What Does The Insuring Agreement Do

This page is usually the first part of an insurance policy. It indicates who is insured, what risks or tangible assets are covered, the insurance limits and the period of insurance (i.e. the duration of the policy). The insurance contract or agreement is a contract in which the insurer undertakes to pay benefits to the insured or on his behalf to a third party if certain defined events occur. Subject to the „principle of fortuitousness“, the event must be uncertain. Uncertainty can be either when the event will occur (p.B. in a life insurance policy, the time of death of the insured is uncertain) or if it will occur at all (p.B. in fire insurance, whether or not a fire occurs). [4] The granting of coverage and the terms of the policy are of paramount importance. It is important to understand how the policy is written and structured. It is often necessary and always useful to start with the type of policy near which you are dealing and the risks that the insured has tried to cover.

If you only look at the granting of coverage, it is not enough to be able to make the most important decisions. The declaration page, exclusions and any exceptions to exclusions must also be taken into account. An insurance contract is the section of an insurance contract in which the insurance company specifies exactly for what risks it provides insurance coverage in exchange for premium payments at a given value and interval. The insurance contract usually also lists the exclusions for insurance coverage, so that the policyholder knows the exact extent of his coverage. In addition, Article 30 of the Tax Administration Act9 maintained the insurance and risk management account as a special account to provide insurance or risk management services to participants such as government agencies, ministries and persons or authorities designated by ordinance. The Government has been authorized by this section to enter into insurance or risk management agreements or arrangements with the Participants. Regulations have been approved that designate a person or authority as a participant, respect the conditions under which agreements can be entered into, and respect the payments to be made (in the nature of the premiums). Insurance contracts are necessary when a dispute arises as to whether or not a particular damage is covered. The insurance company and the policyholder should be able to see from the insurance contract whether a loss is covered. Although insurance agreements aim to clarify these issues, there is still disagreement over the terms of the insurance agreement. These often lead to lawsuits in which each party proposes competing interpretations of the insurance agreement.

This is a summary of the main promises of the insurance company and indicates what is covered. In the insurance agreement, the insurer agrees to do certain things, such as. B, pay losses for the risks covered, provide certain services or agree to defend the insured in a liability claim. . . .

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