The insurance policy or contract is a contract by which the insurer promises to pay benefits to the insured or, on his behalf, to a third party if certain events occur. Subject to the “Fortuity” principle, the event must be uncertain. The uncertainty may be either when the event will occur (for example. B in life insurance, the date of the insured`s death is uncertain) or whether it will occur (for example. B in fire insurance, whether or not there is a fire).  It is worth recalling the redefinition of the fundamental method of interpreting an insurance policy in Progressive Houses.1 The emphasis is on the words of the policy interpreted throughout the contract and which promotes the true intent of the parties at the time of the contract. If the language of politics is clear, the language of politics should be clear, with the treaty read as a whole. This is a summary of the insurance company`s key promises, and indicates what is covered. In the insurance agreement, the insurer undertakes to do certain things, such as paying losses for guaranteed risks, providing certain services or defending the insured in liability action.
There are two fundamental forms of insurance agreement: exclusions – these policy provisions will set the limits of the coverage promises mentioned in insurance agreements. These provisions are intended for one or more purposes, including the removal of coverage of (1) coverage for losses caused by certain risks, 2) coverage by other insurance companies, 3) coverage of uninsurable losses. In principle, exclusions are the parts of the insurance contract that limit the scope of coverage and/or list causes and conditions that are not covered. Here is an example of frequent exclusions in car insurance – These legal compensations are very different from standard contractual insurance. In insurance, the insurance policy is a contract (usually a standard form contract) between the insurer and the policyholder, which determines the fees that the insurer must pay legally. In exchange for a first payment, called a premium, the insurer promises to pay for losses caused by watery hazards that fall within the language of insurance. In addition, Section 30 of the Financial Administration Act9 pursued the insurance and risk management account as a special account for the provision of insurance or risk management services to participants such as government agencies, departments and individuals or authorities designated by order-in-council.