Term Insurance

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 methods of calculation for the insurance period: ①Calculated as a function of time. The insurance period of fire insurance and life insurance is calculated as a function of time, that is to say that the insurance liability begins at midnight on the day agreed by both parties and ends at 24 hours at the end of the contract; according 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; ③Calculated according to the project. The construction engineering and installation insurance period is calculated based on the project period, i.e. from the start of the project to the end 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. The insurance clauses in force in China generally stipulate that the insurance period goes 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 for the parties to fulfill their obligations stipulated in the general contract, and the effective 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 time, namely the year, month, day and time. Among these, long-term insurance is more than one year and short-term insurance is less than one year. Different rates are determined accordingly. 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.

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.