THUONGMAI UNIVERSITY BANKING AND FINANCE DEPARTMENT DISCUSSION INSURANCE PRODUCTS AND SERVICES TOPIC INTRODUCING PRIVATE HOME INSURANCE PRODUCT OF BAO VIET INSURANCE COPORATION AND COMPARE THIS[.]
THUONGMAI UNIVERSITY BANKING AND FINANCE DEPARTMENT - - DISCUSSION INSURANCE PRODUCTS AND SERVICES TOPIC: INTRODUCING PRIVATE HOME INSURANCE PRODUCT OF BAO VIET INSURANCE COPORATION AND COMPARE THIS PRODUCT WITH PRODUCT OF BIDV INSURANCE COPORATION AND PRESENT YOUR GROUP OPINIONS ON GIVING ADVICE TO HELP INDIVIDUAL CUSTOMERS CHOOSE TO BUY ONE OF THOSE TWO PRODUCTS Group :3 Class : 2241FMGM0811 Teacher : Dang Thu Trang Ha Noi – 2022 List members of group No Name 13 14 15 Lê Trung Hiếu Lê Vũ Hồng Nguyễn Cơng Hùng Nguyễn Trần Quỳnh Hương Nguyễn Thu Huyền Nguyễn Đức Khánh 16 17 18 Phone number Position Member Member Leader Assigned word Result Score Member Member Member CONTENTS LIST OF ACRONYMS TABLE LIST INTRODUCTION CHAPER I: OVERVIEW OF PROPERTY INSURANCE 1.1 What is Property insurance ? 1.2 Property insurance subject 1.3 Property insurance coverage .7 1.4 Classification of property insurance 1.4.1 Compulsory fire insurance .7 1.4.2 Fire and special perils insurance 1.4.3 Business interruption insurance .7 1.4.4 Insurance for all office risks 1.4.5 Private home fire insurance .8 1.4.6 Other types of insurance 1.5 Rights and obligations of the parties involved 1.5.1 Rights and obligations of insurance enterprises .8 1.5.1.1 Insurance enterprises have the right to 1.5.1.2 Insurance enterprises are obliged to 1.5.2 Rights and obligations of the insurance buyer 1.5.2.1 The policyholder has the right to .9 1.5.2.2 The insurance buyer is obliged to 1.6 Main features of property insurance 10 1.6.1 Limited liability insurance according to property value 10 1.6.2 Property insurance applies the indemnity principle .10 1.6.3 Benefits can be insured and assign of insurance contract 11 CHAPER II: INTRODUCING PRIVATE HOME INSURANCE PRODUCT OF BAO VIET INSURANCE COPORATION 11 2.1 Overview of Bao Viet Insurance Coporation 11 2.1.1 History of establishment and development 11 2.1.2 Vision – mission 14 2.1.4 Strategy and value to society 14 2.1.5 Organisation structure 17 2.1.6 Scope of operations .17 2.2 Introducing private home insurance product of Bao Viet Insurance Coporation 21 2.2.1 General Rules 21 2.2.1.1 Insurance policy 21 2.2.1.2 Insurance validity and premium 22 2.2.1.3 Notice of Change Insured House and Property 22 2.2.1.4 Termination of the insurance policy ahead of time 22 2.2.1.5 Limit of indemnity 23 2.2.1.6 Idemnity basis 23 2.2.1.7 Definition 23 2.2.2 Coverage 23 2.2.2.1 Coverage 23 2.2.2.2 Extended terms – Rent after loss .25 2.2.2.3 Exclusion of insurance 25 2.2.3 Home insurance .25 2.2.3.1 The house is insured 25 2.2.3.2 Deductible .26 2.2.4 Home property insurance .26 2.2.4.1 Insured property 26 2.2.4.2 Uninsured property 26 2.2.4.3 Deductible .26 2.2.5 Complaints & Indemnity .26 2.2.5.1 Responsibilities of the insured 26 2.2.5.2 Loss of indemnity benefits 27 2.2.5.3 Benefits of Bao Viet 27 2.2.5.4 Duplicate insurance under multiple insurance policies 27 2.2.5.5 Subrogation .27 2.2.5.6 Dispute resolution 28 2.2.5.7 Assignment 28 2.2.6 Insurance premium 28 2.2.6.1 Home insurance .28 2.2.6.2 Home property insurance 29 CHAPER III: COMPARE THIS PRODUCT WITH PRODUCT OF BIDV INSURANCE COPORATION AND PRESENT YOUR GROUP OPINIONS ON GIVING ADVICE TO HELP INDIVIDUAL CUSTOMERS CHOOSE TO BUY ONE OF THOSE TWO PRODUCTS 30 3.1 Compare with product of BIDV Insurance Coporation 30 3.2 The strengths and weaknesses of Bao Viet insurance corporation and BIC 38 3.3 Giving advice product that individual customers should choose 41 CONCLUSION .42 LIST OF ACRONYMS BIC : BIDV INSURANCE COPORATION TABLE LIST Table 2.2.6.1 INSURANCE PREMIUM OF THE HOUSE PART OF BAO VIET INSURANCE CORPORATION……………………………………………………… 28 Table 2.2.6.2 INSURANCE PREMIUM OF PROPERTY INSIDE THE HOUSE OF BAO VIET INSURANCE CORPORATION………………………………………………….30 Table 3.1.1 INSURANCE PREMIUM OF PROPERTY INSIDE THE HOUSE OF BAO VIET INSURANCE CORPORATION…………………………………………………33 Table 3.1.2 INSURANCE PREMIUM OF PROPERTY INSIDE THE HOUSE OF BIDV INSURANCE CORPORATION……………………………………………………… 34 Table 3.1.3 INSURANCE PREMIUM OF THE HOUSE PART OF BAO VIET INSURANCE CORPORATION……………………………………………………… 35 Table 3.1.4 INSURANCE PREMIUM OF THE HOUSE PART OF BIDV INSURANCE CORPORATION……………………………………………………………………… 36 INTRODUCTION In this day and age, there are risks around us, we cannot foresee its Every time a risk is encountered, it often causes unpredictable consequences that affect human life, production, and health Therefore, people always seek to protect themselves and their property against risks in life as well as in production As life and production are developing more and more, people's safety needs are more and more concerned To deal with risks and overcome the consequences of loss, people have found many different ways to protect themselves, including insurance In Vietnam, insurance coporation such as Bao Viet and BIC always try to develop products to satisfy demand of customers Both companies are very diverse in product types, however there is one insurance product that is essentinal for all of us but currently it is