Assessment of Accident Insurance with Guaranteed Premium Refund
Overview
UBR is classified in its entirety as a type of accident insurance and within the accident insurance line of business. With regard to the premium refund component, it contains elements that are also characteristic of savings-based life insurance. Its legal treatment therefore has specific features that differ from the provisions applicable to general accident insurance. This report consequently provides a comprehensive presentation of the legal classification of UBR.
For regulations in which UBR is explicitly included, the description is limited to the key aspects of their applicability. Further details can be found in the relevant legal texts and applicable commentaries.
The objective of this report is to provide guidance on questions relating to UBR. It considers the various laws containing provisions applicable to UBR. With this publication, the DAV Non-Life Insurance Committee also contributes to its statutory objective of promoting the education and training of young actuaries in its field of responsibility.
The original version of this document dates back to December 1999 and is updated whenever there are changes to the relevant legal framework.
Approval
This report was approved by the Non-Life Insurance Committee on 14 June 2024.
