Similarly, the explanatory page of a life insurance policy contains the name of the insured person and the nominal amount of the life insurance policy (for example. B 25,000 USD, 50,000 USD, etc.). Conditions – The provisions of a policy that require the insured to do something before or after damage or not to do it. The obligation for the insurer to pay for losses or provide services is based on the obligation for the insured to perform certain tasks or prevent certain things. One of the obligations of the insured before a loss is to have been truthful when applying for coverage. The secrecy or fraud of the insured leads to the cancellation of the policy. One of the obligations of the insured after a loss is to protect the property against further losses. Otherwise, the insurer could be relieved of the obligation to pay the debt. Above, there is an example of conditions contained in the insurance agreement of an auto insurance policy. The insurer has met the insured`s obligations in the event of an accident or loss. Exclusions – These provisions of the policy set the limits of the promises of coverage indicated in the insurance contracts. These provisions are intended to cover one or more purposes, including the elimination of (1) coverage for losses arising from certain risks (2) coverage by other insurances, (3) coverage for non-insurable losses. In principle, exclusions are those parts of the insurance contract that limit the scope of coverage and/or list causes and conditions that are not covered.
Below is an example of frequent exclusions in a car insurance policy – If these rules do not resolve the ambiguity, the policy is read against the interests of the party it has imposed – normally the insurer – what fans of Latin phrases call the contraerentem rule. Property and liability policies are, of course, insurance contracts. In other words, the insured pays a premium and the insurer assumes a payment risk in the event of an event. The event must be uncertain and detrimental to the insured. In order for a person to be able to assert a successful claim under a policy, they must be a named or unin named insured under that policy. The General Court found that the wording of clause 2.B does not require that the address of a temporary site be indicated on the page of the declaration as a precondition for coverage, and that this should not be implied by reading the Directive as a whole. That finding was motivated by the fact that the terms of a written contract should not be implied if that did not mean an explicit formulation of the treaty. If the temporary location is indicated on the declaration page, there would be coverage in accordance with clause 2.A. It would therefore never be necessary to refer to Article 2.B. In the case of comprehensive general liability insurance that defines property damage as physical injury or destruction of bodily property, the insurer`s indemnification obligation is generally not triggered when the property damage resulting from the insured`s faulty work is limited to the insured`s own property or the property for which the insured is responsible. . .