not popular and accepted by the majority of people private home insurance products To help people have an objective view, have a better decision when choosing to buy this product, our team would like to choose the topic “ Introducing Private Home Insurance product of Bao Viet Insurance Coporation And compare this product with product of BIDV Insurance Coporation and present your group opinions on giving advice to help individual customers choose to buy one of those two products” The discussion was presented by the efforts of the whole group, however, that will certainly not avoid shortcomings.We hope the teacher can contribute ideas to make the discussion of group better Thank You ! CHAPER I: OVERVIEW OF PROPERTY INSURANCE 1.1 What is Property insurance ? Property insurance is a type of insurance that belongs to the group of non-life insurance, which has been specified in Article of the Law on Insurance Business in 2000 Accordingly, the insurance company will collect the insurance premiums from the insurance companies the policyholder and undertakes to indemnify the insured when the insured property is exposed to a risk within the insurance coverage resulting in a loss Property insurance is a form of insurance for objects that are property, including real things, money, papers worth money and property rights Forms of compensation available for property insurance include cash payment of value, replacement or repair of the property where possible However, in most cases, customers are paid cash for compensation 1.2 Property insurance subject - The subject matter of property insurance is the property and the rights to the property - Assets include: real things, money and valuable papers Includes types: − Living things: plants, animals − Property is in the process of forming − Property is in use − Property is in transit − Assets are in warehouses, funds, safes - Property rights: - Right of possession - Right to use - The right to decide - Property damage: - Direct damage Indirect damage 1.3 Property insurance coverage Compensation for accidental and unforeseen accidental physical loss or damage to the insured property and caused by the perils stated in the Certificate of Insurance/Policy and occurs during the insured period 1.4 Classification of property insurance 1.4.1 Compulsory fire insurance Among the 25 popular types of insurance today, compulsory fire and explosion insurance is the type of insurance contract that meets the most practical requirements for individuals and organizations paying insurance and strictly complies with legal requirements according to regulations Decree No 130 of the Government, Circular No 220 of the Ministry of Finance The subject matter of property insurance, buildings, structures, excluding foundations, land value, equipment and machinery, stored goods and other assets The insurance coverage includes material loss, property specified in the pre-agreed contract, damage caused by unforeseen fire and explosion 1.4.2 Fire and special perils insurance In many cases, the property is not due to a normal fire, but with this insurance, the business owner will also be guaranteed to recover compensation for property loss due to other special risks Subjects of this property insurance include: assets, supplies, warehouses, raw materials, headquarters, buildings of enterprises, commercial centers, hotels, commercial service offices Coverage covers the risks of fire and explosion, plane crash, strike, malice, earthquake, thunderstorm, flood, damage due to overflow of storage tank, broken water main, hit a motor vehicle or an animal 1.4.3 Business interruption insurance This is the optimal solution chosen by many businesses to minimize the risks when business and production are stopped due to property damage or some assets are being insured With this type of insurance, business owners can still continue to exist, revive success after failure Property insurance object serving production and business enterprises that are being stopped or interrupted due to loss of profits Coverage stipulates that the insured must continue to pay while the business operation has problems or is affected by the loss of property Profits and fixed costs will be seen as the specific basis for determining the amount of insurance 1.4.4 Insurance for all office risks In order to minimize economic loss for the office of the enterprise, business premises, insurance for all office risks applies to objects that are buildings and assets offices and some fixed assets These objects must be located within the territory, covered in the event of an accident, unexpected loss, repair costs as well as some expenses due to due process 1.4.5 Private home fire insurance The indemnification value for fixed assets, structures, and assets inside the house, which are fixed or not fixed, is equivalent to the value of loss, unexpected risks caused by fire, explosion, lightning, and flood flood or loss of rent 1.4.6 Other types of insurance In addition to the above popular property insurance types, you can also refer to the following useful insurance packages: - Theft insurance – Loyalty insurance – Money insurance – Apartment insurance 1.5 Rights and obligations of the parties involved 