The relationship between property insurance and life insurance

Life insurance and property insurance are the two main categories divided by insurance business. Their basic function is to pay a certain amount of financial compensation for the losses caused by unfortunate events. The main differences are:

1. The objects of insurance are different.

Life insurance is based on people's life and body as the insurance object, simply put, "people" as the insurance object; Property insurance is based on property and its related interests as the object of insurance (including property loss insurance, liability insurance, credit insurance, guarantee insurance and agricultural insurance, etc.)."objects" are the objects of insurance.

2. The amount of insurance is determined in different ways.

Since there is no distinction between high and low people's body and life, and it cannot be measured by money, when the insurance company underwrites life insurance, the amount of insurance purchased by the policyholder is agreed by both parties, and the insured amount of property insurance should be equal to the actual value of the insured property in one or more insurance companies (except medical insurance).

3. The concept of compensation is different.

In life insurance, when an insured accident occurs, the insurance company pays the policyholder the form of insurance money based on the insurance amount agreed by both parties is called "payment". If the loss is caused by a third party, the policyholder can not only obtain the insurance money from the life insurance company, but also obtain compensation from the perpetrator, and the insurance company cannot intervene and has no right to claim compensation from the third party. In property insurance, when an insured event occurs, the insurance company's compensation method is called "compensation". If the loss is caused by a third party, the insurance company has the right to recover from the third party in the name of the policyholder after fulfilling the compensation obligation, and the policyholder shall not benefit from it.

Therefore, in property insurance, the insurance company has the "right of subrogation".

In addition, life insurance contracts generally have a longer term, while property insurance contracts are shorter; Life insurance is generally savings, while property insurance is not; Ginseng insurance is mainly based on the solicitation business of ** people, while property insurance is mainly based on counter business.

1. The basic functions are different: property insurance is economic compensation, and life insurance is insurance payment.

2. The subject matter of insurance is different: the subject matter of property insurance is the property of the policyholder, and the subject of life insurance is the body or life of the policyholder.

3. The basis for determining the premium is different: the premium of property insurance is determined according to the insurance value, and the premium of life insurance is determined according to the policyholder's ability to pay.

Extended Materials. Insurance is a Chinese word, pinyin is bǎo xiǎn, English is insurance or insuraunce, the original meaning is safe and reliable protection; It is a tool used to plan life finances, a basic means of risk management under the conditions of market economy, and an important pillar of the financial system and social security system.

Insurance refers to the commercial insurance behavior in which the insured pays the insurance premium to the insurer according to the contract, and the insurer bears the responsibility for compensating for the property damage caused by the occurrence of the accident that may occur as agreed in the contract, or the insured bears the responsibility of paying the insurance money when the insured dies, is disabled, sick, or reaches the age and time limit agreed in the contract.

From an economic point of view, insurance is a financial arrangement for apportioning the loss of an accident; From a legal point of view, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for its losses; From a social point of view, insurance is an important part of the social and economic security system, and it is an "exquisite stabilizer" of social production and social life. From a risk management perspective, insurance is a method of risk management.

The function of economic compensation is the foundation of insurance, which can best reflect the characteristics and core competitiveness of the insurance industry. It is embodied in two aspects:

1. Compensation for property insurance: Insurance is to compensate for the actual loss within the validity period of the insurance, the scope of liability agreed in the insurance contract and the insured amount when a specific disaster occurs. Through compensation, the actual loss of existing social wealth caused by disasters and accidents can be compensated in value and restored in use value, so that the process of social reproduction can be carried out continuously.

Such compensation includes not only compensation for the economic losses caused by natural disasters or accidents of the insured, but also economic compensation for the economic compensation liability of the insured to a third party in accordance with the law, and compensation for economic losses caused by breach of contract in commercial credit.

2. Payment of life insurance: The insured amount of life insurance shall be determined by the policyholder after consultation with the insured according to the degree of need for life insurance and the policyholder's ability to pay, as permitted by law.

The difference between a life insurance contract and a property insurance contract.

1. The insurance money of life insurance has the nature of fixed payment, and in the event of an insured accident, the insurer pays the insurance money according to the amount agreed in the contract, while the insurance money of ordinary property insurance has the nature of compensation.

