Life insurance covers risks whose occurrence depends on the insured's survival or death. It includes the following two types: “life insurance” and “death insurance”.
Life insurance aims to guarantee the performance, depending on the option chosen by the insured and indicated in the contract, of capital or pension in the event of the occurrence of the event covered by the insurance: either the death of the insured or his survival.
How it works?
For a life insurance contract, if the insured is still alive at the expiration of the contract, the latter receives the guaranteed capital according to the conditions stipulated in the contract.
In the case of a death insurance contract, if the insured dies before the end of the contract age, the guaranteed capital (or annuity) is paid to the beneficiary(ies) designated by the insured in the contract. If no beneficiary is appointed or if one or more beneficiaries are appointed, and there is no longer a beneficiary at the death of the insured, the insured capital forms part of the funds or inheritance of the insured.
An application must be submitted accompanied by the necessary documents. Performance is made within the deadlines specified in the contract.
Insurance type:
Life or death insurance is a type of insurance for people that can be taken out individually or as group insurance.
What is the role of the Authority?
The Authority ensures that the insurance products provided to consumers are understandable, balanced, useful and compatible with applicable regulations and ensures the reliability of the information provided to insured persons as well as the fair treatment of these persons by insurance companies.
In the event of a dispute with your insurance company:
The Insurance and Social Reserve Control Authority has the authority to investigate complaints received from clients of insurance institutions and brokers. However, it is recommended to first contact the broker or insurance company concerned with your claim. If the dispute continues after this process, you can contact the Insurance Supervision and Social Security Authority by any means available to you. The Authority will examine your complaint and will take the most appropriate action, in accordance with the legal and regulatory provisions and within the scope of its powers, with the aim of resolving the dispute.