• About Us
    • Contact Us
    • Write for US
  • Terms
    • Newsletter
    • Affiliate Link Policy
    • DMCA
  • Privacy
  • Forums
    • African History
    • African Walk of Fame
  • Nyosake Ltd
    • Car Head
    • Business Today
    • Android News
    • Afrobays
    • The Sun
    • NS Sports
    • PodCast
    • Gadget
    • Travel
    • Play IT
    • Invest News
    • Start A Blog Easily Here
  • Advertise
Friday, July 1, 2022
Nyongesa Sande
  • News
    • Africa
    • African Inventions
    • African History
    • Qatar
    • Politics
    • Counties
    • National
    • Health
  • How To
    • Made In Africa
    • Education
    • Facts
    • Science
  • Business
    • Sponsored
    • Real Estate
    • World Billionaires
    • Wealth
    • Advertisement
  • Apple
    • iPad
    • Artists
    • iPhone
    • Apple Watch
    • Mac Specs
    • Apple TV
  • Windows
    • Windows 10
    • Surface
    • PC Components
    • Laptops
    • ChromeBooks
  • Tech
    • Tech Terms
    • Phones
    • Phone Rumors
    • Android News
    • Top Deals
    • Gadget Reviews
    • Gift Guides
    • VPN
  • Autos
    • Car Showrooms
    • Car News
    • Latest Cars
    • Auto Sport
    • Car Facts
  • Top 100
  • Sports
    • Soccer LiveScores
    • Basketball Scores
  • Entertainment
    • Celebrities
    • Lyrics
    • Artists
    • Biography
  • HSE
    • Hazards
    • NEBOSH
    • IOSH
    • Construction Safety
    • General Industry
    • Oil & Gas Safety
    • All Safety Courses
  • Forums
No Result
View All Result
  • News
    • Africa
    • African Inventions
    • African History
    • Qatar
    • Politics
    • Counties
    • National
    • Health
  • How To
    • Made In Africa
    • Education
    • Facts
    • Science
  • Business
    • Sponsored
    • Real Estate
    • World Billionaires
    • Wealth
    • Advertisement
  • Apple
    • iPad
    • Artists
    • iPhone
    • Apple Watch
    • Mac Specs
    • Apple TV
  • Windows
    • Windows 10
    • Surface
    • PC Components
    • Laptops
    • ChromeBooks
  • Tech
    • Tech Terms
    • Phones
    • Phone Rumors
    • Android News
    • Top Deals
    • Gadget Reviews
    • Gift Guides
    • VPN
  • Autos
    • Car Showrooms
    • Car News
    • Latest Cars
    • Auto Sport
    • Car Facts
  • Top 100
  • Sports
    • Soccer LiveScores
    • Basketball Scores
  • Entertainment
    • Celebrities
    • Lyrics
    • Artists
    • Biography
  • HSE
    • Hazards
    • NEBOSH
    • IOSH
    • Construction Safety
    • General Industry
    • Oil & Gas Safety
    • All Safety Courses
  • Forums
No Result
View All Result
No Result
View All Result

List of the Best Insurance Companies in Laos

June 9, 2022
in Business, Insurance Companies
Reading Time: 11 mins read
A A
types of insurance such as health, auto, life and home are  are illustrated in chalk on a blackboard

types of insurance such as health, auto, life and home are are illustrated in chalk on a blackboard

ShareTweetShareShareScanEmail
ADVERTISEMENT

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. List of the Best Insurance Companies in Laos

An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known – relatively small – loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. List of the Best Insurance Companies in Qatar

Risk which can be insured by private companies typically share seven common characteristics:

