The Insurance Contract

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 7 in Fundamentals of the Insurance Business, 2024, pp 107-125 from Springer

Abstract: Abstract In this chapter, the contract of insurance is explained. The differences existing between a non-life insurance contract and a life insurance contract are explored. The obligation foresees that an insurer undertakes a risk in return for consideration in the form of an insurance premium. An assured is obliged to the payment of the premium and for the truth and accuracy of the information given. In non-life insurance contract, the settlement of a claim is bound by an indemnity principle according to which the insurer will pay only if the loss occurs and to the precise extent this is suffered by the assured. In life insurance contract, the insurer will pay a lump sum or an annuity upon the occurring of an event tied to the life of the assured. The involved parties (insurer, policyholder, assured and beneficiary) are explained. Contractual documentation foresees some standard documents, such as proposal form, acceptance, policy, scheduled, endorsement, certificate of insurance (if required Health History Questionnaire (HHQ). In the end, the current developments in Europe are illustrated. The paragraphs describe the life product classification (PRIIPs, IBIPs, PRIPs) and the related new pre-contractual documents required (KID and IPID for non-life business).

Keywords: Function of indemnity; Non-life contract of insurance; Life insurance contract; Provision for life principle; Principle of indemnity; Insurable interest; Insurable value; Over-insurance; Under insurance; Proportional rule; Gambling Act; Policyholder; Assured; Beneficiary; Insurer; Instalment interest; Care; custody and control (CCC); Consideration; Excess; Franchise; Self-insurance; Waiting period; Contract of an aleatory type; Insurability conditions; Conditions of exclusion; Named perils vs. all-risks; Contract; Policy; Endorsement; Certificate of insurance; Proposal form; Health History Questionnaire (HHQ); General conditions of policy; Particular conditions of policy; Unfair contract terms (UCTs); PRIIPs; IBIPs; PRIPs; KID; IPID (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_7

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