THUONG MAI UNIVERSITY

INSTITUTE OF INTERNATIONAL TRAINING

***

GROUP DISCUSSION
Present a life insurance company in Vietnam
Group: 1 - Class code: 23100FMGM0317E
Leturer:____________________________

Hanoi, 20th Sep 2022

 Table of content
I. Overview:..................................................................................................................3
1. History of formation and development:...................................................................3
2. Core values: .............................................................................................................3
3. Trademark:...............................................................................................................4
II. Life insurance Products:..........................................................................................4
1. An Phat Cat Tuong:..................................................................................................4
1.2.1. Protection benefits:.......................................................................................4
1.2.2. Cumulative benefits:.....................................................................................4
1.2.3. Advanced benefits:........................................................................................5
2. An Khang Thinh Vuong:..........................................................................................5
2.1. General information:.......................................................................................5
2.2. Insurance benefits:..........................................................................................5
2.2.1. Basic benefits:.........................................................................................5
2.2.2. Extended benefits:...................................................................................6
2.2.3. Advanced benefits:..................................................................................6
2.2.4. Premium benefits:...................................................................................6
2.3. Insurance fees:.................................................................................................6
II. Provisions and ownership rights/riders:..................................................................6
1. Provisions:................................................................................................................7
1.1.1 For the insured:.............................................................................................7
1.1.2. For insurance company:...............................................................................7
1.4.1. The principle of subrogation:.................................................................9
1.4.2. Principle of loss contribution:..............................................................10
2. Ownership rights under life insurance:..................................................................12
MEMBER’S...............................................................................................................13
I. Overview:
Baoviet was established on 15 January 1965 and is the leading financial-insurance
group in Vietnam. It has been accredited as one of the top 25 enterprises in the country by
the State Government.
The Group is headquartered in Hanoi with a widespread network of more than 188
branches across 63 provinces nationwide. Baoviet was the first insurance company
incorporated in Vietnam.
Baoviet was granted the First-Class Labour Medal by the Party and the State on the
eve of its 50 years establishment, in January 2015.
1. History of formation and development:
1964: Vietnam Insurance Company was established under Decision 179/CP of the
Government dated 17/12
1965: Officially entered into non-life insurance business from January 15, with the
head office in Hanoi and a single branch in Hai Phong.
1965 -1974: Serving a small group of customers who are state economic units doing
business in the field of import and export and ships in the North
1975-1982: As the largest and only State-owned insurance enterprise in the whole
territory of Vietnam with a wide network and diversified insurance products such as
aviation insurance, personal insurance, motor vehicle insurance, insurance river boat –
fishing boat…
1989: Developed into Vietnam Insurance Corporation under Decision No. 27-
TCQD-TCCB issued by the Ministry of Finance on February 17
1996: Ranked “Special Class State Enterprise”, one of the 25 largest State-owned
enterprises in Vietnam
1996-2007: During this period, Baoviet continues to diversify and improve the
quality of products and services with the slogan "Best customer service for development".
2007: Vietnam Insurance Corporation changed its name to Baoviet Insurance
Corporation (trading name is Bao Viet Insurance) with the slogan Solid belief, sustainable
commitment
2013: Bao Viet Insurance increased its charter capital from VND 1,800 billion to
VND 2,000 billion, becoming the leading enterprise in terms of charter capital in the field
of Non-Life Insurance in Vietnam.
2. Core values: 
Quality: Meet high quality standards in activities and services provided
Accessibility: Approachable, friendly and professional; care about colleagues and
customers
Cooperation: Cooperate and stick with colleagues throughout the Group; Build sustainable
relationships with customers and partners based on mutual understanding
Dynamic: Always looking forward, developing constantly; seize opportunities and create
new standards; ready to accept new ideas and initiatives
Responsibility: Transparency and honesty; show a sense of responsibility to the
community; building standards in corporate governance
3. Trademark:
a. Flexible but focused.
b. Dynamic in business but not reckless
c. Full of energy but not arrogant
d. Reach out to the world but don't fake it
e. Willing to absorb new things but selectively
II. Life insurance Products:
1. An Phat Cat Tuong:
1.1. General information:
Subjects insured are individuals aged 0 to 65 years with a maximum age at the
maturity date of 75 years.