2. The insured amount of life insurance is mainly determined by the parties at the time of signing the insurance contract according to the economic income level of the insured and the demand for economic compensation after the occurrence of danger. The insured amount of property insurance is determined according to the value of the subject matter of insurance.

3. The term of life insurance is long-term. Insurance is often valid for years or decades or even for life, mainly to reduce costs and protect the interests of the elderly. The insurance period of ordinary property insurance is mostly 1 year, and it cannot be long-term.

4. The risks covered by life insurance are stable and regularly fluctuating. The probability of survival and death of a person, one of the bases for calculating life insurance rates, is based on the life table, which meets the requirements of most laws and therefore presents relative stability and regular variability.

5. The life insurance contract only requires that at the time of the conclusion of the contract, the policyholder has an insurable interest in the insured, but there is no limit on the amount, so there is no problem of excess insurance and duplicate insurance, and ordinary property insurance prohibits excess insurance, that is, the insurance payment of duplicate insurance cannot exceed the actual loss.

6. Life insurance is not only a social security system, but also a compulsory savings. The insurance premiums paid by the policyholder will eventually be returned to the insured or its beneficiaries in various forms. A life insurance contract is a kind of insurance contract of the nature of payment, as long as the accident specified in the contract occurs or the time limit agreed in the contract is reached, the insurer must pay the insurance money, regardless of whether the insured has suffered losses or has been compensated from other means despite losses.

Therefore, it is a means of saving and investing for policyholders. Ordinary property insurance, on the other hand, is purely commercial and limited to compensating for losses, with the purpose of ensuring the safety of property. In fact, property insurance does not occur every year, and due to the short term, most of the policies expire due to maturity, and neither compensation nor refund of insurance premiums.

7. According to the provisions of China's Insurance Law, life insurance and property insurance are operated separately, and companies engaged in property insurance cannot accept life insurance, and companies operating life insurance cannot accept property insurance.

The difference between property insurance and life insurance is: the subject matter of insurance is different! It's just that the object of insurance is different!

That is, property insurance is to insure the property for some unexpected situations (such as fire, some natural disasters, etc.), and life insurance is.

The object of insurance is the object of human life and body! The main scope of life insurance includes: accidental injury, death, accidental medical treatment, illness (major and minor illness) and so on!

Property insurance refers to insurance that takes property and its related interests as the subject of insurance, including property loss insurance, liability insurance, credit insurance, guarantee insurance, agricultural insurance, etc. It is a type of compensatory insurance that takes tangible or intangible property and its related interests as the subject matter of insurance.

Life insurance is insurance that takes a person's life and body as the subject of insurance. When people suffer an unfortunate accident or become incapacitated due to illness or old age, become disabled, die or retire in old age, the insurer pays insurance money or annuity to the insured or beneficiary according to the provisions of the insurance contract to solve the economic difficulties caused by illness, disability, old age or death.

One is to protect people, and the other is to protect property and responsibility

With the improvement of economic conditions, many people will prefer property insurance in addition to life insurance. So what's the difference between these two types of insurance?

1. From the names of the two insurances, it can be seen that the scope of coverage is different

1. Life insurance: mainly to protect people's body and life. When the insurer suffers from various circumstances such as accident, illness, disability, death, etc., the insurance company will pay the corresponding insurance benefits.

2. Property insurance: mainly to protect property, such as the loss of valuables, family property, etc.

Second, the amount of the two insurances is different

1. Life insurance: It is mainly decided according to the economic status of the policyholder, the type of insurance selected, and the amount of protection.

2. Property insurance: determined according to the actual value of the insured items.

3. The insurance time is different

1. Life insurance: The insurance period is long, which will be affected by various factors such as interest rates.

2. Property insurance: mostly short-term insurance, not affected by other factors.

Fourth, the nature is different

1. Life insurance: the main object is people, single. There is saveability.

2. Property insurance: not only for the insured items, but also for people in many cases.

5. Compensation is different

1. Life insurance: fixed amount of compensation.

2. Property insurance: compensation according to proportional apportionment and recovery.

No matter what kind of insurance it is, it is also an emerging industry that is slowly penetrating and popularizing in China. Through the education of various health knowledge, people also gradually know and understand the importance of insurance in life. I also realized why when a disaster occurs, foreigners always choose to stand by and even take pictures.

