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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). Let`s say you don`t know your grandfather died of cancer, so you didn`t disclose this essential fact in the family history questionnaire when applying for life insurance. it is an innocent secret. However, if you knew this essential fact and deliberately hid it from the insurer, you are guilty of fraudulent secrecy. 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. 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. In addition, your claim may be cancelled because you have not complied with certain information requested by your insurance company. In this case, lack of knowledge and carelessness can cost you dearly. Review your insurer`s policy features instead of signing them without diving into the fine print. Understanding what you`re reading can ensure that the insurance product for you covers you when you need it most.

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. 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 (for example. B in a life insurance policy, the time of death of the insured is uncertain) or whether it will occur at all (e.B. in fire insurance, whether or not a fire occurs). [4] An insurance policy is a legal contract between the insurance company (the insurer) and the insured person(s), company or legal person (the insured). Reading your policy will help you verify that the policy meets your needs and that you understand your responsibilities and that of the insurance company in the event of a loss. Many policyholders take out a policy without understanding what is covered, the exclusions that remove coverage, and the conditions that must be met for coverage to be applied in the event of a claim.