The video, presented by Professor Lee Yoon-seok of Jeonju University, delves into the theory and practice of third-party insurance, specifically focusing on property insurance. The content is structured to prepare viewers for the qualification exam for loss adjusters, highlighting key concepts and classifications relevant to property insurance.
Introduction
Understanding Property Insurance
Definition and Purpose
Historical Context
Insurance Classification
Commercial Act Classification
Insurance Terminology Act Classification
Characteristics of Property Insurance
Intermediate Nature
Types of Coverage
Legal Framework and Requirements
Benefits and Compensation Methods
Challenges and Considerations
"When compensation was provided according to insurance, a contract was signed and the work of calculating the amount of damages was done."
This quote encapsulates the essence of property insurance and the importance of contractual agreements in determining compensation.
The video serves as a foundational resource for individuals pursuing a career in loss adjustment and property insurance. Professor Lee’s detailed explanations and the structured approach to complex topics provide a comprehensive understanding of third-party insurance. By addressing both theoretical aspects and practical considerations, the video equips viewers with essential knowledge for the qualification exam and future professional practice.
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Hello, everyone. I'm Professor Lee Yoon-seok of the Department of Finance at Jeonju University, and I'll be teaching you the theory and practice of third-party insurance. Nice to meet you. First, let's talk about property insurance. The reason you're interested in learning about property protection theory in the license master course is probably because of the qualification exam for loss adjusters. Some of you may have looked into this qualification system, and some may not know it, but in general, when a traffic accident causes bodily injury, the amount of damages for the bodily injury must be determined. Recently, there was a forest fire in Goseong. Was it last year or the year before? When that large-scale fire occurred, houses burned down and fields burned down, and issues arose regarding compensation for the damages. At that time, when compensation was provided according to insurance, a contract was signed and the work of calculating the amount of damages was done. And one of the cases I actually worked on was a long time ago, in Pangyo, where several people were killed or injured when a ventilation shaft collapsed. I intervened as a responsible instructor at that time, and that's it. This is also a job that involves the intervention of loss adjusters, assessing the amount of damage to people and providing fair compensation. However, as you know, loss adjusters are mostly involved in assessing the amount of damage to people or property. However, it is a job that is not very visible. As a result, many people are not familiar with it. It has been around for a very long time. I took the exam in 2004 and had my blood pressure checked all the time, which is how I ended up here. Among the verb exams, there is the physical damage adjuster, which evaluates the amount of damage to people when they are physically injured, and the property damage adjuster, which evaluates the amount of damage to property when they are injured. The theory and practice of property insurance that you are looking at now is a subject of the physical damage adjuster exam, and it is a secondary subject. Therefore, it is important to accurately include the content that the examiner asks in response to the question and to hear the answer. This is especially true in the practice of property insurance. I think you should understand that. Since this is not the time to give tips on easy subjects overall, I will just get straight to the content. Let's get started. First, let me explain what property insurance has achieved. Most of you have probably heard a lot about property insurance. Most people ask, " What is property insurance?" They've heard of life insurance and non-life insurance, but what is property insurance? Many people wonder, "What kind of insurance is this?" To understand what kind of insurance there is, what laws apply to it, and so on, there are different types of insurance classified under the Commercial Act and the Insurance Terminology Act. There are many different types, but what you need to know is the classification of insurance under the Commercial Act and how insurance is classified under the Insurance Terminology Act. Just knowing these two basics is sufficient. So, let me first explain how insurance is classified under the Commercial Act. Since we're studying property insurance, the key point is for you to pay close attention to whether or not the word "property insurance" appears in the exchange I'm reading. First, it says it's classified under the Commercial Act before the war, but the account changed significantly on March 12, 2015. When the Commercial Act was revised, The classification of insurance has changed a bit. So, I'm listing the pre- and post-revision standards for the Commercial Act. Before March 12, 2015, let's look at how the Commercial Act defines insurance. The Comprehensive Insurance Act divides insurance into non-life insurance, and, skipping the horizontal, personal insurance. So, as you can see, the Commercial Act divides insurance into non-life insurance and liability insurance. But when you vaguely ask, "How is non-life insurance classified?" Isn't non-life insurance simply about compensation? There are various types of damage. You could have an accident while driving a car, a ship wreck, or an aircraft accident. That's why this non-life insurance is categorized. They just tell you to sign up for one non-life insurance policy and say, "This policy will cover all your losses." They say, "If you have an accident while driving a car, it will cover you, if you have an accident while flying, it will cover you, and if you have an accident while driving a ship, it will cover you." If you were to lump together and sell a single non-life insurance policy, saying, "We'll compensate you in case of an accident," and "We'll compensate you for all other damages, even damages in the event of war," it might be convenient, but