Insurance contract pdf – Essentials of insurance contract pdf
Insurance contract pdf – Essentials of insurance contract pdf; In insurance, the insurance policy is a contract between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language OR
An insurance contract is a contract whereby, in return for a premium, an insurance company (“the insurer”) undertakes to pay money or if specifically
What are the 4 parts of an insurance contract?
What are the 3 elements of an insurance contract?
Types of insurance contract pdf – Essentials of insurance contract pdf
We hereby promulgate the law as set out hereinafter, such Law having been passed by the
PART ONE – THE INSURANCE CONTRACT
SECTION ONE – GENERAL PROVISIONS
Article 1 – The Elements of the Insurance Contract
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
on the occurrence of the incident on which it has been agreed that the insurer’s
obligation depends (“the insuredevent”).
2) The insurance contract shall specify at least the particulars of the contracting parties and
the name of the beneficiary of the insurance, should that person not be a party to the
contract. It should also contain: the period of cover; the person or the item covered; the
value of the policy or the property at risk, or related to the realisation of the risk; the
type of risks (the “insured risk”); any maximum limit of the insurer´s liability (the
“insured sum”); any exceptions to cover; the premium; and the applicable law, if not
3) The insurer, prior to granting insurance cover, may grant temporary insurance cover.
This can be converted to a full policy if the insurance contract is concluded during the
period of the temporary cover.
Article 2 – The Insurance Policy
1) The insurance contract is evidenced by a signed policy document (the “insurance
policy”) provided by the insurer. The insurer may sign it by mechanical means. The
©V. Murray 2002
IKRP Rokas & Partners, Athens
insurance policy may also be issued either to order or to bearer.
2) The insurer must provide the policyholder with the insurance policy or, if temporary
cover has been provided, with a cover note in writing.
3) The insurance policy and the cover note must contain the required minimum details
concerning the terms and conditions of the insurance contract, as well as the place and
date of issue. The policyholder is entitled at any time to request a copy of any
explanations or details which he may have given to the insurer upon conclusion of the
relevant contract, as well as a copy of the insurance policy, if the original is lost.
4) Whenever the contract is governed by general or special insurance terms and
conditions, the insurer shall note this in the section of the insurance policy where the
individual details of the contract appear, and provide the aforesaid general or special
terms and conditions to the Insured together with the policy.
5) In the event that the contents of the insurance policy differ from the application for
insurance, such variations shall be deemed to have been approved from the
commencement of the policy provided that the policyholder does not object in writing
thereto within one month following the receipt of such insurance policy and to the
extent that the insurer has duly informed the policyholder of such variations, as well as
of the policyholder’s right to object. This should be done by the insurer in writing, or by
a notice situated on the first page of the insurance policy written in such a way as to
make the notice readily distinguishable from the other parts of the document, thus
enabling it to be easily noted by the reader. The insurer must also issue the
policyholder with a separate printed specimen of the notice of objection. If the insurer
fails to inform the policyholder of his rights under this paragraph, or to provide him
with the above mentioned specimen notice, the variations in the terms of the contract
shall not be binding on the policyholder, and the contract shall be deemed to have been
agreed in accordance with the terms contained in the insurance application.
6) If the insurer fails to supply to the policyholder any of the information provided in
Article 4 paragraph 2, item «H» and paragraph 3 item «D» of Legislative Decree
©V. Murray 2002
IKRP Rokas & Partners, Athens
as in force at the time when the insurance application is submitted, or if the
insurer fails to communicate the terms and conditions of the insurance cover in
accordance with paragraph 4 of the present Article, the contract shall be deemed to have
been concluded on the basis of the policy text, the general conditions of insurance and
any additional information which usually determines the specific contract, provided that
the policyholder does not object in writing within fourteen days of the policy being
delivered. Should the aforesaid time limit expire without any action being taken, the
contract shall be deemed to have come into effect from the date on which it was
concluded. The aforesaid time-limit shall not commence should the insurer fail to
inform the policyholder of his right to object to the conclusion of the contract in the
absence of the aforesaid information. The insurer must notify the policyholder of his
rights in writing, or by an easily legible notice appearing on the first page of the policy,
and supply the policyholder with a separate printed specimen of the objection notice.
The policyholder’s right to object shall expire after the lapse of ten months from the
date on which the first premium was paid. If the policyholder makes an objection, the
contract shall be avoided. The burden of proving that the appropriate documents were
delivered lies with the insurer. The provisions set out in paragraph 5 of this Article are
not prejudiced hereby.
7) If, at the request of the policyholder, insurance cover is provided immediately, it may
be agreed, at the time when the contract is concluded, that the policyholder shall waive
the right to be supplied with the information provided for in paragraph 6 of this Article,
until such time as the insurer supplies the insurance policy.
8) All the terms contained in the insurance policy should take into consideration the
policyholder’s reasonable interests as well as those of the insured; they should also be
clearly expressed and written in understandable terms. Any agreement purporting to
waive the right to challenge the insurance contract on grounds of error shall not be
binding on the policyholder.