1.5.1 Rights and obligations of insurance enterprises 1.5.1.1 Insurance enterprises have the right to - Collect insurance premiums as agreed in the insurance contract; - Request the insurance buyer to provide fully and truthfully information related to the conclusion and performance of the insurance contract; - Unilaterally suspend the performance of the insurance contract according to the provisions of Clause 2, Article 19, Clause 2, Article 20, Clause 2, Article 35 and Clause 3, Article 50 of the Law on Insurance Business; a) Refuse to pay insurance premiums to beneficiaries or refuse to indemnify the insured in cases not falling within the scope of insurance liability or in cases where liability is excluded as agreed in the insurance contract ; b) Request the insurance buyer to apply measures to prevent and limit losses in accordance with the provisions of this Law and other relevant laws; c) Request the third party to reimburse the insurance amount that the insurance enterprise has indemnified the insured caused by the third party for property and civil liability; d) Other rights as prescribed by law 1.5.1.2 Insurance enterprises are obliged to - Explain to the insurance buyer about the insurance terms and conditions; rights and obligations of the insurance buyer; - Issue to the insurance buyer the insurance certificate and insurance policy right after signing the insurance contract; - Timely payment of insurance to the beneficiary or compensation to the insured upon occurrence of the insured event; - Explain in writing the reason for refusal to pay insurance or refuse to indemnify; - Coordinating with the insurance buyer to settle the third party's claim for compensation for the damage covered by the insurance liability upon the occurrence of the insured event; - Other obligations as prescribed by law 1.5.2 Rights and obligations of the insurance buyer 1.5.2.1 The policyholder has the right to - Select insurance enterprises operating in Vietnam to buy insurance; - Request the insurer to explain the insurance terms and conditions; issue a certificate of insurance or an insurance policy; - Unilaterally suspend the performance of the insurance contract according to the provisions of Clause 3, Article 19 and Clause 1, Article 20 of the Law on Insurance Business; - To request the insurance enterprise to pay insurance premiums to the beneficiaries or to compensate the insured as agreed upon in the insurance contract upon the occurrence of the insured event; - Transfer of insurance contracts according to agreements in insurance contracts or as prescribed by law; - Other rights as provided for by law 1.5.2.2 The insurance buyer is obliged to - Pay the premium in full, according to the time limit and method agreed in the insurance contract; - To fully and honestly declare all details related to the insurance contract at the request of the insurance enterprise; - To notify the cases that may increase the risk or give rise to more liability of the insurance enterprise during the performance of the insurance contract at the request of the insurance enterprise; - Notify the insurance enterprise of the occurrence of the insured event as agreed in the insurance contract; - Apply measures to prevent and limit losses in accordance with this Law and other relevant laws; - Other obligations as prescribed by law 1.6 Main features of property insurance 1.6.1 Limited liability insurance according to property value - In property insurance, the value of the property is the basis for the insurance buyer and the insurer to determine the insurance amount - At the time of signing the insurance policy, the property value can be calculated in many ways It can be equal to the market value, residual value, replacement value, agreed value of the property - Normally, based on the declaration of property value of the policyholder, the insurer will determine the insurance amount of the contract From there determine the amount of insurance premiums and limit your liability - According to the Law on Insurance Business, the parties are not allowed to sign property insurance contracts on the value Mean: + Insured at the right value of property: Insured amount = Actual damage + Underinsurance under property value: Amount insured = Actual damage x Amount insured / Property value However, in practice, insurance on value still occurs, for example: The price of the property decreases during the insurance period + The parties determine the property value incorrectly + The insurance buyer intentionally participates in insurance on the value for profit - Remedial measures: + Agreement to reduce insurance amount 10 ... choose the topic “ Introducing Private Home Insurance product of Bao Viet Insurance Coporation And compare this product with product of BIDV Insurance Coporation and present your group opinions... CHAPER II: INTRODUCING PRIVATE HOME INSURANCE PRODUCT OF BAO VIET INSURANCE COPORATION 2.1 Overview of Bao Viet Insurance Coporation 2.1.1 History of establishment and development Baoviet Insurance. .. II: INTRODUCING PRIVATE HOME INSURANCE PRODUCT OF BAO VIET INSURANCE COPORATION 11 2.1 Overview of Bao Viet Insurance Coporation 11 2.1.1 History of establishment and development