  1. Large number of similar exposure units: Since insurance operates through pooling resources, the majority of insurance policies cover individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyd’s of London, which is famous for ensuring the life or health of actors, sports figures, and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates.
  2. Definite loss: This type of loss takes place at a known time and place, and from a known cause. The classic example involves the death of an insured person on a life-insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place, or cause is identifiable. Ideally, the time, place, and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
  3. Accidental loss: The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements such as ordinary business risks or even purchasing a lottery ticket are generally not considered insurable.
  4. Large loss: The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses, these latter costs may be several times the size of the expected cost of losses. There is hardly any point in paying such costs unless the protection offered has real value to a buyer.
  5. Affordable premium: If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, then it is not likely that insurance will be purchased, even if on offer. Furthermore, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, then the transaction may have the form of insurance, but not the substance (see the U.S. Financial Accounting Standards Board pronouncement number 113: “Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts”).
  6. Calculable loss: There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
  7. Limited risk of catastrophically large losses: Insurable losses are ideally independent and non-catastrophic, meaning that the losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base. Capital constrains insurers’ ability to sell earthquake insurance as well as wind insurance in hurricane zones. In the United States, the federal government insures flood risk. In commercial fire insurance, it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers or are insured by a single insurer which syndicates the risk into the reinsurance market.

Legal

When a company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include:[20]

  1. Indemnity – the insurance company indemnifies or compensates, the insured in the case of certain losses only up to the insured’s interest.
  2. Benefit insurance – as it is stated in the study books of The Chartered Insurance Institute, the insurance company does not have the right of recovery from the party who caused the injury and is to compensate the Insured regardless of the fact that Insured had already sued the negligent party for the damages (for example, personal accident insurance)
  3. Insurable interest – the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved. The concept requires that the insured have a “stake” in the loss or damage to the life or property insured. What that “stake” is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons. The requirement of an insurable interest is what distinguishes insurance from gambling.
  4. Utmost good faith – (Uberrima fides) the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed.
  5. Contribution – insurers which have similar obligations to the insured contribute in the indemnification, according to some method.
  6. Subrogation – the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for the insured’s loss. The Insurers can waive their subrogation rights by using the special clauses.
  7. Causa proxima, or proximate cause – the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded
  8. Mitigation – In case of any loss or casualty, the asset owner must attempt to keep loss to a minimum, as if the asset was not insured.

Indemnification

To “indemnify” means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather “contingent” insurance (i.e., a claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured:

  1. A “reimbursement” policy
  2. A “pay on behalf” or “on behalf of policy”
  3. An “indemnification” policy

From an insured’s standpoint, the result is usually the same: the insurer pays the loss and claims expenses.

If the Insured has a “reimbursement” policy, the insured can be required to pay for a loss and then be “reimbursed” by the insurance carrier for the loss and out of pocket costs including, with the permission of the insurer, claim expenses.

Under a “pay on behalf” policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of “pay on behalf” language which enables the insurance carrier to manage and control the claim.

Under an “indemnification” policy, the insurance carrier can generally either “reimburse” or “pay on behalf of”, whichever is more beneficial to it and the insured in the claim handling process.

An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the “insured” party once risk is assumed by an “insurer”, the insuring party, by means of a contract, called an insurance policy. Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be “indemnified” against the loss covered in the policy.

When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for a relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer’s profit.

Here is a List of the Best Insurance Companies in Laos

LaoViet Insurance Company

Insurance agency in Vientiane, Laos

Address: LVB Tower, 44 No, Ave Lane Xang, Laos

Phone: +856 20 23 344 666

ບໍລິສັດ ອາລິອັນສ໌ ປະກັນໄພລາວ ຈຳກັດ | Allianz Insurance Laos Co.,Ltd

Insurance company in Vientiane, Laos

Located in: ANZ Bank Vientiane

Address: Head Office, 33, Lanexang Avenue, Allianz building, P. O. Box: 4223, Laos

Phone: +856 21 215 903

J&C Insurance Brokers Co Ltd

Insurance broker in Vientiane, Laos

Address: Ban Saphanthong Tai Soi 3 (same street as Panyathip Primary school Vientiane, 01000, Laos

Phone: +856 20 77 125 000

Prudential Life Laos

Insurance agency in Vientiane, Laos

Located in: Vientiane Plaza Hotel

Address:ຖະໜົນສາຍລົມ, Vientiane, Laos

Phone: +856 21 211 123

Victoria Insurance Brokers and Services Laos

Insurance broker in Vientiane, Laos

Address: Rue Samsenthai, Sisattanak, Laos

ADVERTISEMENT
Areas served: Luang Prabang

Phone: +856 20 56 107 979

Phongsavanh APA Insurance

Insurance company in Vientiane, Laos

Address:  ຖະໜົນກຳແພງເມືອງ, Vientiane, Laos

Phone: +856 21 858 888

Forte-Toko Assurance Co., Ltd.

