insurance contract

INSURANCE CONTRACT

GROUP MEMBERS RICHA MODI 517 MUDRA MEHTA 514 ANJAL SURANA 536 PRIYANKA TIWARI 537 ADITI WARANG 547

What is an Insurance Contract?

An insurance policy is a legal contract that is agreed upon by two or more parties. The purpose of insurance is to indemnify the insured, or to bring insured back to the same financial position insured were in before insured suffered the covered loss.

PARTIES TO INSURANCE CONTRACT

INSURER INSURED.

REQUIREMENT OF AN INSURANCE CONTRACT.

Insurable interest Offer and acceptance Consideration Legal capacity Utmost good faith

CONTINUED.. Conditional Aleatory unilateral

INSURANCE DOCUMENTS PROPOSAL TILL COMMENCEMENT Proposal form Agent report Medical report Personal statement Special questionnaire Proof of age Deposit receipt

CONTINUED.. AFTER COMMENCEMENT Policy document Every year renewal premium receipt Renewal notices Endorsement Bonus notices Need analysis form Prospectus.

PARTS OF INSURANCE CONTRACT.

Preamble Days of grace Entire contract clause Misstatement of Age clause Reinstatement clause Suicide clause

CONTINUED.. War clause. Beneficiary clause.

INSURANCE ENDORSEMENT An insurance endorsement is a change

to the insurance policy. An endorsement adds to or restricts coverage. It is not part of the original policy. When an endorsement is added, it becomes a legal part of the insurance policy.

CONTINUED.. Adding coverage Riders Accident and Disability Benefit

CONTINUED..1. Level term cover rider2. Double sum assured rider.3. Critical illness or Dreaded disease rider.4. Accident and disability benefit5. Waiver of premium rider.

COMMON TYPES OF DEDUCTIBLES.

Franchise Coinsurance

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