Ten Insurances — Ten Compensations: How Much Money Can You Get for a Broken Leg? 0 7

And another question: is it possible to buy ten identical insurance policies from one company? Sincerely, a reader of the portal bb.lv"

Answers from the representative of the Latvian Association of Insurers Sandija Šaitcane:

– Indeed, in accident insurance, the principle of fixed sum applies, meaning that the policy provides for a predetermined payout in the event of a specific emergency (for example, injury, onset of disability, etc.). Thus, a client can indeed purchase a policy from several insurance companies, and if something happens to them that is covered in the contract, they can receive compensation from all of them.

However, it should be noted that if the policy also provides for compensation of medical expenses, it operates on a reimbursement basis. This means that only the actual expenses incurred will be compensated. That is, if the treatment cost 200 euros, the client cannot claim 200 euros from five places and, accordingly, receive 1000 euros.

As for the possibility of purchasing several identical insurance policies from one company, this is usually not practiced – moreover, such policies do not make sense in principle. If it comes to accident insurance and a person wants to insure for a larger amount, this can and should be done simply within one policy. Example: if the insurance company offers insurance for 5000 euros, and the client wants to be insured for 50,000 euros, they need not buy ten policies but simply inform the insurer that the desired insurance amount is 50,000 euros.

In other types of insurance, where the principle of compensation applies, this makes even less sense, as the damage can only be compensated once and only to the extent of the incurred losses (see the previous example about treatment; the same applies to property or vehicle insurance).