Insurance period from 10, 15 or 20 years.
1.2. Insurance benefits:
1.2.1. Protection benefits:
Death benefit up to 5 billion dong.
Serious injury benefits due to accidents up to 5 billion VND.
End-stage critical illness benefits up to VND 500 million.
1.2.2. Cumulative benefits:
The maturity benefit helps customers receive 100% of the contract account value
when the contract maturity date is reached.
The contract maintenance bonus (for the option of recurring premium payment) has
a special effect for customers who stick with it sustainably by adding to the contract
account value at that date 10th contract anniversary and every 5 years thereafter.
The account value increase bonus benefit is calculated as a percentage on each
progressive layer of the average contract account value in the year immediately preceding
the benefit determination date and added to the value of the contract account contract
account.
The interest to enjoy the minimum committed interest rate helps customers enjoy the
investment interest rate announced after the end of each financial year and not lower than
the minimum committed interest rate.
 Investment bonus benefits that help the contract account's value at the time of
contract termination will be evaluated and adjusted (if necessary) to ensure it is not lower
than the account value guarantee.
1.2.3. Advanced benefits:
Accidental death benefit extended to 10 billion dong.
Medical care benefits pay up to 1,000 times the insured amount for medical care,
equivalent to 2 billion VND for hospital benefits and surgery benefits.
Cancer benefits are up to VND 2.5 billion, insurance for both early stage cancer and
late stage cancer with the maximum payout amount up to 100% of the cancer insurance
amount.
Cerebrovascular accident - stroke benefit is up to 2.5 billion VND, insured for both
major stroke and severe stroke with the maximum payout amount up to 100% of the stroke
insurance amount.
1.3. Insurance fees: can pay a recurring fee every 5 years or equal the insurance
period (10, 15 or 20 years) or pay a one-time fee. Fees include:
- Risk premium
- Initial fee
- Contract management fee
- General association fund management fee
- Contract termination fee
- Pre-withdrawal fee
The total premium will be calculated on the basis of the risk premium rate, the
amount of risk insurance, the gender and age of the insured at the date of deductible,
occupation, health status of the insured, the provisions on risk assessment of the life
insurance company and the selected insurance package.
2. An Khang Thinh Vuong:
2.1. General information:
Subjects insured are individuals aged 0 to 65 years with the basic program and from
0 to 60 years old with the advanced and advanced program.
Lifetime coverage or up to 90 years of age.
2.2. Insurance benefits:
2.2.1. Basic benefits:
Death benefit.
Accidental serious injury benefits.
End-stage critical illness benefits are up to VND 500 million, 50% advance support
for Death benefits and this amount will be deducted when other benefits are paid or when
the contract is terminated.
 2.2.2. Extended benefits:
Maturity benefits help customers choose to receive maturity benefits equal to 100%
of the contract account value at the age of 90.
Benefits of maintaining the contract with a bonus equal to 2% or 5% of the average
contract account value in the bonus period will be added to the contract account value at
that date contract anniversary 5 and every 5 years thereafter.
Special benefit with bonus equal to percentage of annual premium of the first policy
year will be added to the policy account value on the policy anniversary date 10th and 20th
times.
The interest of the minimum commitment interest rate helps customers enjoy the
investment interest rate announced after the end of each financial year and not lower than
the minimum committed interest rate.
The benefit of increased investment in the value of the contract account at the time
of termination of the contract will be evaluated and adjusted (if necessary) to ensure that it
is not lower than the value of the Guaranteed Account.
2.2.3. Advanced benefits:
Accidental death benefit is extended up to 10 billion VND.
Insurance benefits for incurable diseases are up to 2.5 billion dong, including early
and late stage cancer, stroke and heart attack.
2.2.4. Premium benefits:
Medical care benefits up to 2 billion VND for hospital fee benefits and surgery level
benefits including basic hospital fees, special hospital fees, support surgery costs and
support emergency transportation costs .
2.3. Insurance fees:
Premium can be paid 10, 15, 20 years or until the insured reaches 55, 60, 65 years
old. Fees include:
- Risk premium
- Initial fee
- Contract management fee
- General association fund management fee
- Contract termination fee
- Pre-withdrawal fee
The total premium will be calculated on the basis of the risk premium rate, the
amount of risk insurance, the gender and age of the insured at the date of deductible,
occupation, health status of the insured, the provisions on risk assessment of the life
insurance company and the selected insurance package.