you'd have to pay exorbitant premiums. Why cover all risks? So, non-life insurance is also divided into categories. There are legal divisions, and from an insurance management perspective, there are standards for dividing risks. However, since we're studying commercial law to study property insurance, you can just look at how non-life insurance is categorized in commercial law. In commercial law, non-life insurance is divided into fire insurance, transportation insurance, marine insurance, liability insurance, and automobile insurance. In other words, the types of accidents that can cause damage are the same. For example, a fire accident, an accident during transportation, for example, I sent a package, but it was damaged during transportation. All of those cases require compensation under transportation insurance. Marine insurance. If I used a ship to load goods, and the ship became unsafe, the goods were swept away on the loading platform, or if I intentionally abandoned the goods to save the ship, this is compensation insurance. Liability insurance is what you need. For example, in daily life, if you use someone else's store and damage an item there, you would be liable for the damage. We call this liability insurance. Or, if you visit someone's house and knock over and break an expensive antique, you would be liable for compensation. All of these are liability insurances we're talking about here. And since you're familiar with auto insurance, let's skip over it. There are different types of non-life insurance. The Commercial Act categorizes personal insurance into general life insurance and accident insurance. What I said at the beginning was, when you start an exchange, you have to keep an eye out for something called property insurance. The term "property insurance" does n't exist anywhere. So, when you see this, you'll probably notice that the old Commercial Act did n't have a term for it. So, how does the current Commercial Act distinguish between them? It's the Post-Account Commercial Act. The current Commercial Act, which has been in effect since March 12, 2015, distinguishes between them like this. The Commercial Act, which has been in effect since March 12, 2015, also categorizes insurance into non-life insurance and life insurance. So, both the old commercial law and the current commercial law divide insurance into non-life insurance and life insurance. However, it states that a provision regarding surety insurance has been inserted in the non-life insurance section. And in life insurance, a new provision on the liability of disease insurers has been established. Therefore, non-life insurance, health insurance, and life insurance have been added to disease insurance. Let's return briefly. While maintaining the same classification according to the Accounts Act, fire insurance, transportation insurance, marine insurance, liability insurance, automobile insurance, and surety insurance have been added to non-life insurance. Life insurance, accident insurance, and disease insurance have been added to life insurance. So, the current Commercial Act divides it like this. You can understand it this way. So, property insurance hasn't been mentioned yet, right? No matter where you look, there's no term for the scope of property. Let's take a look at the classification of insurance according to insurance terminology. It's categorized into life insurance, non-life insurance, and property insurance. Life insurance... The life insurance business refers to the business of underwriting insurance related to the handling of life insurance products, performing insurance premiums, surgery, and paying out insurance claims, making it somewhat difficult to understand. You don't need to memorize this at all. It's not important. It's just life insurance. So, it deals with life. But when it comes to life, you should n't just think about death. You should also think about survival. So, death, survival, and then a combination of life and death. In other words, after signing up for insurance, you may die as you live. As you live, the insurance company stipulates in the terms and conditions that if you survive until the age of 60, you will receive a survival congratulatory payment. What is this? It guarantees survival, and if an insured event called survival occurs, the insurance company will pay out the insurance money. So, the survival insurance death and survival creation is once. What is this? During the insurance period, it provides coverage until the age of 60, but even if you die within that period, you will receive the insurance money. Even if you survive until the age of 60, you will receive the insurance money. What is this? It covers both survival and death. Life insurance is basically a combination of death, survival, and life and death. You must remember this. Life insurance covers three insured events. Second, in the insurance karma, the grammar also stipulates the non-life insurance business. What is non-life insurance? It refers to the underwriting, premium collection, and payment of insurance money related to the handling of non-life insurance products. This non-life insurance refers to the business of selling back-end insurance. In addition to insuring the human body, we also refer to all things that could be considered losses as non-life insurance. Our Min-sik got hurt while playing soccer. My friend Min-sik said he broke his arm. But it wouldn't be appropriate for me to go over and ask him, "How much is your damage?" It might seem a bit strange, but you might think of it this way. In other words, we don't apply the concept of damage to the human body. However, aside from the human body, we all have invisible rights and claims. For example, if I have a right to receive 50 million won from that person, and I lose that right in an accident, being able to provide security also falls under the scope of non-life insurance. We call all things that can be assessed for damage non-life insurance. Insurance law doesn't list things like this and that... It says that it refers to business such as back insurance. I think property insurance refers to accident, disease, and severe illness insurance. Injury, disease, and nursing law. But it's strange, right? Well, permanent is closed. If it's disease, it's sick. If it's nursing, it's when someone is injured or sick and needs