Insurance Policy: General Knowledge and Terminology (Part 2)

The following article is the next of the first article: Insurance Policy: General Knowledge and Terminology. Let’s find out more

4. Subjects of insurance contracts

The subjects in the insurance contract include: insurance enterprises, insurance buyers, insured persons and beneficiaries.

4.1. Assurance Company
An insurance enterprise is an organization established and operating under the Law on Insurance Business and other provisions of law related to the insurance and reinsurance business.

Insurance enterprises may be established in the following legal forms:

– Insurance Joint Stock Company
– Insurance limited liability company
– Cooperative insurance
– Mutual insurance organization
In the insurance contract, the term “insurer” is also replaced by the words “insurer”, “insurer”.

4.2. Insurance buyer
The insurance buyer is an individual or organization entering into an insurance contract with an insurance enterprise and paying a periodical premium to receive the protection from the insurer.

An insurance buyer may also be the insured person or the beneficiary

4.3. Insured person
The insured person is an individual or organization whose property, civil liability or life is insured under the insurance contract

4.4. Beneficiary
Beneficiaries are individuals and organizations designated by the insurance buyers to receive insurance money under the human insurance contract

5. Rights and obligations of the parties to the insurance contract
Rights of insurance enterprises Obligations of insurance enterprises
Premium income
Requesting the insurance buyer to provide sufficient information
Refusal to pay compensation
To request insurance buyers to apply measures to prevent and limit losses
Unilateral termination of the contract
Explain the terms of insurance
Issuance of insurance certificates to insurance buyers
Timely and full compensation
Respond in writing to the official reason for refusal to pay benefits, if any
Cooperate with insurance buyers to claim compensation from a third party, if any
Rights of insurance buyers Obligations of insurance buyers
Select a reputable insurance company to buy insurance
Requesting the insurer to explain the terms and issue the insurance certificate
Unilaterally suspend the contract when the insurance enterprise deliberately provides false information to force the insurance buyer to sign the contract
Requesting insurance companies to pay insurance premiums
Assignment of insurance contract
Pay full premiums
Declare truthful, complete health information and other information related to insurance policies
Notify cases which increase the risk or incur additional liability of the insurer
Inform the insurer as soon as possible when the insurance event occurs
Apply measures to prevent and limit damage to the subject of insurance
6. Contents of the insurance contract
6.1. Information of the parties in the contract

6.1.1. Name and address of the insurer

6.1.2. The name, address and personal information of the insurance buyer

6.1.3. Name, address, personal information of the insured

6.1.4. Name, address and personal information of the beneficiary;

6.2. The insured;

6.3. Insurance sum, value of property insured for property insurance;

6.4. Insurance coverage, insurance conditions, insurance terms;

6.5. Insurance exclusion clause;

6.6. Duration of insurance;

6.7. Premium rates, premium payment method;

6.8. Term, method of payment of insurance or compensation;

6.9. Dispute settlement regulations;

6.10. The date, month and year of signing the contract.

6.11. Apart from the above contents, the insurance contract may contain other contents as agreed by the parties.

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