It depends on what kind of insurance the loan buys. If it is medical insurance, the insurance company will compensate the insured for medical expenses and death compensation according to the contract. If personal accident insurance is purchased at the time of loan, the insurance company will compensate the insured for death according to the contract. As for where the compensation is paid, it depends entirely on who the beneficiary is. If the beneficiary is a relative, the compensation will be paid to the account of the designated relative. If the beneficiary is a bank, the compensation will be paid directly to the bank, but no matter how the insurance is paid, the bank will continue to recover the loan.
But sometimes the insurance company will refuse to pay.
What is refusing to pay compensation?
Refusal to pay compensation refers to the insurance company's refusal to pay compensation, which usually refers to the situation that the insurer refuses the claim made by the insured and does not bear the liability for compensation when the applicant or the insured does not meet the conditions stipulated in the insurance contract.
The following are the situations in which insurance companies refuse to pay compensation: unable to provide claims materials or incomplete claims materials; Beyond the time or scope of insurance coverage; Insurance exemption occurs; Failure to tell the truth at the time of insurance affects whether the insurance company underwrites it.
If you die of illness after taking out accident insurance, the maximum compensation will be 1 10,000.
Personal accident insurance refers to the insurance in which the insurance company pays the insured or beneficiary a certain amount of insurance money according to the agreement between the two parties, due to the death or disability, medical expenses or temporary loss of working ability caused by the insured's accident during the agreed insurance period. Security items are divided into death payment, disability payment, medical payment and shutdown payment.
As long as the accident leads to disability or death, the corresponding compensation or death payment can be superimposed. No matter how many copies you buy, you can claim compensation from many insurance companies. For example, if a traffic accident leads to disability or death, the cumulative maximum compensation is 1 10,000, and the two companies each have 500,000.
But the specific situation also needs to refer to the contract.
Is there financial accident insurance for buying a car with a loan?
There is no financial accident insurance for buying a car with a loan, but you need to buy it yourself. Loan accident insurance refers to the insurance that the lending institution requires the borrower to buy in order to prevent the borrower from losing the repayment ability in an emergency. Investment is risky, please make a careful decision.
When borrowing money, it is required to buy accident insurance for three years and return it in ten years.
You can surrender. However, it is necessary to distinguish the specific circumstances when the insurance purchased by bank loans is surrendered.
1. As a bank is an insurance institution, it can also sell insurance. If the insurance business is tied with the loan at the same time, it means that the insurance has nothing to do with the loan and will not be written into the contract, but each needs what it needs, which is generated by the bank for performance. In this case, it is ok to surrender the insurance during the hesitation period. Generally, there will be no loss, but the relationship between the lender and the bank will deteriorate.
In another case, the loan fund is the insurance that the bank needs to buy a house or buy raw materials and fuel. If this kind of insurance is surrendered, the loan will be paid off in advance, and the earlier the loan is paid off in advance, the more premiums will be refunded. If you have to surrender, the bank will take restrictive measures such as raising the loan interest rate and shortening the loan term.
How to calculate the borrower's accident insurance
Usually, the borrower's accident insurance has such a clause: unless otherwise agreed in this contract, the first beneficiary of death insurance and disability insurance in this contract is the financial institution that provides loans to the insured, and its share of benefits is the sum of the loan principal and interest that the insured did not pay as agreed in the loan contract, but it is limited to the payment of insurance benefits as agreed in this contract.
You or the insured may designate one or more persons as the second beneficiaries of the death insurance. If there is more than one beneficiary in the second order of death insurance, you can determine the share of beneficiaries. If the share is not determined, the beneficiaries in the second order shall enjoy an equal share of the benefits.
If the insured is a person without or with limited capacity for civil conduct, the beneficiary may be designated by his guardian.
You or the insured can change the second beneficiary of death insurance and notify us in writing. After receiving the written notice of the beneficiary's change, we will annotate the insurance policy or other insurance documents or attach the approval form.
When you designate and change the second beneficiary of death insurance, you must obtain the consent of the insured.
Unless otherwise stipulated in this contract, the second beneficiary of disability insurance money is the insured himself.
After the death of the insured, in any of the following circumstances, the insurance money shall be regarded as the heritage of the insured, and we shall fulfill the obligation to pay the insurance money according to the provisions of the Inheritance Law of People's Republic of China (PRC):
(1) No beneficiary has been specified, or the beneficiary designation is unknown and cannot be determined;
(2) The beneficiary dies before the insured, and there are no other beneficiaries;
(3) The beneficiary loses or waives the beneficial right according to law, and there are no other beneficiaries.
If the beneficiary and the insured die in the same event and the order of death cannot be determined, it is presumed that the beneficiary died first.
If the beneficiary intentionally causes the death, disability or illness of the insured, or intentionally kills the insured, the beneficiary loses the right to benefit.
The insured and the insured here are basically the loan customers themselves, and other contents are no different from general accident insurance.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.
How to buy the borrower's accident insurance clause
Borrower's accidental injury insurance is a kind of accidental injury insurance specially designed for mortgage borrowers. If the lender is unable to repay the loan due to serious disability or accidental death after purchase, all or part of the loan will be repaid by the insurance company as agreed.
There is no uniform provision for the borrower's accident insurance rate. In the industry, life insurance companies that operate accidental injury insurance for borrowers generally set product rates between 0.2% and 0.3%. This kind of insurance needs to be purchased every year, and the minimum amount is 2% of the loan amount.
The compensation standard for borrowing accident insurance is that if the insured suffers an accident and one of the disability levels listed in the Personal Insurance Disability and Insurance Payment Proportion Table appears within 180 days (including 180 days) from the date of the accident, the company will pay the accidental disability insurance according to the proportion shown in the table. "
It can be seen that the insurance liability of IOU accident insurance fully conforms to the definition of life insurance in the Insurance Law, and the product shown in its name belongs to "personal accident insurance", so IOU accident insurance is life insurance.
Extended data:
Insurance liability Article 4 If the insured dies or is disabled due to accidental injury during the insurance period, the insurer shall pay the insurance money according to the following agreement:
(1) Accidental death During the insurance period, if the insured suffers an accidental injury accident and dies within 180 days from the date of the accident, the insurer shall pay the death insurance money according to the insurance amount specified in the insurance policy, and the insurance liability to the insured shall be terminated.
If the insured suffers an accidental injury accident, and his whereabouts are unknown from the date of the accident, and he is later declared dead by the people, the insurer shall pay the death insurance money according to the insured amount.
However, if the insured returns after being declared dead, the beneficiary shall return the insurance money paid by the insurer within 30 days from the date when he knew or should have known that the insured was alive. If the insured has received the insurance money in Item (2) of this Article before his death, the death insurance money shall be the balance after deducting the paid insurance money.
(2) Accidental Disability If the insured suffers an accidental injury accident and one of the disability levels listed in the Table of Proportion of Accidental Injury Disability and Insurance Payment (hereinafter referred to as the Payment Table) occurs within 180 days from the date of the accident, the insurer shall pay the disability insurance money by multiplying the payment ratio listed in the table by the insurance amount contained in the insurance policy.