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Apart from the investment and the surplus systems it is in particular the calculatory philosophy, which is common all capital-forming life insurances: Contribution less costs and risk portions over the running time (during the capital insurance with lifelong death protection the payment of dues duration) paid interest of the calculation interest result in the insured sum. The part of the expiration achievement, which the insured sum exceeds, corresponds thus to the surplus participation of the capital life insurance.
With a premature notice the insurant obtains the repurchase value in such a way specified . This corresponds frequently neither to the actual contract value to the last date for giving notice (existing covering capital to the last date for giving notice zzgl. surplus), still the sum of the contributions deposited already assigned so far. Positive interest charges of the deposited capital take place usually only after several years running time. Further it is to be noted that before the structure of the covering capital the savings premiums are used for the financing of the conclusion costs. The cancellation anticipated payments are justified among other things also in the fact that the life insurer for these cases and according to smaller net yield plants of higher liquidity must reproach and therefore the period transformation desired cannot realize ideal-typically. In practice these achievements usually from current payment stream served, since this capital is not available however then for new installations, developed calculatory nevertheless the damage. A further reason lies in the arising anti-selection, since the danger exists that above all bad risks remain in the existence.
The life insurer must separate very exactly its company capital from the contract capital of his customers. The contract capital rules in addition balance-technically in the liabilities fund so mentioned, into which the contributions are paid after departure of the costs. The investments of the liabilities fund are strictly reglementiert by the law over the supervision of the insurance companies (law of supervision of insurance - VAG). The adherence to these regulations is supervised by the Federal Institution for supervision of financial service (BaFin).
The life insurer has to respect the plant principles (dispersion, mixture, security, net yield and liquidity) for the investment and must with each Investment the "liabilities fund ability" those examine, after plant classes and - ratios. So in principle any more than 35% of the liabilities fund may not be invested in shares.
Beyond that from the relation of own resources of the life insurer to the capital of the liabilities fund weighted after investment risk the in such a way specified is determined. Since this must move in a certain span, only a financially strong life insurer can invest even into riskier plant forms.
See also: Investment restrictions
Apart from the risk and cost surplus already described during the temporary life insurance - which have for the yield of a capital-forming life insurance a subordinated meaning - there is the interest surplus in such a way specified with this. It concerns capital returns of the life insurer, which go beyond the calculation interest. This must credit the life insurer to at least 90% to the individual contracts. These 90% refer however to in such a way specified book value-principle-have for example an insurance company, a real estate, which (after writing-off) stands still with 10,00" in the books, in the liabilities fund i.e. the real estate belonged to the fortune of the insurants), then at least 90% of the profits gained from this real estate are entitled to the insurants. The true value of the real estates lies naturally around much more highly, the value of the real estate in this case is the current market value. The difference between the market value and the book value is called "quiet reserve". Only during sale of the real estate the insurants of the then still existing contracts get their portion of the profit developing then. At present a violent discussion prevails over it how the insurants are to be taken part time near in the quiet reserves of the life insurers. It is however frequently forgotten that many insurers dissolved quiet reserves some years ago, in order to cover quiet loads (Kursverluste with securities).
Insurance-technically there are numerous models for the conversion of the default of this minimum profit-sharing. They do not differ only after when the surplus is assigned to the individual contract (conclusion surplus portions are assigned in such a way to a considerable degree only with expiration and remain with a premature notice of large part at the insuring community), but also like them is then concretely used. The most frequent forms are the plant as interest-bearing accumulation (savings balances), when noncontributory collateral insurance of the same form as that at the basis lying contract or as experiencing drop bonus so mentioned, which becomes due only when experiencing the agreed upon expiration operational sequence it gives also tariffs, with which the interest surplus in unit trust fund selected by the insurant is put on.
A life insurance contract ends to reaching the final age (e.g. 65) by death of the insured person, expiration, thus or by notice, whereby the VR can quit in principle only because of contribution arrears ("§ 39 VVG: Subsequent premium). An existing repurchase value is not disbursed, but is not used as single premium ("§ 175 VVG) for the education of a noncontributory insured sum. Under maintenance of the entrance and of the final age of the contract the repurchase value is used fictitiously as a mark contribution for this period. Depending upon remaining time the noncontributory insured sum is relatively substantially lower than the original insured sum. Contained additional insurances are void i.d.R.
It is remarkable that a noncontributory position does not differ statistical and materially at the time their execution from a notice, since in both cases first the cancellation departure takes place!
With a notice the repurchase value is disbursed. This is usually calculated by the difference of covering capital (the sum of the accumulated savings portions of the contributions deposited over the running time) minus cancellation departure. + if existing surplus portions the insured sum exceed covering capital, one talks about the "call". In this case the total assets without cancellation departure are usually disbursed.
Furthermore a characteristic applies on dissolution of the contract in the last year of the insurance contract: here the VN can be placed in such a way, as if he paid all remaining contributions already and ran off it the last insurance year already. Only pending contributions and a ("discount") are then taken off from the achievement from the VN; the procedure calls itself "discounting". The insurance protection remains in this case up to the stipulated operational sequence.
In addition the possibility insists of selling the contract on the secondary market for life insurances ("using policies"). Such a sale leads for the buyer to the tax liability of the yields from the contract. The Vorteilhaftigkeit of this solution results for the buyer from the being omitted cancellation departure and the upright received requirement on conclusion surplus.
Alternatively the customer can receive an advance for the avoidance of the disadvantages of a notice over a policy loan on the insurance benefit.
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