- Some common points
- Who can be attributed to beneficiaries?
- Legislative regulation
- Obligations and rights of the beneficiary
- Additional duties of the beneficiary
- What makes the insurer pay?
- Some general thoughts
The issues of protection of property rights to property were significant for humanity in any historical epoch and under the most diverse social and political formations. What is most significant about these issues?
Some common points
In the definition and regulation of property relations, there are a number of fundamental concepts on which the entire legal framework and legal system are based. One of the most significant terms is such a thing as a beneficiary. This is a legal or natural person who is the bearer of property rights to a particular property and who receives income from such possession accordingly. Or profit from some kind of commercial operation. In legislative and legal practice there are a number of nuances, one way or another connected with this term. Let's try to consider in more detail some of them.
Who can be attributed to beneficiaries?
Sometimes in the domestic legal practice is used such an international analogue of this term as "beneficiary" ("beneficiary"). In its meaning, it completely coincides with the concept of "beneficiary". This is nothing more than a synonym that historically goes back to Roman law. In Russian legal and economic practice, both terms are equally common. Who are usually referred to as beneficiaries? Most often, the beneficiary is a person who receives income in the form of rent from his property, transferred to trust management or to the use of other persons or organizations. The relationship with the beneficiary in this case, the users of his property occur on specially agreed terms.
This term is also widely used in insurance. In the insurance business, the beneficiary is a natural or legal person who receives payments under the contract in accordance with the conditions specified in the insurance policy. This term is very common in the law of succession. Here the beneficiary is a person who receives certain property or financial rights in accordance with the will or the current inheritance laws. In addition, it is also customary to refer beneficiaries to persons to whom banking structures provide various kinds of financial preferences.
In the current legislation, the rights and obligations of the beneficiary are properly worked out, regardless of whether he is a legal or natural person. Thus, in particular, according to the current Civil Code of the Russian Federation, the beneficiary of a legal entity has the right to receive insurance payments in cases stipulated in the contract for insuring its property, if such has been damaged as a result of the insured event. The legal framework in the field of property relations and financial obligations is currently elaborated in sufficient detail; the rights and obligations of both parties to the insurance contract are set out in it exhaustively. In addition to the Civil Code, insurance relations are regulated by the Law of the Russian Federation of November 27, 1992 "On the organization of insurance business in the Russian Federation".
Obligations and rights of the beneficiary
Insurance of your tangible property and other type of property gives its owner confidence in receiving financial compensation in the agreed amounts if property is damaged as a result of exposure to natural factors or any aggressive criminal offenses. But the insured beneficiary in the manner prescribed by law also has a number of obligations to the insurer, with whom he has entered into an appropriate contract. The first of these is the timely payment in full of the contributions stipulated in the contract, or as they are often called "insurance premiums".
Additional duties of the beneficiary
In addition to the mandatory payment of insurance premiums, the insured beneficiary has a number of obligations to the insurer, which is called "second order". But from this they do not become less important. Execution of the contract in case of an insured event without complying with these obligations is not possible. First of all, they should include the provision to the insurer of the entire documentary base on the insurance object in full. Timely notification of such changes and any relevant circumstances. And most importantly, the insurer must be informed of the occurrence of the insured event on time as specified in the insurance contract. Of course, the beneficiary is obliged to fulfill this item in that situation if he intends to exercise his right to receive the financial compensation due to him as a result of the insured event.
What makes the insurer pay?
When an insured event occurs, the insurer is obliged to fulfill, according to the terms of the contract concluded by him, all financial obligations assumed to the owner of the affected property. These payments in certain cases may be more than significant. It is not uncommon for an insurer to resort to external financial loans on burdensome conditions to fulfill its insurance obligations. What makes him do it? The point here is that insurance is, as they say - "play in the long run" and "long-distance running." And only those who are able to build a long-term business development strategy can win here. An insurer who consistently fulfills its financial obligations acquires a reputation. And consequently, the client base, the insurance premiums of which are required to cover for a certain period of time all the costs incurred by it in the fulfillment of its financial obligations.
Some general thoughts
The history of insurance business has several centuries. Appearing for the first time in Great Britain in the period of the formation of industrial capitalism and the rapid development of world trade, this sphere has steadily grown and improved up to the present day. What is the attractiveness for all who are the beneficiary, the conclusion of contracts for the insurance of their tangible property and other assets? After all, according to the contract, the beneficiaries have to take on quite significant financial obligations. The point here, perhaps, is that property owners have a vital sense of confidence in the material results achieved. They are driven by the desire for stability and confidence in the future. And the beneficiaries are willing to pay for it. It is this circumstance that makes them turn to the insurers. No one else can sell them the necessary sense of confidence and stability. Both parties are equally interested in this deal. It should be noted that the successful development of the insurance business is possible only in a state with a steadily developing economy and with a stable legal system.