DO INSURANCE COMPANIES COVER THE CONSEQUENCES OF TERRORIST ACTS?

DO INSURANCE COMPANIES COVER THE CONSEQUENCES OF TERRORIST ACTS?

After the sad events that took place in Paris last November 13, there are many who wonder if insurance will cover the expenses caused by the terrorist acts. In situations like these there is that regret multitude of damage personal and materials.

Who takes care of medical expenses and, if necessary, repatriation of wounded or deceased? Do all material damage cover insurance? Does the coverage of death by any cause of life insurance include terrorist acts? We addressed these and other questions here.

LIFE INSURANCE AND TERRORISM: COVERAGE OF DEATH BY ANY CAUSE

In theory, any cause is that, any cause. However, as life insurance is concerned, any reason is a somewhat narrower concept. This does not mean those who have contracted life insurance do not have coverage in terrorist attack. In this case, compensation is responsible the Consorcio de Compensación de Seguros.

As they reported in Belt.es in July 2005, the massive terrorist attacks who had suffered in Europe and North America gave rise to the transformation of the insurance industry worldwide. In Spain, given the magnitude of the tragedy and the magnitude of the terrorist threat the international reinsurance companies decided to refuse to continue to assume the life insurance in the event of a terrorist attack in Spain after the attack of 11 March 2004 in Madrid. And without international reinsurance, the cost is so high for national companies that the private insurance sector requested the Government not continue to assume these policies.

The Ministry of finance accepted and since 2006 the coverage of such risks is the responsibility of the Consorcio de Compensación de Seguros.

CONSEQUENCES OF TERRORIST ACTS AND OTHER INSURANCE

As you can read on the page of the Consorcio de Compensación de Seguros, in the section 'Covered risks', paragraph b, covered damage violently as a result of terrorism, rebellion, sedition, mutiny and popular tumult.

Moreover, with the entry into force of law 29/2011 September 22, recognition and Integral Protection of the victims of the terrorism, is the Administration who faces the damage and injuries suffered by victims for terrorist acts, being the Ministry of the Interior who must deal with complaints. This law aims to redress to victims through compensation and aid for personal or material damages that have been able to suffer.

MEDICAL CARE, REPATRIATION AND TERRORISM

In Spain, the victims urgent care, done through the national health system and, according to the law 29/2011 cited above, regulate the financial aid in prostheses, surgical operations and medical expenses in the amounts that are not covered by welfare systems that have victims.

Outside of Spain, each country has its own system, so what is good always travel with insurance to cover medical care in the country to which you travel, and if it is a country of the European Community, remember to obtain the European health insurance card.

Repatriation coverage can enroll in life insurance, health insurance, travel insurance and death insurance. In addition, you can hire a repatriation insurance. But, what if you don't have this coverage contracted in any of your insurance and suffer the consequences of a terrorist act? In general, the Government takes charge of the repatriation in extreme cases, such as terrorist acts.

SPECIAL INSURANCE COMPANIES AND THE INSURANCE FOR TERRORISM

As a result of the aforementioned attacks in Paris, the German insurance company Allianz announced it expects an increase in demand for insurance for terrorism, as it took place after the attacks of September 11, 2001 in New York.

Allianz, which has qualified limited the financial damage that will have for the German insurer Paris bombings. This is due to that damage from terrorism in France are covered by the reinsurer Gareat, as in Germany by the special insurance company Extremus, which was created by German insurers since the attacks of September 11, 2001 in New York to ensure damage by terrorism in Germany, and she also participates Allianz, which covers claims up to 2,500 million euros , amount that should be insufficient would increase to 7,500 million euros

As reported by the German insurer, from the Arab spring there is a growing interest in these special insurance, Allianz offers from May to other countries that are not Germany and France through a policy of industrial insurer Allianz AGCS.

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UP TO WHAT AGE CAN YOU HIRE A FUNERAL INSURANCE?

UP TO WHAT AGE CAN YOU HIRE A FUNERAL INSURANCE?

Obviously, as we age, the likelihood of death is increasing. By that them safe of life have an age maximum of procurement, that varies, depending on the coverage and the insurance. Most often the boundary between 60 and 70 years. Same happens with funeral insurance?

First, remember that a funeral insurance and life insurance have little in common, except that they are activated at the time of the death. In fact, they are very different products. In the case that concerns us, while life insurance may not be charged if he survives to age, the funeral insurance will activate sooner or later (as long as the corresponding premiums have been satisfied).

The question that really interests us today is up to what age you can hire a funeral insurance and if you can hire overcome age that normally allow other insurance, such as life. More specifically, a retiree can insurance of deaths to 65 or 70 years?

Taking into account the increase in the risk, as we said at the beginning, it is easy to think that perhaps at this age insurers aren't willing to make to anyone. In fact, this age not only not you can hire a life insurance, but it also you can hire a private health insurance (unless the person take secured a while with the company).

In the case of funeral insurance is different. Although each insurance company is different, the truth is that some companies that allows you to buy certain deaths from age 65, but in certain conditions, as it can be expected. Taking into account that the life expectancy in Spain more than average 80 years (although that greater in women than in men) and that this figure increases each year, it stands to reason that it still is apart from this type of insurance contract.

A curious fact, did you know that life expectancy has increased to 40 years in the last century?

Following search with the subject that concerns us, we will say that, beginning at age 65, insurers only allow to hire a funeral insurance single premium. What is this? We see it then

FUNERAL INSURANCE FOR THE ELDERLY

There are four types of bonuses that can be applied or hire in the insurance market deaths, which are: level premium (the insured pays the same premium each year throughout his life), natural raw material (to carry years premium increases), mixed premium (as it increases the age premium is doing at the same time until it reaches a certain age and becomes constant) and single premium (all the premium is paid in a single payment).

As it stands to reason, the ter first types of bonuses, taking into account the risk, they would be profitable for the insurance company.

The fact that the contracted funeral insurance from age 65 only to single premium implies a high cost of insurance, compared to the rest of insurance. As it is to be expected, as age increases, also increases the premium, and can reach a point where no insurer accepts the hiring of a funeral insurance.

In this sense, it is worth highlighting the importance of a funeral insurance contract arise if 65 or 70 years if it has not already. Perhaps the premium is high, but only paid once, the advantages are many, since you can forget about what will come after (rises of CPI, return receipts, etc.) and your family will have an issue resolved in a moment as hard as it is the lose a loved one.

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