help from the side. So, ultimately, it's insuring the human body, so doesn't this fall under the life insurance business? Or, since there was personal insurance in the commercial law, doesn't it fall under personal insurance? But you might be wondering why it's excluded as property insurance. As for life insurance, which I mentioned earlier, I said this. Life insurance only covers a combination of death, survival, and life and death. Then, life insurance companies create life insurance products. Originally, they only cover this much in the event of death, how much in the event of survival, and how much in the event of death or survival. Insured accidents, but if you look at it that way, the utility of signing up for insurance is actually low. However, if you, who are watching this program, said that they would only cover death or survival, would you feel the need to sign up? What's the point? If I were sick and went to the hospital, I'd need hospital bills, and I'd have cancer. If you're diagnosed with cancer, you don't have immediate living expenses, so you need to pay for the cancer diagnosis fee and these various benefits are necessary. However, life insurance only provides coverage for death, survival, and Honam in a crude manner, so these things are naturally less useful to the subscriber. So, in the past, if you had a life insurance company, there were companies with the same name, such as "Where, Where, Hwaje Marine Co., Ltd.", "S Company," " S Life," and "S Fire." Whether it was a life insurance company or a fire insurance company, they used to sell coverage for the human body. S Life could n't provide coverage for death, injury, or a combination of life and death. S Fire couldn't provide coverage for death, injury, or a combination of both. However, they only provided coverage for things like how much you'd pay for a broken bone in case of an injury or how many days you'd be hospitalized. From S Life's perspective, since they only provide coverage for 300 million won, the customer's needs were for things like a broken bone, when you use it this time, and when you do this, the product sold by fire insurance seemed really good. However, from S Fire's perspective, they couldn't sell death coverage for the products sold by S Life. But that life insurance The company thought, "It would be great if we could sell that, too, since it could guarantee death." But if they could sell it to each other, who would benefit? The consumer. So, they thought, "Okay, let's sell this interchangeably. And in this interchange, we'll place the third area we can sell, which is called casualty and disease nursing insurance." That is, property insurance. It's neither a complete personal insurance like life insurance nor a complete non-life insurance like non-life insurance. It's a gray area in the middle. If you look at it in gray, it's also called gray insurance. It has the characteristics of life insurance and non-life insurance. That's why it's called casualty and disease nursing insurance. I'll explain more about that later. Now, I'm precisely pointing out the term "property insurance" in insurance terminology. So, property insurance is clearly an insurance that exists in insurance terminology. Then, as we saw earlier, does it not exist at all in commercial law? No, it does not. Why is that? If you look at the front, property insurance is casualty and disease nursing insurance. In the classification of insurance under the criminal law, if you look at the non-life insurance section, there's fire, transportation, marine liability, automobile, and now warranty insurance, so non-life insurance does n't apply. However, in personal insurance, there's property insurance for injury, illness, and nursing care. What does it say here under "Gum"? Accident insurance is listed, so one of the property insurances is listed. Then, with the revision of the law, disease insurance was created. So, property insurance is injury, illness, and nursing care insurance, which was mentioned earlier, and this time, disease insurance was added. So, there are already two types of property insurance. Nursing care insurance is not yet regulated in the Commercial Act. So, if you ask which law completely defines property insurance among property insurance, the answer is that it is always mentioned as property insurance in the Insurance Act, so it occupies a complete position. Property insurance refers to injury, illness, and nursing care insurance, but the Commercial Act only stipulates accident insurance and disease insurance, not nursing care insurance. So, the position of re-election insurance in the Commercial Act is not complete and is somewhat unstable. You might think that this is because nursing care insurance is missing. The legal status of property insurance can be summarized like this. Although it has a somewhat unstable position in the Commercial Act, It occupies a complete position in the Protection Act, and the reason for that is as I just explained. Now, let's take a closer look at the characteristics of property insurance. I mentioned earlier that it has a somewhat intermediate character between life insurance and non-life insurance. So, you can infer that this has characteristics of both life insurance and non-life insurance. Let's take a look at the characteristics of property insurance. The current Protection Act states that property insurance covers risks related to illness, injury, or nursing care. This refers to nursing care for illness or injury. It is defined as a contract prescribed by Presidential Decree, promising to pay monetary or other benefits in return for compensation for nursing care. As I explain the terminology of this law, it may seem a bit difficult for those who are new to it, but simply put, when a person contracts a disease, suffers an injury, or requires nursing care due to these, we pay the insurance money promised in the insurance contract. This is called third-tier insurance. It's called third-tier insurance. So, what is third-tier insurance? You may have heard of the term "third zone" in terms of ideology. It combines the characteristics of non-life insurance and life insurance, so it's called property insurance. Some people say, "1 insurance, 2 insurance, 3 insurance," but that's absolutely not true. Let's first look at the characteristics of property insurance. Accident