Definition of Insurance Contract
A mutual agreement is an insurance contract whereby the insurer helps the insured recover losses. A contract because, in a certain sense, one party undertakes to pay the other party compensation in connection with a certain event due to the amount of risk chosen.
An insurance contract is unilateral and simply means that the insurance company can assume the legally binding obligations of the contract. The insured is not obliged to pay the premiums, but if he funds the premium and fulfills another prerequisite, the insurer must pay the contract or the benefit of the contract.
The insurance contract is usually evaluated in the final contract, because the insurance contract is accepted by the insurance company and the policyholder cannot make substantial changes to it. This means that the insurance company must bear the burden of fulfilling the contract as promised.
The insurance contract records the names and addresses of the insurance company and the policyholder or insured. The insurance limit, the area covered by the insurance, declarations, terms and definitions of important terms are part of the insurance contract.
The insurance contract materializes the insurer's commitment to indemnify the insured in case of financial difficulties or unspecified losses.
An insurance contract is unilateral and simply means that the insurance company can assume the legally binding obligations of the contract. The insured is not obliged to pay the premiums, but if he funds the premium and fulfills another prerequisite, the insurer must pay the contract or the benefit of the contract.
The insurance contract is usually evaluated in the final contract, because the insurance contract is accepted by the insurance company and the policyholder cannot make substantial changes to it. This means that the insurance company must bear the burden of fulfilling the contract as promised.
The insurance contract records the names and addresses of the insurance company and the policyholder or insured. The insurance limit, the area covered by the insurance, declarations, terms and definitions of important terms are part of the insurance contract.
The insurance contract materializes the insurer's commitment to indemnify the insured in case of financial difficulties or unspecified losses.
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