I. Provisions and ownership rights/riders:
 1. Provisions:
1.1. Principle of absolute honesty (utmost good faith):
All business transactions should be carried out on the basis of mutual trust and
absolute honesty. Both the insured and the insurer must be truthful in all matters relating to
the conclusion of the insurance contract.
1.1.1 For the insured:
It is an obligation to fully and accurately disclose all relevant material facts, whether
required or not. The purpose of the principle of absolute honesty is to reduce the cost of
risk assessment and to bind the insurer's liability. According to this principle, the party who
knows important information related to the insurance policy in which he is participating
will have to notify the counterparty of such information. The scope of the principle applies
to both insurers and policyholders.
*Some note:
(1) A significant factor is any factor that affects the acceptance of insurance and
settlement of insurance benefits. Example: The insured person has a habit of drinking
alcohol. That habit is an important factor for an insurance company that will cover his
body, life, illness, and motor vehicle insurance he drives. Some important factors in
different types of insurance:
+ For home insurance: What kind of building materials and materials, how to
design, where the house is built,...
+ For personal insurance: age, occupation, illness history of the insured, health
records of family members,...
+ For auto insurance: Used time of car, driving age, accident history,...
(2) Obligation to declare: Normally, an insurance claimant is required to disclose
important factors when making an insurance claim. The declaration must be completed
before the insurance contract is signed. When the insured person intentionally fails to fully
declare important factors, it is considered a violation of the principle of absolute honesty
and the insurance contract may be canceled in whole or in part.
1.1.2. For insurance company:
The principle of absolute honesty in insurance does not only apply to the insured,
but the law requires that insurance companies, when transacting and introducing to offer
insurance services to customers, must also perform. these obligations and principles. The
insurance company, through its operator or agent, is responsible for providing complete
and accurate information related to the insurance contract such as insurance benefits,
premiums, insurance amounts, etc., explain terms, answer questions for policyholders. The
insurance company intentionally provides false information to conclude an insurance
contract, the Insured has the right to unilaterally suspend the performance of the insurance
contract, the insurance company must compensate for damage arising from his error.
1.2. Principle of insurable interest:
An insurable interest is a benefit or interest relating to, attached to, or dependent
upon the safety or security of the subject-matter insured. This principle states that the
insured person who wishes to purchase insurance must have an insurable interest. An
insurable interest may be an existing or future interest in the subject-matter insured.
Insurable interests are ownership, right of possession, right to use property; rights and
obligations to nurture and support the insured. Specifically:
*For non-life insurance:
In property insurance, the policyholder has a contact number with the subject of
insurance that is recognized by law. The first legally recognized relationship is: the owner.
The second relationship is the rights and responsibilities before that property. For example,
a person has an insurable interest in items he or she borrows because if they are lost or
damaged, he or she will have to make a replacement, repair, refund or restore.
In civil liability insurance: insurance benefits must be based on the provisions of the
law on binding civil liability.
*For life insurance:
According to the new view of insurable interest in life insurance, it can be
understood in the most general way: Insurable interest is the relationship between the
policyholder and the insured. In particular, the risk that occurs to the insured will cause
loss, financial or mental damage to the insurance buyer. Accordingly, it can be seen that:
Every individual has unlimited insurance benefits for his or her own life, so they can insure
their life with any value they want, as long as there is enough insurance premium payment.
Coverage also exists for the person's parents, spouse, children, siblings or other persons
responsible for custody or legal guardianship of the person. Insurable interests also exist for
the Insurance Buyer being an organization in the following cases: An organization buys
insurance for its employees working for that organization; credit institutions, banks buy
insurance for customers who borrow money from that bank or credit institution.
In order to ensure this principle, before issuing an insurance contract, the insurance
company must check between the insured and the subject-matter insured whether there are
any insurable interests in accordance with the principles and regulations. of the insurance
contract or not.
1.3. Principle of majority (law of large numbers):
According to this rule, if a research is carried out on a sufficiently large number of
research subjects, one will calculate the relative probability of the actual probability of an
event occurring.
