Obligatory and voluntary types of insurance in Russia and abroad.

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

RUSSIA.

Obligatory:Health (medical) insurance, Car insurance, Touristinsurance, Voluntary:

2. Страхование имущества

* 2.1 Огневые риски и риски стихийных бедствий

* 2.4 Страхование КАСКО

3.Liabilityinsurance

* 3.4 Страхование профессиональной ответственности

* 3.5 Страхование ответственности работодателя

* 3.6 Страхование ответственности за нанесение вреда экологии

* 3.7 Договорная ответственность

4.Personalinsurance

* 4.1 Накопительное страхование жизни, пенсионное страхование

* 4.2 Страхование от несчастного случая

* 4.3 Медицинское страхование

5.Financialinsurance

* 5.1 Страхование невыполнения финансовых обязательств

ABROAD

Obligatory:

Health, Car

Voluntary:5.1 Health 5.2 Disability, 5.3 Casualty, 5.4 Life insurance, 5.5 Property, 5.6 Liability

* 5.7 Credit, 5.8 Other types, 5.9 Insurance financing vehicles

26. Forms of international settlements.

International settlement refers to the money transfer via banks to settle accounts, debts and claims among different countries.

Documentary credit is a payment instrument, the international trade can’t do without nowadays. It allows allocation and then payment of a certain amount provided the conditions, stipulated beforehand, are complied with. It also can service for financing of exports.
The documents, stipulated under a documentary credit shall conform to some very strict requirements. The beneficiary shall be informed that it cannot be paid unless there are certain absolutely conformable documents transferred, and that the Bank shall only take its decision with regard to execution of payment or acceptance of other action. The conformity of documents shall be verified based on the "Rules and uniform practices on documentary credits" issued by the International Chamber of Commerce in Paris. A documentary credit can be used not just for shipment of goods. A letter of credit can also be used as a means of crediting, if it is used as a basic instrument in the transit trade.
In case of the documented collection, the bank acts as a trustee and intermediary between the exporter and importer. It presents to the importer, according to instructions of the exporter or the exporter’s bank, the documents, which confirm shipment of a certain merchandise or fulfillment of an obligation, and in exchange of the above collects the due amount or carries out other accepted action. The documented collections are carried out in accordance with the Uniform rules on collections, published by the International Chamber of Commerce in Paris, and ratified by most banks. These rules establish the main obligations and rights of partners, resorting to collection. A documented collection guarantees the seller the higher protection as compared to a simple invoice, but a lower than it is ensured by a documentary credit.
Payment order represents an order, given by a bank to another bank, on its own initiative or on its clients’ request to pay a beneficiary an amount of money, which covers obligations of the debtor to the creditor. As opposed to other means of settlements, a payment order is revocable until its execution, that is, after the collection of money by the beneficiary, the restitution of payment may only be ordered by the beneficiary of the amount received. For this reason, it is recommended to use a payment order just in case of an absolute confidence between the partners.
Banking guarantee represents an irrevocable obligation, assumed by a bank, to pay a certain amount in case if a third person does not fulfill its obligations with regard to shipment of goods, rendering a service or execution of a payment. A guarantee constitutes an independent obligation, irrespectively of the agreement between the debtor and creditor.