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The APESEC (Peruvian Association of Insurance Companies) is a system for the protection of man and his assets against various events that threaten his integrity, his life, his interest and his property. The Insurance guarantees the compensation of capital to repair or cover the loss or damage that appears at any time, receiving as consideration an advance price for the protection service it offers.
And basically fulfills the following functions:
compensation function.
The Insurance guarantees the compensation of a capital to repair or cover the loss or damage that may occur at any time both to the man and to his assets.
Compensation is the amount of money disbursed by the insurance company in favor of the insured, when an event occurs that may damage the insured person or his assets.
The insurer can comply with the obligation to indemnify in various ways:
Paying in cash the assessed amount of the damages.
Repairing or replacing the damaged item at your expense.
Providing services: health insurance, treatment in hospitals.
Financial Function: It fulfills this function to the extent that it efficiently manages the money it receives in the form of premiums until the moment in which the payment has to be made.
The Insurance Broker is an Anglo-Saxon terminology to refer to a broker or
intermediary whose function is to advise the client on everything related to insurance, put the insured (client) in contact with the insurer (insurance company) and carry out an insurance contract. With extensive technical, commercial and risk management knowledge, whose. Duties and Obligations are detailed in Art. No. 14 of Resolution SBS 809 – 2019 (SBS Superintendence of Banking and Insurance).
The service fees of an insurance broker or brokers are paid by the Insurance Company, which assumes the commission to the broker for each compensation provided or each client, said to be considered within the premiums, according to Law. The service it doesn’t cost the customer anything, instead it saves them time and gives them peace of mind when taking out insurance.
The insurance company is the one that provides financial coverage to insured clients in the event of a contingency. According to the APESEG, it is the legal entity that professionally assumes the risk by receiving a price called a premium. Its activity consists of assuming and managing external risks, directly through insurance contracts, or indirectly, as occurs in accepted reinsurance.
Characteristic:
It must be a legal person, that is, an entity or company, not a natural person.
Authorized by the Superintendence of Banking and Insurance to operate in the national territory.
In the case of contracting a foreign company, domiciled in another country, there is no impediment to contracting these services. However, it is necessary to keep in mind that in the case of defending your rights as an insured, you cannot resort to the Superintendence.
Historically, insurance is divided into two types: Patrimonial insurance and personal insurance.
Patrimonial or Damage Insurance
They refer to the coverage of things or goods such as Fire, Theft; Hulls, Maritime Transport. This group is characterized by having an insured sum limit up to its real value. These damage insurances are strictly indemnity, being necessary for its validity that at the time of contracting there is an insurable interest.
Personal Insurance
It includes the different modalities of insurance on life and others linked to the human person, such as illness, medical assistance, personal accidents, disability, among others. They are characterized by being contracted for variable and practically unlimited sums insured.
It is the proportional part between what an Asset is really worth vs. what was declared in the policy and at the time of a claim that has coverage, it will be applied equally, on the amount of the loss.
It is the assignment of risk by the insurer (assignor) to another entity called reinsurer, according to the prescriptions indicated in a Special Agreement called Reinsurance Contract. If coinsurance is the horizontal distribution of risk, reinsurance is the vertical distribution of risk. A co-insurance share can also be reinsured.
The deductible is an amount that corresponds to the insured in case of an accident covered by the policy. It can be a fixed amount or a percentage of the sum insured or the amount to be compensated.
The Commercial Value is the replacement value to new in case of an accident or eventuality, at the moment of which its depreciation for use, condition, age and characteristics is subtracted. In vehicles it is also known as market value.
Vehicle insurance is a product of insurance companies to cover compensation for accidents caused during the movement of vehicles.
Its coverages are: personal injuries that include compensation for death, invalidity, and incapacity of the victims of the accident, as well as the payment of medical, hospital, surgical, pharmaceutical care expenses and recovery or rehabilitation expenses of the injured person and material damages that include compensation to third parties for damages caused by the insured to third parties in their assets, as a result of the accident.
Because in our market there is free sale of used vehicles and a commercial market value is established. It is not possible to insure at new value since it would lend itself to many preferring to have their vehicles stolen to get a new one.
Auto insurance is a financial safeguard for your assets. They provide protection and support in cases of loss in an unexpected event, theft or if it requires the repair of damages.
The purpose of a Health Insurance Policy is to ensure the necessary capital (money) in the event of an unfavorable event (illness or accident), covering the costs of hospitalization and care for some illnesses, in some cases all illnesses.
The preventive check-up is carried out once a year and corresponds to all active members in an EPS.
At the time of requesting my affiliation to the EPS, I must attach my health record duly filled out, add proof of my previous EPS and attach my accident report
It is a letter issued by the clinic or medical service provider; necessary for hospitalizations, exams and/or medications. The guarantee letter is valid for 15 days, as long as your health plan is active.
The coverage in the EPS is not lost, however the attention in EsSalud is only for specific cases duly accredited under a reference letter issued by the insurer according to the diagnosis presented.
Yes. It must be reported since the new line of business may constitute an aggravation of the risk.
Only to transport units that circulate by land. For the purposes of maritime and air vessels, they may be provided but each one under its line of business, that is, under Maritime and Aviation Hull insurance, respectively.
No, theft is not covered by All Risk Fire insurance.
Yes, it is feasible as long as they form part of the Declared Value in the policy and are under the control and custody of the insured.
Compensation will be made on new materials, not being able to carry out the reconstruction with used materials.
No. Rain and Flood coverage corresponds to a risk of Nature, while Water Damage coverage refers specifically to water and drainage systems of a property or Industrial Facility.
No, the Theft policy covers the illicit appropriation of the insured’s property that forms part of the insurance, provided that it is committed by third parties unknown to the insured and by violent means, such as assault, breaking doors, windows, walls, etc., including the attempt to be able to do so as long as visible traces are left.
