The life policies. Everything you need to know
This post is everything you need to know about the insurance policy. All insurance consists of the document in writing which formalises the contract by both parties. Inthis article we have to discuss this on the insurance policy.
The policy, insurance, policies, insured,
Welcome to the insurance policy. Everything you need to know
The policy is the document where the insurance contract is perfected and contains the rights and obligations of both parties.
Thus an insurance contract will be made by the application, the proposition and the policy. This must be signed by the insurer and the policyholder, giving the insurer to the policyholder that it held its.
Kinds of policies
According to the designation of the insured owner:
Nominative: warrants or covers the person therein designated for this purpose.
To order: warrants or covers the person on whose behalf it is issued, with the possibility of an endorsement.
To the carrier: guarantees or covers to the person that legitimately it has, what it allows be endorsed or transmitted.
According to the risks covered:
Simple: when takes a single risk.
Combined: when covers various risks of a same owner. According to the number ofpeople insured.
The policy is formed by:
Particular conditions: are those that identified the insurance contract, collecting aspects specifically relating to the risk which ensures.
General conditions: are contractual clauses, drafted by the insurer, that regulate a certain bunch of insurance being, in principle, equal for all policies contracted with a particular insurer and in a particular industry or mode.
Special conditions: they clarify or outline the specific and general provisions.
Appendices or supplements: modify what is agreed in a policy provided that they are formalised in writing and signed by the same people who signed the initial policy.The assumptions more frequent that they give rise to a supplement may be the increase or decrease in the insurance, change of place of the insured objects, modification in the nature of the risks, rectification of errors, change of beneficiaries, etc.
The minimum content of an insurance policy shall be the particular conditions that are:
1 name and surname, or social denomination of the Contracting Parties, and his home as well as the designation of insured and beneficiary, if any.
2. the concept that ensures
3. the nature of the risk covered
4. designation of the insured objects and their situation.
5. insured amount or scope of coverage.
6. amount of the premium, surcharges and taxes.
7. the premiums due. Place and form of payment.
8. duration of the contract, with expression of the day and the hour in which begin and end their effects.
9. the name of the agent or agents, in case that involved in the contract.
We must emphasize that the General conditions in any case may be injurious to insured persons, and shall be included by the insurer in the insurance proposal, if any, and necessarily in the policy.
In addition we should also have in mind that both the General conditions and the special have to be drawn up clearly and accurately, and expressly accepted in writing, highlighting, in particular, that limiting the rights of policyholders.