The main reason why Chinese people usually choose to rush into the fire to save their losses, but in many cases, the gains outweigh the losses, and the main reason is that they are empty of people and money.

From the cognitive point of view, if the family's economic conditions are acceptable. Then it is best to plan the overall income of the family reasonably, and try to invest a quarter of the income in insurance. In this way, when the risk comes, it can be better passed on.

Avoid a major blow to your family's finances and your family. Don't be naïve enough to get caught up in the idea that insurance is optional.

Life insurance generally protects a person's life and body, and when a person gets a disease or has an accident, there will be some compensation. Life insurance is based on one's own economic situation or the nature of the work to determine the amount of insurance, life insurance is generally more than one year, the insurance period is very long. Property insurance is generally to protect one's own property or some related interests, the premium of property insurance generally does not consider the interest rate, property insurance is mainly a guarantee, and life insurance is mainly a guarantor.

There is a difference, first of all, the people targeted by these insurances are completely different, and the general life insurance is aimed at the body and life, and then the property insurance is aimed at the property; And the way to determine it is completely different, and the life insurance will determine the corresponding amount according to the person's financial situation and the nature of the work.

For example, the basic responsibilities of the two are different, life insurance is the payment of insurance money, while property insurance is economic compensation; In addition, the object of life insurance is the body of the policyholder, while property insurance is the property of the policyholder.

1) The insured is different.

The insured of the life insurance contract is a natural person, meets the requirements of age and physical condition, and the policyholder must obtain the consent of the insured. The insured of a property insurance contract can be a natural person or a legal person.

2) The subject matter of insurance is different.

The subject matter of the life insurance contract is the life and body of the insured person. The subject matter of the property insurance contract is the material property and its interests.

3) The insured amount and insured value are different.

1. Insurance value: Life insurance has no concept of value, and it can be repeatedly insured for the same subject. The insured amount of property insurance must not exceed the insured value.

2. Insurance amount: The life insurance contract is a fixed amount contract, and the insurance amount is determined by the policyholder and the insurer through negotiation, and the insurance amount is paid according to the agreement. The insured amount of a property insurance contract is determined by the insured value.

4) Different safeguard functions.

The life insurance contract is a payment contract. Property insurance contracts are compensatory contracts.

5) The right of subrogation is different. The insurer of a life insurance contract does not enjoy the right of subrogation. Property insurance contracts: The insurer has the right of subrogation.

1. Who is the subject of the crime of insurance fraud?

The subject of the crime is individuals and units, specifically referring to the policyholder, the insured, and the beneficiary.

The policyholder refers to the person who has entered into an insurance contract with the insurer and has the obligation to pay the insurance premium in accordance with the insurance contract. The insured refers to the person whose property or person is protected by the insurance contract and has the right to claim the insurance money, and the insured himself or the person designated by the policyholder who has the right to claim the insurance money can be the insured. The beneficiary refers to the person who has the right to claim the insurance money designated by the insured or the policyholder in the life insurance contract, and the policyholder can be the beneficiary.

Where an appraiser, bridge referee, or property appraiser of an insured accident intentionally provides false supporting documents to provide conditions for others to commit fraud, it is to be punished as an accomplice to insurance fraud.

2. The nature of insurance subrogation:

Insurance subrogation is a legal right enjoyed by the insurer, and the insurer can exercise this right in accordance with the law, regardless of whether the insurance contract stipulates it. The insurer's right of subrogation is obtained ex officio on the basis of legal provisions, occurs with the conclusion of the insurance contract, and is of course vested in the insurer when the insured event occurs, and the insurer may exercise the insured's claim against a third party in its own name after paying the insured amount; The insurer may exercise its right of subrogation regardless of whether the insurer and the insured have agreed on insurance subrogation in the insurance contract, and whether the insured and the third party have agreed on insurance subrogation in their transactions.