Frequently Asked Questions

The premium is what you pay the insurer for cover, in the way and by the dates set out in the contract. It is calculated as: sum insured × insurance rate × adjustment coefficients. The coefficients reflect the type of insurance, the term of the contract, the age and condition of the insured object (for example, a car's year of manufacture), your claims history, the deductible and any extra conditions. For compulsory insurance the premium is set by regulation. You have the right to ask the company to explain how it was calculated.

Read the contract to the end — a single missed clause can cost you a payout. Check: — What is insured: whether the policy covers the risks that matter to you. — The sum insured and the premium: how much you are covered for and how much you pay. — Dates: the start date (an incident before it is not covered), the end date, and the premium due date — if you pay late, the insurer may suspend or terminate the contract. — Exclusions: the cases in which a payout can be refused. — The deductible: which part of a loss you bear yourself. — Your obligations: what to report to the insurer, by when, and which documents to provide. — The terms for early termination and for a premium refund. Terms in the insurance rules that are not repeated in the policy are still binding on you. So ask for the insurance rules and, once the premium is paid, for the policy itself.

A deductible is the part of a loss that you bear yourself and the insurer does not reimburse. It lowers the price of the policy and spares you from filing small claims. There are two kinds: — conditional: if the damage is below the deductible there is no payout; if it is above, the loss is paid in full; — unconditional: the deductible is subtracted from every payout. It can be set as an amount of money, as a percentage of the sum insured, or as a period of time (for example, the first 3 days). Example: a deductible of 1 million UZS. For damage of 800 thousand there is no payout. For damage of 5 million under an unconditional deductible you receive 4 million. The type and size of the deductible are always stated in the contract.

The sum insured is the insurer's limit of liability under the contract: the most it can pay out for an insured event. The payout is what you actually receive. It depends on the size of the loss, the nature of the event and the terms of the contract, and it can never exceed the sum insured. Example: a car insured for 200 million UZS — that is the sum insured. If the damage in an accident is 35 million, and the contract terms are met, the payout is 35 million.

It depends on the type of insurance. For compulsory insurance the law sets the terms. For example, if a motor third-party liability (OSAGO) contract ends early, part of the premium is returned to the policyholder. For voluntary insurance the contract itself sets the terms. Unless it says otherwise, the premium is not refunded if the policyholder withdraws (Article 948 of the Civil Code). So it is best to study the cancellation terms before you sign.

Not unilaterally. All terms, including the rate, are agreed when the contract is concluded and cannot be changed by one party. The exception is a significant increase in the insured risk while the contract is in force (Article 949 of the Civil Code). You must notify the insurer, and it may ask you to change the terms or pay an extra premium in proportion to the risk. It can terminate the contract on that ground only with your consent. Rates for compulsory insurance are set by law. New rates normally apply to contracts concluded after they take effect.

An insurance agent acts on behalf of and on the instructions of the insurer, under an agency agreement. The agent issues policies, advises on terms, supports contracts and helps with claims. An insurance broker is a licensed legal entity that acts on behalf of and on the instructions of the policyholder. The broker analyses your risks, finds suitable terms across insurers and helps with the performance of the contract. In short: an agent represents the insurance company, a broker represents the client.

Reinsurance is when an insurer passes part of the risks it has accepted to another insurer or reinsurer under a reinsurance contract. Put simply, it is insurance for the insurer itself. It exists so that an insurer can: — accept large and complex risks it could not cover alone; — protect itself against large and catastrophic losses; — keep payouts to policyholders steady; — strengthen its financial stability. The law caps the amount an insurer may retain: on a single risk it cannot keep more than 20% of its own funds plus insurance reserves. Anything above that must be reinsured.

Insurers are required to publish annual financial statements so that clients and the market can judge their stability. Usually these include: — the balance sheet; — the statement of financial results; — the cash flow statement; — the statement of changes in equity; — explanatory notes; — the auditor's report. The statements are posted on the insurer's official website. Read them before choosing an insurer. Alfa Invest's reports are published in the “Investors” section.

Yes. Information about policyholders, insured persons and beneficiaries, their health, the insured property, the sum insured and bank accounts is covered by insurance secrecy (Article 62 of the Law “On Insurance Activity”). The insurer may not disclose it without your written consent, except in cases expressly provided for by law. General terms of insurance, rates, and the types and terms of insurance remain public information.

An assistance company works under a contract with the insurer and provides insured people with technical, medical and other help, and sometimes financial support. For example, if you need a doctor abroad, the assistance company arranges the clinic visit and the services covered by your policy. The insurer pays for assistance services — you or the insured person do not (Article 26 of the Law “On Insurance Activity”).

A loss adjuster is a company with qualified staff, or an individual with professional expertise, engaged by the insurer, the policyholder or another client to establish the circumstances of an insured event. The adjuster inspects the insured object, determines the cause of the damage and whether it is an insured event, works out the size of the loss and the payout, and records the result in a report. An adjuster may not act as an insurer, work as an insurance intermediary, or receive the payout as the policyholder's representative.