TO THE QUESTION ABOUT INSURANCE OF CREDITS
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Vlasenko Maxim, Kravchuk Yuliya |
TO THE QUESTION ABOUT INSURANCE OF CREDITS
Credit is specially designed so that you can quickly get cash for various needs, it is a shared interest relationship between a creditor (lender) and a debtor (borrower), thus creating different economic and legal situations: the debtors obligation is to repay the loan and the lender has the right to demand the return of the loan based on the pre-agreed terms.
When non-compliance conditions occur (this can be for various reasons) the creditors agreements threaten financial losses, which he tries to escape through a variety of activities available, legal and financial. The legal provision stipulates that the appropriate amount to the creditor can be returned to it by third parties.
A variety of types of credit transactions determines the features and causes of the credit risk that arises usually due to a bad faith Borrower, the deterioration of their financial condition, adverse economic conditions, incompetent management of firms and others.
Since ancient times credit operations conducted were at risk of loan default, in the area of credit relations, existing financial and legal form of loans.
The risk of a credit transaction materially manifested in the non-return, non-payment of debt and legally “In Default”. On the one hand, the use of these forms is time consuming in credit operations and on the other - the borrower does not always have sufficient financial ability or legal collateral. As a special form of protection is the insurance.
In order to protect the credit and financial scope of legal persons, insurance credit is held against the risk of default and to limit the risk of the borrower's liability - a legal entity for loan default and the risk of non-repayment.
The essence of this type of insurance is to reduce or eliminate credit risk. It applies only to consumer credit that is used to purchase durable goods.
Providing consumer credit, the seller is unable to control the solvency of the buyer for a large number of sales on credit and some of them will not be paid. This is typical of insurance risk, because of the randomness and mathematical law of large numbers.
When it comes to the insurance of bank loans, you will not find such an insurer who would take over compensation for loan default or delays in its return, because no other institution knows the borrower's degree of reliability better than the bank itself. Moreover, the risk reward banker takes over the banks profit. If the entire bank's risks were left for credit insurers to pass, there would be no need to pay bankers.
Historical prototype credit insurance is a commission transaction on condition that any additional agreement was concluded, called Del credere. Delkrederne insurance consists of two groups of insurance relations: trade credit insurance and insurance financial (cash) loans. In the first group insurance coverage provided by both internal and external (export - import) trade, which is carried on a credit basis. The second group is delkredernoho insurance operations on insurance of financial loans that are usually the part of the consumer loans and loans for investment needs, which is published in cash.
There are the following types of credit insurance:
- Insurance del credere (commercial loans, loans for capital goods and consumer goods, export credits);
- Insurance sureties and guarantees;
- Insurance losses that occur due to excessive confidence (credibility).
Insurers engaged in credit insurance, working in all areas of del credere based on the same procedures:
- Possible insurance claims poperedzhuyutsya using current monitoring loans;
- When the insured event (loss of the borrower's insolvency) refundable damage;
- Reduce the amount of damage due to participation in the preparation of the insurer paid the debt in bankruptcy litigation borrower (recourse).
A prerequisite of liability is the fact that the insured event, and as a result - the emergence of the risk of insolvency of the borrower.
Insured event considered insured losses due to non-fulfilment or improper fulfilment by the borrower of its obligations under the loan agreement (loan agreement). These include: no return or partial return of borrower credit (loans) to set the loan agreement terms, failure to pay him interest in full and on terms set by the loan agreement, default of other obligations under the credit agreement.
Insurance premium depends on the nature of the loan, the borrower, the purpose of the loan, the availability of inventory or other property owned by the borrower, which may be the rights rehrssnyh requirements of the insurer when the insured event, and is determined by the creditworthiness of the borrower, the purpose of the loan and other conditions stipulated in the loan agreement.
The insurance amount is deducted from the loan amount and the interest on it. The data contained in the loan agreement concluded between the insurer and the borrower.
In the process of applying such methods of credit protection insurance
1. Loans Insurance Risk
The object of insurance is the responsibility of all or individual borrowers to the bank for the timely and full repayment of the loan and payment of interest on using it in a certain period of the loan agreement.
Insurer is an insurance company that is licensed to carry out such activity.
Insured is a bank.
Insured defines itself: the responsibility to insure all borrowers to whom loans were given or responsibility of every particular. The first option is attractive because under these conditions is provided automatism liability insurance, which is an essential guarantee of credit facilities, and established preferential tariff rate. But in a volatile economic environment it is appropriate to insure loans with interest each borrower in particular.
The insured has the right to insure only the principal amount or the amount of the issued loan with interest.
The insurer is obliged to pay compensation insurance for the amount of days after the insured event, as indicated in the Rules. After receiving bank insurance claim it transmits a claim for damages caused by the debtor within it paid insurance indemnity insurer. Transfer of requirements accompanied by the documents necessary to implement this law.
If the insurer is not entitled to realize the fault insured (expires pretentious statement, etc...), the insurer shall be exempt from the obligation to pay compensation. If the payment is made, the bank is obliged to return compensation insurer.
2. Liability for non-credit borrowers
Insured under this type of insurance are companies, institutions and organizations.
The insurer - the insurance company.
Property insurance - recourse to the bank that gives credit for the timely and full repayment of the loan, including fees for its use.
Terms and conditions of insurance similar rules and conditions of insurance risk of outstanding loans.
Insured submits an application in duplicate, a copy of the loan agreement, and certificate of repayment.
The insurer determines insurance premiums to be paid by the insurer once. Day is the day of payment withdrawals from the account of the insured.
Liability insurer arises when non-return of debtor creditor banks amount within three days after maturity, the contract.
Liability insurer also varies within 50-90%.
Sum insured is determined in proportion to the responsibility of the insurer specified in the contract, the amount owed.
Insurance of credit risk in the developed world as a mandatory condition involves the so-called ancillary insurance. Its meaning is that the borrower or buyer of goods on credit for a term loan insures the life, work, survival to the expiration of the contract. This insurance applies in mortgage assets. This means that for the duration of the loan is secured by the borrower.
At the conclusion of insurance contracts with both types of liability insurance take into account the creditworthiness of the borrower.
Under the creditworthiness understand the presence of the entity prerequisites for the loan, and the ability to return the loan in time. Conclusion Solvency make based analysis: thoroughness of his calculations on previously received loans, current financial condition, the ability to mobilize the necessary cash for equipment from various sources, i.e. liquidity.
Bank deciding to extend credit, determines the degree of risk it is willing to accept and the amount of loan that can provide.
Credit insurance can be defined as an economic mechanism, which aims - to meet the needs of casual valued property arising from the risk of loan default by redistributing losses between business credit and insurance relationships.
Despite the great economic importance of credit insurance, it still takes a minor position in the domestic insurance market. This situation is due to several reasons, including: poor credit Ukrainian citizens and businesses; ambiguous interpretation of certain articles of the insurance laws and incomplete regulatory framework for insurance, not developed general conditions of credit insurance, distrust leads to insurance companies.
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