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An insurance agreement is a legal contract between an insurance company and an insured party. This contract allows the risk of a significant financial loss or burden to be transferred from the insured to the insurer.
The elements of an insurance contract are the essential conditions that must be satisfied or agreed upon by both parties (the insured and the insurance company). These elements form the foundation of the insurance contract , binding both parties, validating the policy, and making it legally enforceable.
13 Ιουν 2024 · An insurance contract is a legally binding agreement between an insurer and an insured, formalizing the terms of coverage for potential risks. It serves to provide protection against financial losses in exchange for premium payments.
Insurance is an arrangement or contract in which one party agrees to indemnify another against a predefined category of risks in exchange for a premium. Depending on the contract, the insurer may promise to financially protect the insured from the loss, damage, or liability stemming from some event. An insurance contract will almost always ...
Art. 1882 Civil Code: Insurance is the contract with which an insurer (in exchange of the payment of a certain premium) obliged himself: 1) to pay an indemnity to the insured equivalent to the damage caused by an accident; 2) to pay an income or a capital if a life-related event occurs.
1) An insurance contract is a contract whereby, in return for a premium, an insurance company (“the insurer”) undertakes to pay money or if specifically agreed make provision in kind to the other contracting party (“the policyholder”) or to a third party
5 Νοε 2023 · Insurance contracts are complex legal documents that have been created by attorneys. They are used to establish an agreement between an insured and the insurance company and ensure that both parties act in an honest and fair manner.