 The law of large numbers is an important scientific basis of insurance. This rule
helps insurance companies estimate the probability of receiving insurance, to help calculate
fees and manage payment reserve funds, because: The insurance company only guarantees
for random events, if on a case-by-case basis, insurance can seem like a game of chance;
However, on a large number of insured objects, the Insurer can predict the probability of
occurrence with an acceptable degree of accuracy.
*The law of large numbers applies only when:
Large number of similar risks and losses: Observation must be carried out on a large
number and at the same time must be on the basis of risk grouping, grouping of insured
objects according to appropriate criteria. For example, to calculate the damage of human
bodily injury due to an accident, one observes over a large number of accidents that occur,
causing damage to human health and over a period of time ( usually one year)
Risks of loss must be independent: The occurrence or non-occurrence of one event
does not change the probability of the occurrence of another event.
1.4. Principle of indemnity (indemnity):
According to the principle of indemnity, when a loss occurs, the insurer must
compensate in some way to ensure that the insured is in the same position as before the loss
occurred, nothing more, no less. The parties must not take advantage of insurance for their
own gain. The purpose of the indemnity principle is to restore part or all of the insured's
financial condition to its pre-existing condition. The principle of indemnity ensures that the
insured cannot receive more than the value of the loss they suffer. The insurance company's
liability also only arises when there is damage caused by the insured peril. The principle of
indemnity only applies to two types of insurance: property insurance and civil liability
insurance, not life insurance and personal insurance operations.
*Some cases to note:
+ According to this principle, in case the insured person receives indemnity from
many different insurance policies, possibly from different insurance companies or from the
same insurance company, the total amount of compensation Normally, all insurance
policies will not exceed the loss value.
+ Where the insured is also responsible for the damage by a third party. For
example, receiving compensation from the driver of the car that hit you. At that time, the
total amount of compensation paid by the third party and the insurance company will not
exceed the value of the loss suffered by the insured. If the insured has received
indemnification from the insurance company, the insured is obliged to reserve and transfer
the right of third party claim to the insurance company.
1.4.1. The principle of subrogation:
 According to the principle of subrogation, the insurer, after indemnifying the
insured, has the right to claim on behalf of the insured to claim a third party liability for his
or her own compensation. In damage insurance, the indemnification principle has
determined that the insured cannot receive more compensation than the value of the loss
that he or she suffers. For example, a 4-seater tourist car is insured at the right price.
treatment, being hit by a truck and causing damage must be repaired or replaced as before
the accident and compensated by the insurance company with an insurance amount of
VND 35,000,000. Error according to traffic police identified 70% trucks, 30% cars. Here,
the insurance company has fulfilled its commitment to the insured to indemnify the true
value of the loss. After receiving the full amount of compensation, the insured must reserve
the right to claim the third party's liability (in the example above, the truck side) to the
insurance company.
Thus, subrogation is the principle according to which: After indemnifying the
insured that another party (the third party) is responsible for that cost or loss, the insurer
will enjoy all the legitimate interests of the insured to reduce the loss. The subrogation
principle does not apply to personal insurance.
1.4.2. Principle of loss contribution:
This is also a very important principle that the insurance company and the insured
must properly understand and implement; prevent the policyholder from taking advantage
of the insurance and the insurance company from losses when having to pay an amount in
excess of the actual liability that he or she has to bear under the commitment.
The principle of contribution stipulates: when an object insured by many insurance
companies - suffers a loss, the insurance companies will be obliged to jointly contribute
indemnification according to the proportion of the liability received. This principle does
not apply to personal insurance policies.
1.5. Principle of contracting:
The presumption principle is a principle often applied to settle insurance benefits in
life insurance contracts in general and life insurance in particular. According to the
presumption principle, when an insured event occurs, the insurance company shall base on
the sum insured of the signed contract and the agreed provisions in the contract to pay the
beneficiary. This amount is not for the purpose of compensation for damage, but is only for
the performance of the contract's commitments according to the prescribed pre-determined
rate.
*Some note:
+ The amount that the insurance company pays is not to compensate for damage, but
to fulfill the commitment in the insurance contract with the insurance buyer.
 + The insured has the right to receive insurance benefits from many different
personal insurance policies at the same time.