insurance is the first type of insurance. Accident insurance is insurance that covers the insured's body due to sudden and accidental external accidents, resulting in permanent disability, death, and other complications. Let's look at death, etc. The keyword here for accident insurance is the requirement of consultation. Since it's accident insurance, it's natural that accident insurance pays out insurance money when an accident occurs due to an injury. So, you need to understand what "injury" means. If you understand it as simply closing the club, it can be a little confusing. For example, I like golf. I don't actually play golf, but for example, I've seen people who practice golf practice swings 100 to 1,000 times a day. I've seen it with my hands for a long time, but if you do such repetitive, excessive movements, it can be difficult. There are cases where the ribs are cracked, and there are also cases where the cartilage in the disc in the lower back ruptures. Then I have a question. I practice my golf swing a thousand times a day. At one point, while practicing, I cracked my ribs again. Should this be considered an injury? Or, I'm a marathon runner. I was running a marathon and fell and fainted after about 40km. Should this be considered an injury? Isn't it ambiguous? The reason I'm saying this is because the meaning of injury in this insurance is different from the injury you say you got hurt in your social life. There are three conditions that must be met: sudden, accidental, and external. These are keywords. This is important. As you can see above, there are accidents that are sudden and accidental. So, you must be aware of the three conditions: sudden, accidental, and external. All three must be met. It's not just one of the three. When all three conditions are met, you think, "Oh, this is an injury. " The swing itself was influenced by some external factor. There is also external factor, but suddenness is the issue. A sudden, one-time injury. Did the swing cause the crack? No. As you continued to swing, it gradually strained the bone until it cracked completely. Then, it did n't meet the criteria for sudden injury. While it was an accidental, external injury, this one wasn't sudden. We might be able to call it an injury, but it does n't meet the criteria for injury insurance. This means the insurance won't pay out for the injury. Those of you who have served in the military might know, but marching can cause a crack in the heel bone. Changes in the shinbone can cause a stress fracture. Stress fractures are the same. It was accidental. It was sudden. But wasn't it? As you continued to walk, the load gradually increased, just like a stone cracks little by little. As you continued to bear the load, it gradually strained the bone until, at some point, it cracked completely. This lacked sudden injury, so it's not considered an injury. Therefore, the sudden injury committee's external injury assessment is extremely important. You're looking at the 2% to pass the exam anyway, and after you pass, there are many cases where you have to consider these things. Therefore, you must always be aware of these terms. Accident insurance covers death due to the aftereffects of surgery that occur as a result of an accident involving an external medical institution. This is how it is written. The second is disease protection. Disease insurance refers to insurance that covers the outpatient costs of surgery, etc. that the insured person is diagnosed with a disease or directly treated for the disease. In principle, death due to disease is excluded from property insurance coverage because it is a unique effect of life insurance. However, death can be covered if certain conditions are met. As I mentioned earlier, S Life and S Fire are like this. So, S Fire can cover disease. So, if you are diagnosed with cancer, we can cover the diagnosis fee, the surgery fee, and the hospitalization fee for cancer. However, due to the structure of the nature of this non-life insurance product, S Fire cannot cover death due to disease. You cannot request death due to disease in any situation. Death due to disease can only be covered by life insurance. Life insurance covers the deceased, right? For example, whether you die from injury, illness, or old age, in any case. The biggest advantage of life insurance is that it pays out general insurance benefits upon death. Non-life insurance, originally covering the human body, and companies like S Fire and Marine Insurance, in principle, only covered diseases, not deaths caused by diseases, only deaths caused by injuries. From S Fire and Marine Insurance's perspective, S Life Insurance is drooling over this. Imagine this. They're looking at this product, covering not only deaths caused by diseases but also deaths from presbyopia. So, how much would customers want to sign up for such a product? If we could sell that product, we could attract more subscribers. Of course, S Life Insurance also covers hospitalization and surgery costs in case of injury. They only cover death, but they think, "How great would it be if we could cover these things?" They drool as they look at each other, their eyes getting tired. Their eyes lock, and they say, "Hey, we'll let you sell the disease deaths you envy so much." Then, in turn, S Life Insurance will offer coverage to S-Baji, like the fracture diagnosis fee. Second, surgery costs. Hey, we really want to cover things like this. How can we do this? Actual loss insurance is just so attractive. Let's do this. So, we held a competition. That's how the deal was made. That's how property insurance was created. Regarding property insurance, life insurance companies can sell property insurance, and non-life insurance companies can sell property insurance. As a result, we've reached the current position where both life and non-life insurance companies can provide almost similar coverage. So, in the case of disease insurance, it pays out when you're diagnosed with this disease or have a second surgery or something like that, but originally, property insurance didn't cover death, which was the exclusive domain of property insurance. Now, you can understand that if certain conditions are met, disease death can be covered. So, what are those conditions? I'll explain them later. Third, there's nursing insurance. If you're