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General
(Non-life) Insurance - Information & Finnish Insurers
Life
Insurance - Information & Finnish Insurers
Insurance Consumer Protection
in Finland
Additional
Information
This section covers life insurance and general insurance
(ex. motor, homeowner, household, marine, travel). For
information on pensions (pension insurance) see Earnings-related
Pensions and Pension
Insurance for Employers and Entrepreneurs.
General (Non-life)
Insurance - Information & Finnish Insurers
General insurance, such as home, travel
or motor vehicle insurance, is known as "non-life
insurance" in Finland. When you include different
varieties of risks in your insurance cover you have
what is known in Finland as combined insurance. With
combined insurance the policy specifies certain basic
definitions, such as individual items of property, types
of risk covered, the start and end of the policy, and
your payment obligations.
Motor Vehicle Insurance
If you use a motor vehicle of any kind
you must have motor liability insurance (liikenevakuutus
- known in many countries as compulsory or third-party
insurance). This covers both physical injury and damage
to property resulting from using a vehicle in traffic
conditions.
When purchasing a vehicle you must
register the car in your name within 7 days and
get insurance. However, if the vehicle is not going
to be in use you can get a type of "seasonal"
insurance (seisontavakuutus), at a reduced rate, for
the period the vehicle will be off the road.
Insurance premiums are dependent on factors such as
the type, age and safety features (ex. anti-locking
brakes) of the vehicle. No-claim bonuses apply.
General (Non-life) Insurers
Click for a list of Finnish
general insurers, including contact details.
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Life Insurance
- Information & Finnish Insurers
In its wider meaning "life insurance"
in Finland includes individual pension insurance, sickness
insurance and accident insurance. In its narrower meaning
life insurance concerns only insurance covering the
death of the policy holder.
Life insurance institutions offer many
kinds of risk-related insurance. Young families may
wish to have cover in case of death or unemployment,
whereas older people may be interested in savings insurance.
The main kinds are straightforward risk insurance and
savings insurance. Policy holders can add additional
insurance policies to their life insurance, for instance
covering short or long term unemployment, medical expenses
or accidents.
Voluntary life insurance can made valid
up to a certain age or period. Thus insurance cover
continues up until an agreed time without having to
be renewed. Insurance cover can also be agreed so that
it is valid, for instance, for a year at a time. Traditionally,
insurance is paid continually, meaning that an even
amount accrues during the period of insurance cover.
Life Insurance Terms
Bonus
An addition to the guaranteed return allotted annually
by a life insurer to holders of with profits policies.
The size of the bonus depends on the insurer’s
performance. This bonus ensures that the value of the
policyholder’s insurance cover remains adequate.
Guaranteed
return
Interest that a life insurer is required to pay on life
insurance policies at a fixed minimum rate, regardless
of its earnings. In addition to the guaranteed return,
life insurers pay a bonus on with profits policies.
Life expectancy
The average number of years that persons of a given
age may be expected to survive according to a mortality
table.
Life Insurers
Click for a list of Finnish
life insurers, including contact details.
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Insurance
Consumer Protection in Finland
1. The Finnish
Insurance Ombudsman Bureau: Gives advice and
guidance to insurance consumers both before and after
the policy is taken out. The Bureau’s advisory
services are also available to self-employed persons
but not to businesses.
More
information
Monday - Friday: 08:00 - 16:00
Lönnrotinkatu 19 A 00120 Helsinki
Tel: 09 6850 120
Fax: 09 6850 1220
Site:http://www.vakuutusneuvonta.fi
(Finnish only)
2. Insurance
Supervisory Authority: Monitors insurance companies,
institutions and brokers for legality, procedures and
practices. For information on the types of complaints
handled by the Authority, and how to issue a complaint,
contact the Authority. Their Web site also has an online
complaint form.
Mikonkatu 8
P.O. Box 449
00101 Helsinki
Tel: 09 415 5950
Fax: 09 4155 9660
E-mail: kirjaamo@vakuutusvalvonta.fi
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