1.6. Proximity Cause Principle:
'Proximal cause' is the active, effective and dominant cause of the event leading to
the loss of the insured object. The 'proximate cause' is not necessarily the first or the last
cause, it is the dominant, active cause of the loss. If there are effects of several causes, the
'proximate cause' will be the dominant cause or the strongest cause of the effect leading to
the loss. During the validity period of the insurance contract, the subject-matter insured
often encounters risks that cause loss. However, there are losses that occur due to many
causes, including those that have been excluded from the insurance liability. So it is
important to determine if the cause is covered by an insurance liability.
*Apply proximate cause:
+ Concurrent causes:
When two or more events occur simultaneously wherein the insured event and the
loss are independent, the insurance company will be liable for the loss caused by the
insured peril. However, if the loss cannot be classified, the insurance company will be
responsible for the entire loss.
+ Continuity of events:
When there is a continuous sequence of events, the insurer will be liable for the first
loss caused by the peril covered by the policy, as long as no exclusionary peril occurs
before the peril. risk is insured.
For example:
Case where no risk is excluded: An insured person while crossing the road is run
over by a vehicle and dies. This fatal car crash is the most proximate cause and the
insurance company is responsible for settling benefits.
Cases of risk excluded: An acetylene gas cylinder used for welding explodes and
catches fire to a motorcycle repair shop. This store and its contents are covered under a fire
insurance policy. Acetylene cylinders are for commercial use (not for domestic purposes).
This gas cylinder explosion is therefore an excluded risk. If this risk precedes another "fire"
risk (insured peril), the insurance company will not be liable for any loss caused by fire.
However, if an acetylene cylinder explosion occurs after certain fire, the insurance
company will be liable for the loss of fire prior to the explosion.
+ Chain of interruption events:
When there is a sequence of interruption events, the closest cause of the loss is the
one that occurred immediately after the last interruption. Example: The insured person
participates in a personal accident insurance policy. While sailing across a river,
unfortunately he fell into the river. At the same time, he suffered a heart attack and later
drowned. In this case, drowning was the proximate cause rather than a heart attack because
there was a break in the sequence of events between the heart attack and the drowning. The
insurance company will be responsible for paying the benefits that this person is entitled to
under the individual accident insurance policy.
2. Ownership rights under life insurance:
The rights of the policyholder are specified in the policy. The Insured is entitled to
exercise all privileges and to enjoy all benefits of the Policy, unless such benefits are
limited by the benefit of the beneficiary of the irrevocable benefit or of the beneficiary.
transfer. The policyholder can transfer ownership of the policy by making an absolute
assignment (the right to be transferred to another individual unconditionally) or a mortgage
assignment (COLLATERAL ASSIGNMENT). insurance as collateral to borrow money),
transfer of ownership in writing to amend, supplement, change the insurance plan (use the
refund value of the current policy to buy a policy of a different type with a different period
of time). the same term as the original policy, restore the policy's validity, choose the
method of insurance payment, make a loan on the policy (POLICY LOAN) or choose the
method of receiving dividends (DIVIDEND OPTION ) or select guaranteed benefit method
(NONFORFEITURE BENEFIT OPTION).
 BẢNG ĐÁNH GIÁ CÔNG VIỆC CÁC THÀNH VIÊN TRONG NHÓM 1

STT Họ và Tên Phần công việc Nhận xét Điểm

02 Bùi Thị Mai Anh (NT) Tổng hợp, giao việc, Làm đúng, đủ, nộp A
hỗ trợ làm thảo luận bài đúng hạn
cho các thành viên,
thuyết trình
03 Chu Trang Anh PP Làm đúng, đủ, nộp A
bài đúng hạn
05 Hoàng Vũ Hải Anh 2 Làm đúng, đủ, nộp A
bài đúng hạn
08 Lê Phương Chi 3 Làm đúng, đủ, nộp A
bài đúng hạn
14 Đỗ Hương Giang 3 Làm đúng, đủ, nộp A
bài đúng hạn
25 Bạch Hoàng Long 1 Làm đúng, đủ, nộp A
bài đúng hạn
33 Hoàng Minh Ngọc 2 Làm đúng, đủ, nộp A
bài đúng hạn