The well-known fact is that any personal insurance contract is typically a sum-insurance contract. That type of contracts does not contain a key core of insurance – transferring of risk and losses. Moreover there are no insurable interest which in some contracts is being replaced by consent of incurred person. This article devoted to research of those problems.

This part of the article examines question of the insurer's contractual obligation under a personal insurance contract, as well as the specifics of sum insurance and its differences from insurance of losses. The problem of an expansive understanding of insurance, extending far beyond the economic purpose of this contractual construct, which is to compensate for the negative consequences of an insured event, is being stated. The result of these processes is the «layering» of the insurance obligation with functions of accumulation and investment, which are not inherent to it.