Global financial crisis - determination for development of life insurance in the Republic of Macedonia

All of our material goods and all we personally are very often threaten by possible misfortune events, which independent from our will or our intentional behavior could occur and demolish. Our personal properties are being demolished or damaged by natural forces, while accidents cripple or even bring death. Life insurance, although with long history, has made its break through just in modern days, as a product of long development in which main development forces are the need for economic protection from risks, in one hand, and economic benefits from life insurance in other. Life insurance is an agreement in witch the insurance company obligates to pay certain amount of money (based on paid insurance amount) to an insured person (beneficiary) or person pointed by the insured person contingent beneficiary, in case of death or in case of reaching some age. Life insurance is applying to all insurances in which death in one or more persons brings a payment of agreed amount of money by the insurance company. Life insurance includes all types of insurances which cover from risks for life or health of a person: life insurance, rent insurance, tontine insurance, additional insurance with life insurance, insurance from accidents, voluntarily pension insurance, voluntarily-private health insurance etc. Life insurance has a central spot in insurance market. It is a specific form of insurance which successfully combines insurance and saving. Life insurance is specific financial activity, interesting not only for insurance company and insured person, but the whole economy and society in general. Today, in modern trade terms of living and working, when global economy crisis is deeply eroding every economy, life insurance measures a light increase in global and domestic market in Macedonia. Life insurance in Macedonia from 2008 till today is constantly increasing. Life insurance in Macedonia in true sense of word is "immune" on global economy and financial crisis. (C) 2012 Published by Elsevier B.V. Selection and/or peer review under responsibility of the Faculty of and Hospitality