As a comparison site, respectively insurance company list, we bring you a bit of theory on the subject of insurance. Insurance contracts and conditions are full of terms that everyone barely understands. One such term is progressive fulfilment. We tell you what progressive insurance policy means and what benefits it can bring to you.
Life insurance is primarily used to provide financial support to families and relatives in case of death or income outages. Within the life insurance policy, you can arrange for a whole range of additional insurance - invalidity insurance, supplementary insurance for a serious illness or permanent consequences due to an accident. The latter is often provided by insurance companies with a so-called progressive service. What does it mean in practice?
At the beginning, it is useful to recall the basic concepts that everyone will encounter in arranging a policy. The insurance is always concluded for a certain amount of insurance - the maximum amount that the insurance company pays when the event occurs. In the case of permanent damage insurance is the injury the case that will cause permanent health problems or limitations. The insurers themselves designate insurance payment as a fulfilment.
In the case of supplementary insurance, the insurance fulfilment is derived from bodily harm. This insurance company attributes a certain amount of percentage to the insurance company. A list of body injuries, including percentage ratings, is published in so-called pricing tables. These are the insurers themselves, so the ratings are often different in practice: while some companies, for example, classifies the loss of all fingers as 10 per cent body damage, other company can assume 15 per cent of it. When determining the extent of physical injury, the insurer also distinguishes between the right and left hands, the different fingers also have different ratings. Valuation tables can be found in the insurance contract or on the website of the insurance company.
The specific amount you get from the insurance company depends on whether you have negotiated a policy with a linear or progressive payment. Linear fulfilment means the following: with the insurance company you have agreed on the amount of the insurance million euros. As a result of the accident, you will lose hearing completely, which, for example, insurance company estimates 40% of the body's injury. It will pay you 400 thousand euros.
However, if you have a progress insurance policy, the insurance company will increase several times. A specific multiple depends on the insurance company and on the extent of physical damage. If we keep an example of hearing loss, insurance benefits will look like the following: insurance company estimates 40 percent loss of hearing and 26-50 percent body damage counts for double progression. By simply calculating - we will multiply by 40% of the two by two - we will get to the insurance benefit of 800 thousand euros. Higher insurance benefits with progress, however, are redeemed with higher insurance fee (the amount you regularly pay for insurance).
If you find out how highly progressive the insurance provider offers, you will most likely find information about the maximum progress. But beware: this is the number by which the insurance benefit will be multiplied only if the insurer evaluates the bodily damage as 100%. In practice, for example, insurers assess the blindness. Maximum progress can also occur if you suffer from a number of permanent consequences, and the sum of all damage is a hundred percent. For most insurers, the maximum progress is usually 6 times.
Where, on the contrary, you do not progress progressively, body damage is up to 25 percent. Most insurance companies expect progress beyond this limit. You can find the specific range and multiples of performance again in the insurance conditions or on the insurance company's website.
Physical damage is determined by the insurance company on the basis of medical reports and testimonials. Remember, with regard to insurance benefits for permanent consequences, you will not receive the money from the insurance company as soon as the accident occurs. Insurance companies usually wait for a year until the state of health can be considered as final or at least steady.