The insurance premium is determined in accordance with this Law on the basis of the product of the insurance tariff and the annual wage fund calculated in the manner determined by the relevant executive authority for insured persons.
The following insurance payments are provided to beneficiary persons:
- monthly insurance payment;
- lump-sum insurance payment;
- additional insurance payment.
A monthly insurance payment is a monetary compensation paid to the beneficiary person in lieu of the lost monthly wage related to the loss of professional work capacity of the insured person upon the occurrence of an insured event.
A lump-sum insurance payment is the one-time payment of the total amount of monthly insurance payments in accordance with the procedure established by this Law. A lump-sum insurance payment is made in the following cases:
- when the disability of the insured person who suffered damage as a result of an insured event is determined without specifying a subsequent examination period;
- in the event of the death of the insured person as a result of an insured event;
- when the insured person receiving a monthly insurance payment due to loss of professional work capacity as a result of an insured event dies from a health impairment that was the direct cause of that event.