kuolemanvaraturva vs. turvamäärä

English translation: mortality protection vs. specified protection

22:44 May 8, 2008
Finnish to English translations [PRO]
Bus/Financial - Insurance
Finnish term or phrase: kuolemanvaraturva vs. turvamäärä
Would you please advise me whether these terms are different in meaning or not.? Please explain. Please translate.

Jos kiinteä turvamäärä on suurempi kuin säästö, kuolemanvaraturva on yhtä suuri kuin kiinteän turvamäärän ja säästön erotus.

Thanks.
Jonna Laki
United States
Local time: 23:18
English translation:mortality protection vs. specified protection
Explanation:
This is talking about a universal life insurance policy--the type where you build up cash value as you go along. So when the person dies, you have both the cash value savings already (which you could have withdrawn before the death) and then the difference between that and the face value (the 'specified value') of the policy. So, for example, right now my daughter has a specified value of life insurance of 25,000, but savings in the plan (premiums minus fees) of like 600. If she were to die, they would award a death benefit (the 'mortality protection' mentioned above) of 25,000 - 600. And I would also get the 600, but that was already money I had to withdraw if I wanted. For a US-bound text, I would talk about death benefit, specified value, and cash value.

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Note added at 3 hrs (2008-05-09 01:47:21 GMT)
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Scratch that, 'specified amount' is better.

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Note added at 3 hrs (2008-05-09 01:50:11 GMT)
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It appears there are plans where the death benefit is specified amount plus the cash value as well...so maybe your text isn't exactly what I said...but the terms seem appropriate...
Selected response from:

Owen owenfw
Local time: 15:18
Grading comment
Kiitos!
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +1kuolemanvaraturva = death cover, life cover
Desmond O'Rourke
4 +1mortality protection vs. specified protection
Owen owenfw


  

Answers


3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
mortality protection vs. specified protection


Explanation:
This is talking about a universal life insurance policy--the type where you build up cash value as you go along. So when the person dies, you have both the cash value savings already (which you could have withdrawn before the death) and then the difference between that and the face value (the 'specified value') of the policy. So, for example, right now my daughter has a specified value of life insurance of 25,000, but savings in the plan (premiums minus fees) of like 600. If she were to die, they would award a death benefit (the 'mortality protection' mentioned above) of 25,000 - 600. And I would also get the 600, but that was already money I had to withdraw if I wanted. For a US-bound text, I would talk about death benefit, specified value, and cash value.

--------------------------------------------------
Note added at 3 hrs (2008-05-09 01:47:21 GMT)
--------------------------------------------------

Scratch that, 'specified amount' is better.

--------------------------------------------------
Note added at 3 hrs (2008-05-09 01:50:11 GMT)
--------------------------------------------------

It appears there are plans where the death benefit is specified amount plus the cash value as well...so maybe your text isn't exactly what I said...but the terms seem appropriate...

Owen owenfw
Local time: 15:18
Works in field
Native speaker of: English
PRO pts in category: 8
Grading comment
Kiitos!
Notes to answerer
Asker: Thank you very much, Owen! I like your explanations and greatly appreciate your time. In regard to plans, they call it Nordea Investment Insurance.


Peer comments on this answer (and responses from the answerer)
agree  Desmond O'Rourke: Your explanation is very good! I have added a description of the dictionary below.
12 mins
  -> Thanks. BTW, do you recommend that dictionary?
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3 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
kuolemanvaraturva = death cover, life cover


Explanation:
You will find kuolemanvaraturva translated as death cover/life cover in Vakuutusalan sanakirja [ISBN 951-9770-54-5]. Turvamäärä is not a recognised term, but it may mean cover in the broader sense.

A possible translation could be: If the covered amount is greater than the investment portion, the life cover equals the difference between the fixed cover and the investment portion.

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Note added at 4 hrs (2008-05-09 03:16:08 GMT)
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Vakuutusalan sanakirja (Vakuutusalan koulutus ja kustannus Oy 2002) is a comprehensive FI/EN/SV insurance dictionary. Marianne Tervonen and Eeva Holtari, who work at SVKL (Federation of Finnish Insurance Companies) were helped by 13 named experts in various fields. Prepared with a view to insurance law and EU legislation, it makes no reference to US insurance terminology, a drawback for US translators.

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Note added at 4 hrs (2008-05-09 03:20:36 GMT)
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Why don't you give the points to Owen this time!

Desmond O'Rourke
United States
Local time: 17:18
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Notes to answerer
Asker: Desmond, thank you very much for your help and for your time. The term 'life cover'' fits my translation well (Nordea Henkivakuutus). In regard to "kuolemanvaraturva", I would go with the term given by Owen "death benefit". Is it possible to give points to both of you? BTW, I placed the same guestion in the pair FIN-RUS (both in ENG and in Russian). If you are intersted, just take a look. Once again, thanks!

Asker: Sorry, .. interested...


Peer comments on this answer (and responses from the answerer)
neutral  Owen owenfw: 'Cover' sounds odd to me (my ear likes 'coverage'), but Desmond informs me that this is a US/EUR difference...
22 mins
  -> See above my description of the source dictionary.

agree  Mark Thompson: death cover and life cover are definitely used in UK, verbatim
3 hrs
  -> Thank you, I thought so too.
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