When concluding an insurance contract, for example, real estate or a car, it is important to remember that the amount of insurance compensation does not always correspond to the actual damage, since the deductible specified in the contract, depending on the type and size, reduces the amount of payment.
Instructions
Step 1
Study the insurance contract carefully. To calculate the deductible, you need to know three things: its percentage, the type of deductible set and the amount insured. The monetary equivalent of the deductible is calculated by multiplying its percentage by the insured amount prescribed in the contract. For example, the contract establishes a deductible of 0.05% of the insured amount, and the latter is 1,000,000 rubles. Thus, the deductible is 500 rubles.
Step 2
Pay attention to what kind of franchise is established in the contract. The first option (it is used most often) is an unconditional deductible. When paying insurance compensation, it is always deducted from the amount of the loss, that is, under the contract, upon the occurrence of an insured event, you will never receive the full amount of damage. Suppose that during the validity of the contract from Step 1, an insured event occurred, and the amount of damage was 3,000 rubles. The amount that the insurance company will pay to the client is 2,500 rubles. If the damage is insignificant and in monetary terms is equal to 400 rubles, the policyholder will not receive anything, since the damage does not exceed the deductible.
Step 3
Keep in mind that the contract may establish another type of franchise - conditional. The economic sense of establishing such a deductible is that the insurer does not cover damage below a specific amount. If you refer to the example from Step 1, you will see that if an insured event occurred under the insurance contract and the amount of damage was 300 rubles, the insurance company does not pay anything. But if the loss is 3,000 rubles, the notional deductible (this is its convention) does not apply, so the payment will be 3,000 rubles. Please note that when concluding an agreement with an unconditional deductible, the insurance rate is set lower than in the case of a conditional deductible.