Insurance company in Vientiane, Laos

Address: Thadeua Road, Level 1, 4 & 6 of NK Building, Unit 4 Beungkhayong Village, Sisattanak District, Laos

Phone: +856 21 264 713

SALIENGVANH’S AGENCY OF ALLIANZ GENERAL LAOS(AGL)

Insurance agency in Vientiane, Laos

Address: Saphanthong Tai Rd, Vientiane, Laos

Phone: +856 20 52 541 234

ADVERTISEMENT

Lanexang Assurance Public Company

Insurance company in Vientiane, Laos

ADVERTISEMENT

Address: Vientiane, Laos

Phone: +856 21 991 999

Was this article helpful?
YesNo
ShareTweetSendShareScanSend
ADVERTISEMENT
Previous Post

List of the Best Insurance Companies in Nepal

Next Post

List of the Best Insurance Companies in Vietnam

Related Posts

How To Start A Cheese Business in Kenya

How To Start A Cheese Business in Kenya

22 hours ago
Kenya National Debt

Kenya National Debt

2 days ago
Next Post
List of the Best Insurance Companies in Nepal

List of the Best Insurance Companies in Vietnam

List of the Best Insurance Companies in Nepal

List of the Best Insurance Companies in Myanmar (Burma)

Search NyongesaSande.com

Follow Nyongesa Sande


Follow @nyongesasande

Subscribe to Nyongesa Sande

Editorial policy

Permission to use quotations from any article is granted subject to appropriate credit of the source being given by referencing the direct link of the article on Nyongesa Sande. However, reproducing any content on this site without explicit permission is strictly prohibited.

Follow us on Social Media channels Below:

  Twitter   Instagram     Youtube  Facebook 
Make sure to check out our social media to keep track of the latest content.
Disclaimer: We aim to present the most accurate information possible. Through this website, you might link to other websites which are not under our control. We have no control over the nature, content and availability of those websites. Inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them. All content on this website is copyright to the website’s owner and all rights are reserved. We take no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
 
ADVERTISEMENT
Facebook Twitter Instagram Pinterest LinkedIn Youtube RSS

Categories

A BAKE Member

© 2022 Nyongesa Sande - So Much More To Read Now. A Nyosake Investment Inc.

No Result
View All Result
  • News
    • Africa
    • African Inventions
    • African History
    • Qatar
    • Politics
    • Counties
    • National
    • Health
  • How To
    • Made In Africa
    • Education
    • Facts
    • Science
  • Business
    • Sponsored
    • Real Estate
    • World Billionaires
    • Wealth
    • Advertisement
  • Apple
    • iPad
    • Artists
    • iPhone
    • Apple Watch
    • Mac Specs
    • Apple TV
  • Windows
    • Windows 10
    • Surface
    • PC Components
    • Laptops
    • ChromeBooks
  • Tech
    • Tech Terms
    • Phones
    • Phone Rumors
    • Android News
    • Top Deals
    • Gadget Reviews
    • Gift Guides
    • VPN
  • Autos
    • Car Showrooms
    • Car News
    • Latest Cars
    • Auto Sport
    • Car Facts
  • Top 100
  • Sports
    • Soccer LiveScores
    • Basketball Scores
  • Entertainment
    • Celebrities
    • Lyrics
    • Artists
    • Biography
  • HSE
    • Hazards
    • NEBOSH
    • IOSH
    • Construction Safety
    • General Industry
    • Oil & Gas Safety
    • All Safety Courses
  • Forums

© 2022 Nyongesa Sande - So Much More To Read Now. A Nyosake Investment Inc.