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Which of the Elements of a Legal Contract Does an Insurance Premium Represent

In recent years, however, insurers have increasingly modified standard forms on a company-specific basis or refused to accept changes to standard forms[33]. For example, a review of household content insurance revealed significant differences in various provisions. [34] In some areas, such as directors` and officers` liability insurance[35] and private umbrella insurance[36], there is little industry-wide standardization. Immediate cause means the real effective cause that sets in motion a train of events that leads to results without the need for the intervention of a force that has actively started and worked from a new and independent source. «And it`s for said ship, etc. on the legal trip, without prejudice to this insurance, to continue and navigate, touch and stay. The usual clauses that are or can be included in a shipping policy are: However, the following facts do not have to be disclosed by the insured (0 facts that tend to reduce the risk. Since the cargo owner has no control over the cargo during transport, the empty note may be allowed. In all-risk insurance, however, a specific confirmation of an order is essential. The special insurance contract includes the principles: Legal purpose — Obviously, the courts will not apply a contract that is not legal. For example, a contract for the provision of illegal services would not be a legal and valid contract because the course would not apply it. In civil liability insurance (fire and transport insurance), the event cannot take place at all or only partially. Fire insurance policies are neither an assignment nor intended to be assigned from one person to another without the consent of the insurer.

The assignment in fire insurance represents a new contract. In insurance, the offer is usually initiated by the insurance applicant through the services of an insurance agent, who must have the authority to represent the insurance company by completing an insurance application. Sometimes the insurance application can be submitted directly to the insurance company through its website. How the offer is accepted depends on whether the insurance is property insurance, liability insurance or life insurance. In the case of property and liability insurance, the offer is the insurance request and payment of the 1. Premium or the promise to do it. In most personal insurance lines, the agent can accept the offer for the business and bind the company to the contract. A record is a temporary oral or written contract that immediately binds the insurance company to the contract until it has an opportunity to review the application and issue a formal policy. Through the file, the insurance takes effect immediately. Most records are written and contain general information such as the type and amount of insurance, the names of the parties, and the duration of the filing cabinet. However, once a formal policy is issued, the terms of the policy replace the folder.

This is especially true for oral records, as once a written policy is issued, the probation rule is authoritative to the written policy in case of conflict between oral and written agreements. If a mistake has been made in the police,. B for example by incorrectly entering the wrong value of the policy, the contract can be reformed by correcting the error to avoid unjustified enrichment of one of the parties. In order to enter into a valid contract, the subject matter of the agreement must be lawful. The doctrine of recourse applies to insurance of persons, since the doctrine of compensation does not apply to this insurance. Insurers have no right of action against the third party with respect to the damage. Therefore, the insured must respect the conditions and promises of the insurance contract, whether or not it is important in relation to the risk. The contract can only be continued if the guarantees are fulfilled. While the insurance applicant is generally considered to be the one making the offer, the insurance company dictates the terms of the contracts.

The insurance applicant must accept the membership contract completely or not at all. Due to different legal definitions and rulings rendered by different courts in the past, and due to the requirements imposed by state governments and their authorities, an insurance contract must be carefully formulated in order to be legally effective and provide coverage in the manner intended….

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