The high degree of risk in the provision of insurance services and a significant increase in business transactions for insurance protection determines the feasibility of studying professional financial activities in the field of insurance and the relevance of this article.

The purpose of the article is to analyze the existing positions in the economic and legal doctrine on insurance as a type of economic relationship, insurance activity as a type of professional financial activity. Analyze the ratio of the categories “insurance service”, “insurance product” and “insurance product”, as well as formulate a definition of the concept of insurance interest, insurance service. On the basis of the selected features to offer the definition of insurance and insurance activities and its types.

The author considers economic interest for consumers as the needs of participants in economic relations in certain products, works, services that are satisfied by business entities in the process of carrying out their economic activities. In view of this, the concept of insurance interest is defined as the economic interest of the insured in the protection of their property interests, which is satisfied by insurers/reinsurers as a result of their professional financial activities in the field of insurance.

As a result of the study, the author concluded that the insurance product and the insurance service have different meanings, but are interrelated categories, because the insured will not receive the insurance service if there is no insurance product. Insurance service is defined as a business transaction carried out by business entities (insurers/ reinsurers, mutual insurance companies) in order to meet the needs of consumers (insurers) to protect their property interests through a specially created monetary fund in the event of insurance. In view of this, it is proposed in Art. 4 of the Law of Ukraine “On Financial Services and State Regulation of Financial Services Markets” to replace insurance services as a type of financial services with insurance services.

The following definitions are formulated. Insurance is a type of economic legal relationship that arises between the insurer and the insured in the course of insurance activities related to the provision of insurance services. It is proposed to unify the definition of insurance contained in various regulations and to establish the term “insurance” by type of economic relations, as well as to use derivative terms “insurance activity” to denote the type of professional financial activity in insurance, “insurance service” – for the type financial services. Insurance activity is a professional financial activity carried out by business entities (insurers/reinsurers, mutual insurance companies) in order to meet the needs of consumers (insured) in protecting their property interests at the expense of a specially created monetary fund in case of insured events. The division of professional financial activity in the field of insurance by subject, content and form of insurance.

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Theses

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