With it, insurance is carried out by concluding a reverse transaction, using reverse commodity and currency flows.

It is also accomplished by a counter sale or purchase of the same underlying asset. To replace one financial instrument with another, the correlation coefficient must have a negative sign, that is, the value indicators of the securities must be directly opposite.

Internal and external financial risk insurance

In the financial risk insurance market, its main types are identified, which are represented by external and internal risks.

External types of insurance include insuring enterprises by concluding an insurance contract and transferring the insurance risk to their counterparties.

With external insurance, specific financial risks of the enterprise arising in the course of the economic activity of the enterprise are insured in full.

It comes in two forms:

When implementing internal insurance, an enterprise insures its risks arising directly within it.

The internal insurance system includes providing compensation for possible financial losses in commercial transactions and introducing a system of penalties.

It allows the company to reserve financial resources. In addition, he can create a reserve to cover losses, unforeseen expenses, and future payments.

Features of the agreement

The financial risk insurance contract is drawn up individually, taking into account the specifics and objectives of commercial activity, financial capabilities in strict accordance with the instructions of the Civil Code.

It is concluded on the basis of a written application, the content of which is information about the subject of the contract, the list of insured events, the amount of the insured amount, the obligations assumed by the parties, the introduction of changes and additions.

But in any case, it is necessary to provide for the duration of its action and the conditions of imprisonment. Amendments to it are formalized in a separate agreement.

The contract may be terminated upon expiration, liquidation of the insurance company, if the insured provides knowingly false information, or the insured fails to fulfill obligations to the insurer, it is terminated by the insurance company unilaterally.

Also, at the request of the policyholder, it can be terminated at any time. it is signed by the parties.

What is an object

In financial risk insurance, its object includes the property interests of the policyholder regarding losses.

As a rule, they arise when the counterparty fails to fulfill or improperly fulfills its obligations to the policyholder.

Insurance of financial risks of legal entities

A legal entity has the opportunity to insure its systematic and unsystematic financial risks in order to obtain financial guarantees to ensure the protection of its interests if necessary.

There are no restrictions on the volume of compensation; they are determined depending on the value of the insurance object. It also sets the amount of insurance premiums.

Moreover, a legal entity can insure the enterprise in whole or in part, limiting itself to individual objects within a certain insured amount, in accordance with the list of insured events.

Where can I apply?

Many insurance companies have started their activities in this area of ​​insurance, despite the fact that it appeared not so long ago.

They offer various programs for insuring financial risks of individuals and legal entities, regardless of their form of ownership, organizational and legal status.

The programs offered by companies provide reliable coverage for damages incurred by the insured due to the fact that the counterparty was unable to fulfill its obligations on time.

At the same time, they serve their clients at a high level, provide consultations on issues that interest them, explain the provisions and rules of financial risk insurance, their concepts and where they are applied. Below are the conditions for their insurance in two well-known Russian companies.

Rosgosstrakh

The insurance company, within the framework of the financial risk insurance program, covers a fairly wide range of industries in which insurance is provided:

• transported goods from damage received, for example, damage, theft, robbery;
• sea ​​and river vessels, it provides comprehensive protection of property interests, allows you to conclude large international contracts, obtain loans secured by the vessel on favorable terms;
• risks of space activities with provision of insurance coverage at all stages of production and operation of space technology;
• agricultural risks, including voluntary crop insurance, providing insurance protection;
• construction and installation risks and civil liability in relation to third parties during construction and installation work;
• electronic equipment, within which the risks associated with its operation are covered;
• yachts and boats under a comprehensive program that provides insurance protection against all risks arising during the operation of the vessel.

The company provides its services to individuals and legal entities, providing effective insurance protection to its clients.

Lloyd City

There are frequent cases when the counterparty violates the procedure and deadlines for fulfilling the obligations with the policyholder specified in the transaction agreement or performs them improperly, as a result of which the policyholder suffers losses.

The financial risk insurance program offered by Loyle City can provide financial protection to the policyholder in the current situation.

The insurance company assumes responsibility under the contract concluded with the insured in the event of non-fulfillment or improper fulfillment of contractual obligations by the counterparty under certain conditions.

These include:

• recognition of the counterparty as bankrupt, liability begins from the moment of official publication of the decision of the arbitration court;
• the impossibility of the counterparty fulfilling its obligations to the insured on time, in the required form due to the suspension of production activities, reduction in production volumes due to the impact of fire, explosion, emergency situations, natural disasters.

The insurance company guarantees its clients to pay insurance compensation upon the occurrence of an insured event immediately and in full, if the policyholder promptly notifies the company about the incident.

Tariffs

When determining tariff rates for insurance of financial risks, the level of stability of market relations, the forecast for the future, that is, growth dynamics, the duration of the insurance period, and the type of commercial activity are taken into account.

Basic concepts:
insurance; property insurance; personal insurance; liability insurance; general insurance functions; specific functions of insurance; insurance funds; state consolidated reserve fund; self-insurance funds; funds and reserves of insurance companies; insurer; insurance agent; insurance broker; policyholder; beneficiary; insured event; sum insured; insurance appraisal; insurance rate; insurance premium; franchise; insurance loss; insurance compensation; insurance policy; reinsurance; coinsurance; regulation of the insurance market; social insurance; principles of state social insurance; social insurance benefits; reform of the pension system; personalized accounting. Economic essence and functions of insurance
Insurance is a set of monetary relations that arise when legal entities and individuals pay contributions to create special funds and use them to pay insurance compensation when insured events occur.
The reason for the emergence of insurance is the risky nature of production and human life. The characteristic features of insurance are the intended purpose of accumulated funds, which are spent only to cover losses in pre-agreed cases; the probabilistic nature of the relationship, since it is not known in advance when the corresponding event will occur, what its strength will be and which of the policyholders it will affect; special repayment of funds, since in non-contributory types of insurance they are intended to be paid to injured insurance participants, and not to each policyholder individually.
Insurance is classified according to various criteria.
From the point of view of the insurance object, a distinction is made between property, personal and liability insurance. Each insurance industry is divided into sub-sectors, and the latter into types. The objects of insurance relations in property insurance are property in various types and property interests of individuals and legal entities. This includes insurance of property of enterprises, citizens, cargo, business risk, etc. In personal insurance, the object is various events in the life of an individual. This includes life insurance, additional pension, medical expenses, accidents and occupational diseases, etc. In liability insurance, the object is liability to third parties (legal and physical) who may suffer damage (harm) as a result of any action or inaction of the insured. This includes civil liability insurance for vehicle owners, civil liability insurance for the carrier to passengers, etc.
According to the forms of implementation, compulsory and voluntary insurance are distinguished. The essential conditions of compulsory insurance (object of insurance, insured person, insured event, sum insured, insurance premium and terms of its payment, duration of the contract) are determined by law, voluntary - on the basis of an agreement between the insurer and the policyholder.
Insurance performs general and specific functions. The following are the general functions:

• formation of a special fund of funds;
• compensation for damage and personal financial support for citizens;
• prevention of insured events and minimization of damage.

Specific functions of insurance include:

• risky – redistribution of part of the insurance fund among the affected insurance participants in connection with the negative consequences of insurance events;
• preventive - the use of part of the insurance fund to prevent or reduce possible damage through preventive and repressive measures;
• savings - accumulation of the insured amount and payment of insurance coverage to the policyholder at the end of the insurance period (for long-term types of life insurance and additional pension);
• control – target orientation of the formation and use of funds and reserves created by the insurer.