insurance period Dictionary

October. 11,2020
insurance period Dictionary

The insurance period is also called the “insurance period”, the period of protection offered by the insurance policy. This is the time that elapses between the start of insurance liability and its termination. Different insurance contracts have different insurance periods. The insurance period is not only the period of responsibility of the parties to the contract to exercise their rights and assume their obligations, but also an important basis for the insurer to calculate insurance premiums. There are generally three calculation methods for the insurance period: ①Calculated as a function of time. The insurance period for fire insurance and personal insurance is calculated as a function of time, that is to say that insurance liability begins at midnight on the day agreed by both parties and ends at 24 h at the end of the contract; ② Calculated according to the trip. The insurance period of the transport insurance is calculated according to the transport route, that is to say the goods at the destination; alCalculated according to the project. The insurance period for construction engineering and installation engineering insurance is calculated according to the project period, i.e. from the start of the project to the completion of the project .




The insurance period is also called the “insurance period” and refers to the effective period of the insurance contract, that is to say the time when the parties to the insurance contract exercise their rights and obligations. Since the insurance period is one of the bases for calculating insurance premiums on the one hand and the period of responsibility of the insurer and the insured to fulfill their rights and obligations on the other hand, it constitutes one of the main contents of the insurance contract. Regarding the specific start and end time, the laws of different countries have different regulations. Current insurance clauses generally stipulate that the insurance period runs from zero hour from the agreed start date to the end of the normal 24 hours. It should be noted that the insurance period is different from the period of performance of the obligations of both parties, as stipulated in the general contract, and the actual performance by the insurer of the payment obligation may not be included in the insurance period.


Property insurance is divided into fixed-term insurance and non-periodic insurance according to different insurance periods.


Term insurance calculates the start and end of the insurance liability based on a certain period: year, month, day and hour. Among these, long-term insurance is more than one year and short-term insurance less than one year. Different tariffs are determined accordingly the standard. Once the insurance period has been determined, there is no particular reason and cannot generally be changed at will. Unplanned insurance, also known as travel insurance and travel insurance, the start and end of his insurance liability is not determined by a certain time standard, but by the process of action of the insurance, such as ship insurance and freight transportation insurance.


Social assurance


The social insurance subsidy period must meet the following requirements:


(1) The duration of social insurance subsidies must be consistent with the duration of the employment contract and the maximum duration must not exceed 3 years;


(2) With the approval of local labor and financial security authorities, the period of social insurance subsidies may be extended accordingly. The funds required for social insurance subsidies over 3 years will be charged to the local financial authority which has approved the extension of the period of social insurance subsidies;


(3) Benefit from social insurance subsidies, social insurance subsidies are combined for a period of up to 3 years;


(4) After the employee's individual complaint and the work safety service verify that the employer has terminated the employment relationship with the dismissed worker and the unemployed person hired in advance due to difficulties in operations outside production and personal faults of the self-employed person, he continues to pay the social insurance premiums directly for the employee. The full grant expires.


Home Insurance


Insurance Period for Business Property Insurance


Refers to the effective insurance period from the start of insurance liability until the end of insurance liability; this is the period during which the insurer assumes responsibility for compensation for losses suffered by the insurance property in the context of liability insurance for natural disaster or accident, i.e. - say that the acci Dent insurance only occurs in During the insurance period, the insured is responsible for compensation.


The insurance period for business property insurance takes effect from midnight on the start date agreed by both parties to the insurance contract and ends at midnight on the expiration date . Therefore, it cannot be assumed that the insured has delivered the insurance policy to the insurer and that insurance liability has already started. In the absence of special circumstances, the insurer generally does not start insurance when the insured is insured. If the insured insists on insuring the insurance immediately, he must fully understand the situation and approve X years X months X on the insurance policy and the insurance policy. Guaranteed from time to time to clarify responsibilities.


The insurance period for business property insurance is generally one year, and it can also be insured for many years (if the insurance period is limited to 3 years, the insurance premium may be settled by the annual or quarterly payment of the amount of the book of insurance goods), if there are special circumstances, such as storage Materials can also be insured for short-term insurance, but premiums must be collected at the short term rate, and if they are less than a month, they are calculated on a monthly basis.


Once the insurance period has been determined, without any specific reason, it is generally not arbitrarily modified, but the insurer and the insured may propose to modify or terminate the insurance liability period according to the provisions of the clause insurance or the actual situation. If the insured requests the cancellation of the unit If the insured fails to fulfill all the obligations stipulated in the insurance clause, the insurer will cancel the insurance liability from the date of notification.


Calculation method


There are generally two methods of calculation for the insurance period of an insurance contract:


1. Calculate by year and by month. If property insurance is generally 1 year, the contract can be renewed after expiration. Life insurance has a longer insurance period, including 5 years, 10 years, 20 years and 30 years.


2. Take the start and end of an event as the insurance period. For example, freight and medium transportation insurance may take a trip as the insurance period, while the construction and installation project will take the construction period from the date of construction to the date of acceptance of the appointment as insurance period.