incapacitated or dementia-stricken due to injury or disease, or are recognized as eligible for long-term care insurance for the elderly, this is insurance that pays out the agreed-upon benefits as a lump sum or pension. This is nursing care. Nursing care insurance covers the patient's condition, such as being bedridden due to illness. When a patient is bedridden, they need a caregiver. If they have difficulty moving, they may naturally have some limitations in their daily lives. To relieve these limitations, they simply lie still. They'll sweat, and if they continue to do so, this is called necrosis. If necrosis occurs, they may require major surgery and their lives may be at risk. Therefore, for patients who are bedridden, a caregiver must occasionally turn them over to prevent necrosis. For these reasons, a caregiver is needed. If they develop dementia, they'll also need a caregiver. Nursing care insurance provides coverage for these situations. This is because they may have spent all their money and run out of money. Therefore, it's not just about having a lot of money. They also need capital, but they also need to go through licensing procedures with the Financial Services Commission or the Financial Supervisory Service. As you can see, those seeking to engage in life insurance, non-life insurance, or property protection must obtain approval from the Financial Services Commission for each type of insurance. Property insurance includes accident insurance. Since it is categorized as disease insurance and nursing insurance, those who wish to engage in property insurance business must obtain permission from the Financial Services Commission for each type. They can concurrently engage in the relevant business. What does this mean? Let's take S Life as an example. We are running a life insurance company, and among the property insurances, accident, disease, and nursing insurance seem really good, so we want to concurrently engage in this. We want to operate them together. What should we do? It is a property protection law, and in order to receive permission, in order to handle accident insurance, you must obtain permission for the accident insurance business. In order to handle disease, you must obtain permission for the disease insurance business. In order to handle nursing, you must obtain permission for the nursing insurance business. You must obtain permission for each. If you have permission for injury, you cannot sell nursing because it is disease. That's what I'm talking about. Next, it says cases of limitations and exceptions for concurrent use. If you have received permission for all insurance types of life insurance, or all insurance types of non-life insurance except for reporting and surety insurance, it is considered to have received permission for property insurance. In the case of life insurance, the principle is that you must obtain permission for re-election insurance by type. As it turns out, life insurance, for example, has various requirements stipulated by law, such as collateral for death, collateral for creation business, collateral for survival, collateral for various types of life insurance, and collateral for investment types. For all of these businesses, if a company has received permission to comprehensively handle life insurance within life insurance, then for property insurance, such as accident, illness, and nursing, you don't need to receive permission for each type, so you just have permission for all of life insurance. In that case, you don't need to receive permission for property insurance and can just operate it. That's what I'm saying. For non-life insurance, if a company can handle all types of non-life insurance, such as surety insurance, fire insurance, transportation insurance, liability insurance, and automobile insurance, excluding reinsurance, then you don't need to receive permission for property insurance and can just operate it. Since you have a certain scale, I'll recognize you. So, for the second one, if you have permission for all types of insurance in the life insurance business or all types of insurance in the non-life insurance business, you don't need to receive permission for property insurance. That was the first one. The second one is In cases where concurrent use is possible, even if permission is not granted for all life insurance products, reinsurance of life insurance and reinsurance of property insurance can be concurrently carried out by life insurance companies. So, I think you can understand that concurrent use is possible for reinsurance and other insurance. Third, there are pension savings plans and retirement insurance contracts. This applies to cases where concurrent use is possible for property insurance. The important point is number 4. Circled number 4 is very important. As I mentioned earlier, non-life insurance cannot guarantee death from illness, but if the first requirement is met, death from illness can be guaranteed. So, what is that requirement? I told you that I would look into it later. This is the content. First, for non-life insurance companies to guarantee death from illness, all three of these requirements must be met. The first is that the insurance maturity date must be 80 years old or younger. In other words, if you have insurance from a certain non-life insurance company and are guaranteed to receive insurance money in case of injury or illness, the age at which you are covered by that insurance is 80 years old. It has to be less than that. If you take out the disease death guarantee, it does n't matter. Then, you can be covered until the age of 90 or 100. However, if I say that I want to get disease death guarantee because the premium for non-life insurance is cheaper than life insurance, I should sign up for this. For that non-life insurance, the insured age cannot exceed 80. The age for receiving the guarantee must be 80 or younger. The limit of the insurance amount is 200 million won per person. In other words, the insurance money paid due to disease death. It has to be within 200 million won. Within 200 million won. Third, the refund paid at maturity must be within the range of the total premium paid. This is called a maturity refund. Usually, there is a refund at maturity, right? So, there are cases where they say that the maturity refund is 100%, 90%, or 80%. This is the maturity