Personal Insurance

Life insurance

The distinguishing feature of this insurance is its double function: risk and accumulative one. Life insurance contract can be concluded in favour of a physical person from his birth (but at the moment of concluding the contract his or her age should not exceed 70 years old). Insurance contract can’t be concluded in favour of disable persons, if they are more than 49% disable (I and II group invalids).

The insurance sum is stipulated at the moment of concluding the contract and should not be less than 1000 leis, maximum sum is not limited. The insurance premiums depends on the insurant age, insurance period, insurance sum. Special tables help to calculate these premiums.

The insurance cases are:

• the insurance contract termination;
• disability, resulted from an accident;
• the insurant’s death, resulted from a sudden accident;
• the insurant’s death, resulted from professional and other diseases, suicide (if the death took place more than 12 months later after the insurance contract had come in force).

All these items can be considered insurance cases, if they took place within the period of insurance contract.

The insurant’s death is not considered an insurance case, if it resulted from:

• an accident within period of military actions, state of emergency, martial war;
• an accident, caused by bad intentions of the insurant.

If the insurant died within the period of the insurance contract, the insurance sum will be paid to the beneficiary or to the insurant’s heirs.

Additional pension insurance

The main core of this kind of insurance is to increase pension paid by the state after retirement. According to the insurance contract, additional pension is paid to the insurant monthly. Insurance period is defined as difference between pension age of the insurant (60 years for men, 55 years for women) and his (her) actual age at the moment of concluding the contract. When the insurance period expires, the pension period comes in force. Life-long additional pension will be paid to the insurant within this period.

Additional pension amounts to 50 leis and more (as the insurer wishes).

Agreed additional pension can be paid monthly or within agreed period of time after the insurance period expires (if the insurer has paid all premiums).

If the insurant died, no compensation will be paid in case that he had received less than 5 annual pensions. If the insurant has received less than 5 annual pensions, the beneficiary will get the difference between 5 annual pensions and sum of pensions already received by the insurant.

If the insurant has died within the period of the insurance, the beneficiary will get the insurance sum equal to premiums paid by the insurer.

Accident insurance.

Accident insurance is a voluntary insurance, including risk of death, trauma, injures, caused by an incident.

An accident is a sudden event, caused by circumstances, not depending on the insurant’s will, and resulted in injures or death.

This kind of insurance is not applied to the disabled people of I and II group.

Cases, which are not included in this kind:

• an accident, caused by mental diseases, epilepsy, convulsion, taking alcohol, drugs, medicines;
• an accident, happened to the insurant in the period of committing crime or being pursued;
• an accident, resulted from military actions, wars, civil riots, nuclear energy affects;
• injures, resulted from medical treatment;
• infections, food intoxication, insects bites (excluding scorpion-bites and spider-bites);
• poisoning by alcohol, drugs, medicines and poisoning resulted from wrong use of household chemical products;
• disorder in blood circulation resulted from cardiac and cerebral diseases (infarction, cerebral thrombosis);
• suicide and results of suicide;
• an accident, happened to the insurant as a result of his participation in risky sports contest and training.

The total sum of insurance compensation paid for one or more insurance cases, should not exceed the insurance sum, stipulated by the insurance contract.

Compulsory insurance of passengers.

A passenger transportation is a source of danger, that’s why passenger’s insurance is a compulsory one.

Passengers are the insurers and the insurants simultaneously. According to the law in force, this insurance is applied to only those who:

• travel by long-distance railway transportation;
• travel by intercity auto transportation;
• travel by water transportation (excluding excursion and suburban routes);
• air transportation.

The insurance sum is paid in case of death or disability of the insurant. The terms of insurance contract can be limited, if the accident is associated with the crime, committed by the insurant, attempt to suicide, refusal to meet the administration’s requirements, breaking the rules for passengers.

The period of travelling starts from the moment of boarding announcement and finish at the moment of the insurant’s arrival at the place of destination. Transit passengers are considered insured within a period of changing means of transport, if they are at a station.

If they leave a station, the insurance is suspended. When the passengers come back, the insurance comes in force again.

The insurance premiums, included in price of tickets, are paid by passengers when they buy tickets. Some kinds of passengers are insured free of charge, if they can travel free. The staff of trains and of other means of transport is not insured.

Insurance premiums received by transport companies for the tickets sold should be transferred to insurance companies. Non-paid in due time premiums should be received.

Voluntary medical insurance.

Medical insurance is a form of population’s social protection, it provides medical services to the population in the insurance case.

According to the terms of voluntary medical insurance, citizens of Moldova from 1 month to 65 years old are subject to this form of insurance.

People, who can’t be insured, are the following:

• AIDS-infected;
• suffering from malignant tumour;
• staying in hospital;
• belong to any group of disability;
• registered in narcotic, mental and skin-diseases hospitals, tubercular prophylactic centres;
• suffering from serious endocrine diseases.

According to the insurance contract, the insurant has the right to medical services in the medical organisation, stated in the insurance contract.

The subject of the voluntary medical insurance is the insurance risk, connected with expenditures on medical treatment (if the insurance case takes place).

The underwriter doesn’t pay for the insurer’s treatment if:

• medical services, provided to the insurant, are not stipulated by the contract;
• medical services were provided by the medical organisation, not mentioned in the contract;

The insurance sum is stipulated by the insurance contract and should not be less than the sum stipulated by the underwriter under the definite insurance program.

The insurer’s responsibilities:

• to pay premiums in due time;
• to inform the underwriter of all circumstances, possibly important for evaluating the insurance risk;
• to keep the doctor’s instructions, received during medical treatment;
• to allow the representative of the insurance company to inspect his health.

The underwriter’s responsibilities are:

• to control the quality and the quantity of the rendered medical assistance in accordance with the insurance contract;
• to protect the insurant’s interests (medical services should be rendered in due time, at high level and in necessary quantity);
• to make the insurer aware of the terms of the insurance contract;
• to issue the insurance policy, in case of its loss to issue the copy;
• to pay for medical assistance in accordance with insurance contract.

Medical insurance of persons going abroad

This form of insurance is to compensate the expenditures of Moldova’s citizens and residents for urgent medical assistance, if an accident or sudden disease took place abroad. It should also compensate all the expenditures, associated with medical or post mortal repatriation.

The insurance cases are:

• sudden disease or unexpected health disorder, which is dangerous for the insurant’s life;
• injuring the body, resulted from an accident;
• the insurant’s death, resulted from sudden disease or an accident.

The underwriter should compensate expenses on:

• in-patient treatment in a medical institution;
• out-patient treatment in a medical institution;
• medicines, bought in accordance with the doctor’s prescriptions;
• dentist’s services (they should not exceed 50$);
• urgent medical assistance at the place of the insurance case;
• medical transportation;
• dead body’s repatriation.

The underwriter should compensate medical treatment abroad within the Policy limit till the moment, when the insurant can be transported to Moldova for further treatment.