Everything about life insurance

A person who has entered into an insurance contract with the insurer. Policyholders may be legal entities or individuals.

A person in respect of whom insurance is provided.

A person who, in accordance with an insurance contract or legislative acts on compulsory insurance, is the recipient of an insurance payment. The beneficiary may be either a legal entity or an individual. A beneficiary may be designated under both personal and property insurance. For compulsory types of insurance, the beneficiary is determined by the legislative acts governing the relevant type of insurance; for voluntary types, the beneficiary is designated by the policyholder.

The amount of money for which the subject matter of insurance is insured and which represents the maximum extent of the insurer's liability upon the occurrence of an insured event.

The amount of money that the policyholder is obliged to pay to the insurer for the latter's assumption of the obligation to make an insurance payment to the beneficiary in the amount specified in the insurance contract.

An event upon the occurrence of which an insurance payment is made in accordance with the procedure established by law and the terms of the insurance contract.

The amount of money paid by the insurer to the beneficiary within the sum insured upon the occurrence of an insured event.

Insurance and reinsurance organizations.

An insurance (reinsurance) organization, insurance broker, branch of an insurance (reinsurance) organization that is a non-resident of the Republic of Kazakhstan, branch of an insurance broker that is a non-resident of the Republic of Kazakhstan, and an actuary, carrying out their activities on the basis of the relevant licenses of the authorized body.

A legal entity carrying out activities related to entering into and performing insurance contracts on the basis of the relevant license of the authorized body.

A legal entity carrying out activities related to entering into and performing reinsurance contracts on the basis of the relevant license of the authorized body.

A non-profit organization established in the organizational and legal form of a joint-stock company, hundred percent of whose voting shares are owned by the National Bank of the Republic of Kazakhstan, carrying out activities related to the collection and maintenance of a unified database on insurance in accordance with the Law of the Republic of Kazakhstan “On Insurance Activities”.

An employee of an insurance (reinsurance) organization whose functions include assessing insurance risks, accepting risks for insurance, and determining the terms and conditions of insurance (reinsurance) contracts.

An individual or legal entity included in the register of insurance agents and carrying out activities related to entering into insurance contracts on behalf of and on the instructions of one or several insurance organizations on the basis of an agency agreement.

A document of an insurance organization defining the terms and conditions for carrying out insurance for a particular type of insurance.

The probability of an insured event occurring.

A set of measures aimed at protecting the property interests of an employee, as well as the life and health of an employee whose performance of labor (official) duties has resulted in harm.

A sudden event occurring against a person's will as a result of external mechanical, electrical, chemical or thermal effects on the insured person's body, resulting in harm to health, bodily injury or death.

The ability of an employee to perform work of a certain qualification, volume and quality.

The degree of reduction in an employee's ability to perform labor (official) duties determined in accordance with the legislation of the Republic of Kazakhstan.

The level of occupational injuries and occupational morbidity established by types of economic activity.

Types of compulsory insurance for which the legislative act of the Republic of Kazakhstan on compulsory insurance provides for mandatory participation in the Insurance Payments Guarantee Fund.

A set of organizational and legal measures provided for by this Law and aimed at protecting the rights and legitimate interests of policyholders (insured persons, beneficiaries) upon the occurrence of an insured event under an insurance contract in the event of compulsory liquidation of the participating insurance organization.

An amount of money paid by the Insurance Payments Guarantee Fund in accordance with the procedure and under the conditions provided for by the Law of the Republic of Kazakhstan “On the Insurance Payments Guarantee Fund” and regulatory legal acts of the authorized body to the policyholder (insured person, beneficiary) in respect of insured events that have occurred under an insurance contract with an insurance organization subject to compulsory liquidation, in cases provided for by the Law of the Republic of Kazakhstan “On Insurance Activities”.

An insurance organization that has entered into an agreement with the Insurance Payments Guarantee Fund.