The service which has received the name bancassurаnce even more often is offered to consumers.
Those who anyhow faced credit purchases know that as the obligatory requirement the bank lays down a condition: while the crediting subject is in pledge (i.e. before full payment), he should be insured. As also the borrower. Because if for example accident occurs and he will lose working capacity there will be nobody who pays a debt. Such foresight of banks is quite logical: the creditor should have a guarantee that if its property suffers or the borrower “will fail”, it all the same will receive the money back. Therefore and in a head does not come to name this obligatory insurance “dodge on pumping out of a spare cash”. And as it extends on all kinds of the large credits many banks have included this service in the service. More precisely, in the list of services, but the bank, and its partner – the accredited insurance company gives it not actually. It also is bacassurаnce: at registration of the credit the borrower makes out necessary kinds of the insurance directly in bank.
The insurance of the mortgage, repair and credit refinancing.
If you have addressed in bank for the hypothecary credit, most likely, to you will suggest to insure the got real estate in one of the insurance companies which have received accreditation of this bank. Sometimes it guards: why only in these companies? Perhaps if to buy the similar policy in another it will be cheaper? However we hasten to disappoint – hardly probable it will be possible to find “decent” insurance company offering tariffs which are essential more low. As well as in a case with credit rates, insurance tariffs are economically proved, and if any company suggests to insure the got real estate most likely it is not going to pay insurance compensation.
And here to carry out monitoring of tariffs of those companies which work with bank on the terms of constant cooperation costs. Then you will see a real picture. But the collusion of the financial organisations and the insurance companies in bancassurаnce is not present. Moreover, because of benefit in the 100-th shares of percent it is not necessary to risk (and the bank will not give the consent, without being is assured of reliability of the insurer). Because bank before to accredit company scrupulously checks its solvency and intention not only to collect insurance awards but also to pay compensation.
So, at registration of the credit contract of the mortgage the bank will demand registration of obligatory policies: insurance of mortgaging property (i.e. the got real estate) and insurance of the borrower upon accident. For the annual insurance of a subject of the mortgage it is necessary to pay on the average 0,25 % of estimated cost, for the insurance from accident – 0,3 % of the sum of the credit. And so during all time of payment of a debt (we will remind that hypothecary credits stand out for the term up to 30 years).
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