English to German Bus/Financial Insurance

Non-Claims - Unlike life products, general insurance policies do not have investment features and are not associated with large lump-sum payments of premiums up-front to cover periods of multiple year periods of 3 years or more. As such, the risk of the premium payment mechanism on general insurance products being used as a tool for money-laundering or terrorist financing is deemed generally low. That said, there are specific situations which may raise suspicion that XXX Austria, Germany and Switzerland is being targeted for money-laundering. These situations are identified by a series of “Red Flags.” Where a Red Flag arises, certain steps must be taken in order to protect XXX’s position (as identified in the Money Laundering Red Flag table).