refund. This maturity refund is within the premium paid. For example, if I paid 30 million won in premiums for 20 years, later on, usually 20-year payment, 80-year maturity. So, if I signed up when I was 20, I would pay premiums until I'm 40 because it's 20 years, and since it matures at 80, I don't pay premiums starting at 41, but the insurance coverage lasts until I'm 80. So, if I paid for 20 years and the full refund that I get when I mature at 80 is 30 million won for 20 years, the full refund can't exceed 30 million won. It has to be crazy. When you sign up for a non-life insurance policy that satisfies all three requirements, it guarantees death from disease, right? You know, that's the content. In non-life insurance, if you want to guarantee death from disease as a rider, all three requirements must be met. In fact, in the exam, it was a question like, "Use this," so it's important for you. Now that we've looked at the characteristics of property insurance, let's look at the characteristics according to the type of benefit. What is the type of benefit? If you think of it as giving insurance money, you can understand it as giving something. Of course. In the event of an accident, insurance money is paid out, but the question is in what form the money is paid out. In the case of life insurance, how is it paid out when you die? For example, if it says, "We will pay out 300 million won upon your death," will you receive the full 300 million won when I die? Or, if the insurance company tried to give me some food, but I was told, "Your income is too low, so why did you take out so much insurance?" and "We can't give you 300 million won, so we'll compromise and give you only 200 million won?" Of course, we'll give you the full 300 million won. What is this called? Justice benefits. Justice benefits. But among the things that insure our bodies, there's something called actual loss insurance. I went to the hospital. When I signed up for actual loss insurance, the usual subscription amount is 50 million won these days. You should use 50 million won as a collateral. But I suddenly went to the hospital and came back with 200,000 won in hospital treatment costs. 200,000 won. Since the subscription amount is 50 million won, just like life insurance, can I receive 50 million won? I spent 200,000 won, but that's not true. At that time, I spent 200,000 won. If you deduct some of the deductible, it will go down a bit, but they only pay the actual expenses equivalent to 200,000 won. What is this called? This is not a fixed benefit method, but an actual loss compensation method. If actual loss insurance were a fixed benefit method, it would be reallygreat. If you signed up for a 50 million won policy and went to the hospital and only incurred 50,000 won, you could receive 50 million won. Then, who would work? They wouldn't go to work. So, among the types of benefits that insure the human body, there are fixed amounts, actual loss amounts, and there are also semi- fixed amounts that don't exactly match the fixed amounts and actual loss amounts. So, these are the types of benefits: fixed amounts, semi-fixed amounts, actual loss amounts, and others. Although you do n't pay the insurance premium yourself, receiving an exemption from premium payment could be a form of performance benefit from the insurance company. So, when premium payment is exempted, all of these become types of benefits. Let's take a look at the characteristics of these. First, there is the fixed-amount compensation method. The fixed-amount compensation method pays the agreed-upon amount as a fixed amount in the event of an insured accident during the insurance period. This includes fracture and surgery benefits in property insurance, cancer diagnosis fees, and cerebral hemorrhage diagnosis fees, etc. Various diagnostic fees, death benefits, etc. fall under this category. Whether it's property insurance, life insurance, or non-life insurance, these days, they're selling products that combine property insurance. Most of the products that fall under this fixed-amount compensation method are fixed-amount compensation methods. Scholars believe that the human body cannot be assessed for damage, so in the event of an accident related to the human body, the principle is to pay a fixed amount. So, if you have a cerebral infarction, then the stroke diagnosis fee, cerebral hemorrhage diagnosis fee, cerebral hemorrhage diagnosis fee, cancer diagnosis fee, for example, 30 million won, then 30 million won is paid as a fixed amount. If I have five insurance companies and each have 30 million won in collateral, then 30 million won divided by five companies is paid as a fixed amount of 150 million won. If I have a low income, but I have a family history of illness, so I split my salary and paid a lot of premiums out of concern for my health. But if I have five insurance companies with 30 million won each and an insurance accident occurs, I see 150 million won, so the insurance company will pay this amount even though my income is low. They say they can't pay this much because they can't. They say it's because they believe that the human body cannot be valued. Most insurance plans pay a fixed amount. If you look at the second one, there's something called a semi-fixed-amount compensation plan. The semi- fixed-amount compensation plan doesn't pay the full amount of the insured amount as a fixed amount in the event of an accident, but rather differentiates the amount depending on the period or severity of the accident. So, the semi- fixed-amount compensation plan is like this. The fixed amount is a fixed amount, but even for the same accident, the amount can vary. The reason it can vary is because, for example, this time, the daily allowance. This daily allowance is when you have an accident or are hospitalized due to an illness, and the cost for this time is paid in a daily amount. For example, if the insured amount is 50,000 won, but you were hospitalized for a week, 50,000 won times a week is 7 days, so 7 days is 350,000 won. So, if you were hospitalized for a week, they would pay 350,000 won, which is 7 days' worth, based on the insured amount of 50,000 won. Of course, you'll learn about this daily allowance later, but it's paid from the first day. This time, excluding the 3rd day, it's paid from the 4th day. There are also forms of collateral that are paid. However, to help you understand, I'm assuming that they're paid from day one. But if I have two insurance policies, both of which pay 50,000 won, and I'm hospitalized for a week, what happens? 