What is most important when taking out multi-risk home insurance?
The most important thing without any doubt is the veracity of the declarations of the insured person with regard to the description of his home, such as capital, protections, m2, type of construction, situation, other characteristics and the faithful valuation of the home and the value of its contents.
This is of great importance, since in the event that the policy does not conform to reality, the Law contemplates the application of INFRASURANCE and the EQUITY RULE when determining compensation in a claim covered by the policy.
Is it important or necessary to detail the existence of special goods or of considerable value?
It is primordial, in fact there are items that must appear in the Particular Conditions perfectly detailed such as jewels, collections, objects of special value… Above all, those goods whose unit value exceeds a certain amount, which is stipulated by each Insurer. At the time of the occurrence of the loss, it is an essential requirement, the presentation of purchase invoices or justification of the pre-existence of the goods to be compensated. In the case of jewelry and objects of value, not everyone has a purchase invoice, so the pre-existence can be justified with photographs, videos or what we consider as the best option, the appraisals of jewelers.
What is underinsurance and the rule of equity?
UNDERINSURANCE: Es una Regla proporcional que se aplica en la valoración de la indemnización de un siniestro cubierto por la póliza, cuando el valor asegurado es inferior al valor real, entendiendo por valor asegurado el capital que el asegurado declara en la póliza y por Valor Real, el valor que realmente tienen o valen los bienes que aseguramos.
RULE OF EQUITY: It is another proportional rule that is also applied in the valuation of the compensation of a loss covered by the policy, when the client has declared or has omitted characteristics or protections of the property that do not correspond to reality influencing these characteristics in the calculation of the premium or price of the insurance.
Another very important aspect to take into account when taking out insurance is the form of insurance, as the capital can be insured in different ways, such as…
A Real Value (which is the value an asset has at the moment immediately prior to the occurrence of the loss. That is, the value of the asset with its corresponding depreciation for use and time).
At New Value (is the value of the good considering it as new, at the market price at the time of occurrence of the loss). It is also called Replacement Value.
At First Risk, which is another form of insurance, in which the Insured and the Company accept a limit of insured capital regardless of the real value that exists, thus, no underinsurance is incurred.
What is death insurance?
A death insurance is an insurance contract that covers the expenses arising from the burial of the insured or insured, as well as all the formalities and formalities to be carried out at the time of death.
Is there a choice between burial or incineration?
Of course, the insured capital contemplates both options when the time comes. Some include only temporary niche, while others include it in perpetuity, and usually the insurance usually includes services such as:
Ark, hearse, preparation and presentation of the deceased, burning chapel or mortuary room and book of signatures. – Processing of the necessary documentation for the inscription of the death in the Civil Registry. – Religious service and other complementary services: crowns, accompanying vehicles, reminders, etc. – Entrance fees to the cemetery, burial expenses in niche and niche with tombstone or incineration with ash urn….
What is health insurance and what types are there?
It is an insurance contract for medical services, to have access to private medicine.
There are several types, the most demanded is the concerted medical group with or without co-payment, which consists in that the insured have the right to all the contracted services attended by all those doctors, clinics and hospitals that appear in the concerted medical group. Within this modality it is possible to contract by modules: from primary care only, specialists, diagnostic tests and hospitalization and surgical interventions.
Another widely marketed product is the reimbursement of expenses, which consists of the insured going to the private doctors they wish, without these having to appear in the medical list of the insurer.
In the event that the doctor, clinic or hospital visited is not on the medical list, the client will pay the bill and the insurance company will normally reimburse 80% of the bill if it is in Spain and 90% if it is abroad. On the other hand, if you are on the medical list, you will not have to pay anything.
There are also expatriate health insurances that include health care abroad. Not all countries have a free health system like Spain and in the case of Europe and Switzerland, the European Health Insurance Card could cover certain medical expenses in whole or in part, but for a maximum period of 2 years. Many companies are concerned about taking out insurance for employees and their families displaced for work reasons, as this assistance is essential in the event of an accident or illness. These insurances generally cover maternity, primary care, repatriation, dentistry, medical treatments, hospitalization, and even legal assistance or Civil Liability.
What is deficiency and co-payment? Civil liability.
The grace period is the time that must elapse from the time the health policy is taken out until the benefit can begin to be enjoyed. This period does not apply to all coverages, but for some it does have to wait until the expiry of this grace period. For example, benefits such as childbirth, which usually have a lack of 9 or 10 months in almost all products, or surgical intervention for illness which usually has a lack of 6 months in general. If the insured person changes company providing the previous policy and proving that he or she has not ceased to be privately insured, the deficiencies in the new policy taken out are eliminated.
