 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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