50,000 won each for a week, so 350,000 won. Since there are two insurance companies, they'll pay 350,000 won each, so 700,000 won. Then, if there's another accident and I have 10 days, it's the same. Since it's the same insurance, it's 50,000 won. But since I was hospitalized for 10 days, how much do I get? It's 10 days, so 500,000 won. I received 350,000 won earlier, but this time, I received 500,000 won from four other countries. If there are two insurance companies, it's 1 million won. So, the subscription amount is fixed. They don't just give the subscription amount, but the subscription amount is paid differentially depending on the period. So, unlike the initial death benefit, if it's 300 million won, they do n't give the full 300 million won. If it 's 50,000 won, the amount paid varies depending on the period based on the subscription amount. This is the semi- fixed amount method. Second, this time. In addition, there is a post-mortem examination. One of the very important contents of the post-mortem examination is the subscription amount. If you look at the insurance policy you have subscribed to, you will see the subscription history of the post-mortem examination. The post-mortem examination for accidental death is 80% or more, and if it is 70 % or less, it is the subscription amount times the payment rate. It is 3 to 79%. So, what this means is that if the subscription amount is 100 million won and a 10% disability occurs, the disability insurance will pay 10 million won. So, the subscription amount is set at 100 million won. However, instead of paying a flat 100 million won every time a disability occurs, the amount paid varies depending on the percentage of disability. So, if 10% of 100 million won occurs, 10 million won will be paid, and if 20% or 20% occurs, 20 million won will be paid. This is the semi- flat-sum method. Next, there is the actual loss compensation method. The actual loss compensation method only pays for the actual costs incurred. We are all very familiar with the actual loss insurance. Actual loss insurance is sometimes called the second national health insurance. The actual loss compensation method is the actual It is said that the purpose is to prevent the beneficiary from profiting by compensating only the incurred expenses and to prevent moral hazard. In fact, the actual loss compensation method is very unique among scholars in property insurance, especially property insurance that covers people. Since it is said that damage to a person's body cannot be measured by a person's hand, and the actual loss service method is included, there were problems such as how we should interpret this academically. But this is how we look at it. In fact, the actual loss compensation method is not intended to compensate for the amount of damage, since a person cannot measure the damage to his body in property insurance, but rather to compensate for the amount of damage. For example, if a person named Hong Gil-dong went to the hospital and received 200,000 won in treatment costs, they would only pay that amount. So, instead of seeing the damage as 200,000 won, this person spent 200,000 won, so they would only compensate for the cost. If that were not the case, and the insurance company would actually compensate for the actual cost, If you have two insurance policies and incur 200,000 won, and you receive 400,000 won by deducting 200,000 won from both insurance policies, Hong Gil-dong would think, "What am I going to school for? What am I going to lecture for? Just saying I'm sick? If I have multiple insurance policies and subscribe to 200,000 won each from about five different places, if it's 1 million won, I'd make 800,000 won a day after deducting 200,000 won. That's how it works. If you allow that, if you allow duplicate losses, then these things I just mentioned are insurance fraud and insurance crimes. So, to prevent this in advance, there are no collateral items for actual loss compensation, and in the case of actual loss insurance, they only pay out the amount of money spent. As you'll see later, drivers also have driver's insurance, right? If I drive a lot and kill or injure someone, I have to reach a criminal settlement with that person. So, what is the criminal settlement amount? If you pay 10 million won or 20 million won, you can receive the settlement amount from your insurance company under the name of traffic accident processing support funds. So, for example, if I spent 20 million won, it's a flat-rate payment. So, if I signed up with two insurance companies, and paid 20 million won, but received 20 million won from insurance company A and 20 million won from a non-insurance company, I would receive 40 million won. I incurred 20 million won in expenses, but received 40 million won. I was at fault, but I earned 20 million won more. So, what happens in this case? If someone intentionally causes an accident and signs up with two companies offering 100 million won, they'd earn 100 million won. So, in such cases, there are cost guarantee special contracts that guarantee expenses, such as actual loss insurance, traffic accident processing support funds, and attorney fees related to driver's insurance. You'll see later that cost guarantee special contracts are all operated as actual loss compensation. You might wonder if there are people like that. I majored in law for undergraduate, but my master's and doctorate degrees were in business. At the time, I was in law school. My professor once said, " When I was studying criminal law, I did n't know why these laws were created. I didn't know. But when I asked him, he said, ' People keep doing this, so it's right.' These laws are all about what people did. They keep killing people, so don't kill them. If you kill, you'll be sentenced to seven years or more for gifting.' They created it like this. It's the same. Now, regarding expenses, they say, 'We'll compensate you for the amount of Bios you spent.' This is because in the past, there were people who abused this system and made a profit. It's constantly changing. In fact, the criminal settlement support fund I mentioned