Introduction to Insurance Contracts

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Last updated 2:22 AM on 1/9/23
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16 Terms

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Insurance
A contract between the insurer and the insured whereby, in consideration of payment of a premium by the insured, the insurer agrees to compensate any financial loss which occurs due to an expected risk.
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damages
Includes ________ caused by the fire as well as ________ caused by fire extinguishing substances.
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Health insurance
A contract between a health insurer and a policyholder requires them to pay for all or at least a portion of medical costs.
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trip cancellation
Covers ________, lost or misplaced luggage, travel accidents and medical expences while on a trip.
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The insurer
The person taking the risk and agreeing to indemnify or pay a certain sum on the happening of the risk insured against.
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insurance contract
However, in a(n) ________, intentional silence and withholding of facts is considered fraudulent and renders a contract voidable.
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advent of death
In the ________ whenever it shall happen, the insurance company provides coverage and pays a certain amount of compensation to the beneficiary based on the premiums paid by the insured during his lifetime.
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Silence
________ is not considered a fraudulent act.
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insurance company
The insured must have an insurable interest of enough relevance for the ________ to take the risk.
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The insurer
the person taking the risk, and agreeing to indemnify or pay a certain sum on the happening of the particular event insured against
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The insured
the person paying the premium
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The beneficiary
Someone other than the insured who benefits from the compensation paid by the insurer
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Note
the beneficiary will remain a third party and will not be considered as a partyof the insurance contract including the stipulation for his benefit
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Obligatory car insurance
It is obligatory for anyone who obtains or renews a cars license to purchase a policy from the various car insurance companies located inside each local Department of Motor Vehicles office
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Optional/ supplementary car insurance
It aims to insure the car itself against damges resulting from accidents
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