earlier used to be paid as a lump sum. It was duplicated. It's a product that's been around for over 20 years. Back then, if you paid 80 million won, if you were hit by two insurance companies, you'd get 88,000,000, or 160,000 won. There was even a case where someone abused this and appeared on a crime program on TV. So, to prevent this kind of crime, we're introducing the actual loss compensation system in property insurance where necessary. Next, there's the premium exemption. Premium exemption doesn't mean receiving money, but it's for cancer. Have you been diagnosed with cancer? They say that if you're diagnosed with cancer, you'll be exempted from paying insurance premiums starting next month. Why is that? If you're diagnosed with cancer, you can't actually work, and you'll only have to pay for treatment, so the insurance company collecting insurance premiums is a bit much. So, the idea is, "I'll exempt you from paying premiums." So, for example, the same goes for disability. If your disability is over 50%, you'll be exempted from paying premiums. That's what they do. Because 50% is 100%, if it's over 50%, you ca n't do most of the work you used to do. In that case, they'll exempt you from paying premiums and cover some of the insurance. That's why these exemptions are designed with such a positive purpose. While exemptions don't directly give you money, you benefit indirectly because you don't have to pay. That's why exemptions are also included in the property insurance system. So, if you look at the exemption, it's a system mainly recognized in life insurance. It's intended to protect the insured facing financial difficulties by exempting premium payments in the event of a serious physical disability due to exclusion or illness. Unlike life insurance, most non-life insurance policies do not have a premium exemption system. After the insurance money is paid, the corresponding rider expires and no surrender refund is paid. Life insurance says, " What kind of cancer do you have? Then, you can maintain the insurance from next month and the cancer insurance premium will be exempted. If you have another cancer surgery, file a claim again. We will pay the insurance money. You don't have to pay the premium." On the other hand, non-life insurance pays the diagnosis fee when you have cancer, but the cancer diagnosis and rider itself disappears. The premium exemption itself disappears. There is no premium exemption itself, and the rider just disappears. Since the rider is gone, there is almost no butterfly exemption system. Non-life insurance, when you look at it, you might think, "Oh, life insurance looks much better, and non-life insurance is not so great." However, life insurance premiums are basically more expensive than non-life insurance when considering the same coverage. It's difficult to say that it's good because the premiums are expensive. Fifth, there is duplicate insurance. When you have multiple insurance policies, how will the insurance money be paid? As I mentioned briefly earlier, I have actual loss insurance. What if I signed up for two insurance policies and end up paying for it twice in both plans? I spent 200,000 won on hospital bills, but I signed up for two insurance policies and ended up receiving 400,000 won, making me 200,000 won. In this case, there's a clear problem. Since I'm receiving coverage exceeding the cost, I don't want to go to work and I'm only thinking about going to the hospital because I'm sick. So, since property insurance does n't have a concept of loss in principle, there's no concept of used insurance. So, in principle, if life insurance covers death for 300 million won, if I have two life insurance policies, the principle is to pay 300 million, 300 million, and 600 million won. However, as I mentioned earlier, if we double-pay for expenses, it could cause a big social problem. So, if there's a manual intermediate insurance policy that covers the same insured event, the benefits corresponding to the fixed-amount and semi- fixed-amount compensation methods are compensated twice, but those corresponding to the actual loss compensation method are thoroughly compensated for the actual loss. So, if I incur 200,000 won in hospital bills and both insurance companies do that, By providing proportional coverage, such as 100,000 won, 100,000 won, we prevent it from exceeding 200,000 won. So, if you're thinking about duplicate insurance, you can understand it this way. For example, with a fixed-amount or semi-fixed- amount method, you simply receive duplicate coverage. So, if you sign up for death insurance, you can receive the full death benefit. I explained this daily benefit earlier. You can also sign up for this daily benefit with several insurance companies and receive it here and there if you're hospitalized. However, in cases like actual loss coverage or driver's insurance coverage, you're only paid the amount you spent. Then, when there are multiple insurance companies, the regulations for intermediary insurance apply, so the insurance companies share the cost and pay the insurance money. You'll learn about this sharing later, but there are separate methods for sharing stipulated in the Commercial Act and per-share methods stipulated in the terms and conditions. You should be familiar with those as well. Next, there are characteristics that distinguish property insurance from non-life insurance. First, the object of the insured accident is different. Non-life insurance covers damages that occur due to an insured accident. Therefore, damages that may occur are covered. All tangible and intangible assets, including various rights of existing corporations, can be covered by insurance. Property insurance is aimed at covering the mental, physical, and emotional state of people, so it is different from non-life insurance in that only natural persons are covered by insurance premiums. This means that the object of the damage is different because the object of the insurance accident is different. It means the object that I want to cover when I sign up for insurance. Yes, we have looked at the characteristics that distinguish property insurance from non-life insurance. Next time, we will look at cases where corrections to personal insurance are applied. Thank you for your hard work.
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