THE INSURANCE CONTRACT Sample Clauses

The "Insurance Contract" clause defines the formal agreement between the insurer and the insured, outlining the terms, conditions, and coverage provided. It typically specifies the scope of coverage, the obligations of both parties, and the duration of the insurance. For example, it may detail what events are covered, the process for making claims, and any exclusions or limitations. The core function of this clause is to establish the legal framework of the insurance relationship, ensuring both parties understand their rights and responsibilities and reducing the risk of disputes.
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THE INSURANCE CONTRACT. The application form, the Summary of Coverage page, the Policy, any document attached to the Summary of Coverage page when issued and any amendment to the Policy agreed upon in writing after the Policy is issued, constitute the entire Policy, and no agent has authority to change the Policy or waive any of its provisions.
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THE INSURANCE CONTRACT. According to Insurance Contract – ⮚ The Insurer agrees to pay to the Policyholder (Insured) a certain sum of money (sum assured) ⮚ On the occurrence or non-occurrence of event (death or peril) specified in the Insurance Contract ⮚ The Policyholder has been paying premium as specified in the Insurance Contract. PROXIMATE CAUSE SUBROGATION INDEMNITY INSURABLE INTEREST INSURABLE INTEREST UTMOST GOOD FAITH UTMOST GOOD FAITH GENERAL INSURANCE LIFE INSURANCE ELEMENTS OF INSURANCE CONTRACT ✓ Offer & Acceptance ✓ Consideration ✓ Competent Parties ✓ Legal Intent ✓ Consensus (same mind / ad idem) The law generally presumes that everyone has the capacity to contract. (Exceptions – Minor, Lunatic & Under the influence of alcohol or drugs) Competent Parties in Insurance
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THE INSURANCE CONTRACT. Sums insured and insurance terms may be amended in the course of the contract period if the insurance contract is changed. In case of any disagreement between the Group Insurance Regulations and the insurance contract, the insurance contract shall apply. A copy of the insurance contract in force at any given time may be obtained by contacting the FA or the DFL. 71 72 Agreement between the Danish Employers’ Association for the Financial Sector (FA) and Danske Forsikringsfunktionærers Landsforening (DFL) concerning training and competence development
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THE INSURANCE CONTRACT. In return for payment of the premium shown in the schedule, we agree to insure you, subject to the terms and conditions contained in or endorsed on this contract of insurance, against bodily injury and/or illness in the manner and to the extent provided in this contract during the period of insurance. The premium becomes due when the insurance is issued, unless agreed differently by us. Payment of the premium is a pre-condition for initiating our liability. Signed by: Coverholder Dated in London: Cancellation administration charge: This Certificate is only valid if it bears the signature of the Coverholder, on behalf of AXIS Specialty Europe SE. This insurance covers only such of the following benefits as have an amount inserted against them. Where benefits are not insured the words ¨NOT COVERED¨ are shown
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THE INSURANCE CONTRACT. ❚ PARTS OF THE InSURAnCE COnTRACT Since an insurance policy is a legal contract, it must be very specific about the agreements between the insured and the insurer. To do this, most policies contain five parts: Declarations, Insuring Agreements, Conditions, Exclusions, and Definitions. The Declarations, which are almost always on the first page of the policy, contain such information as the name of the insured, the address, the amount of coverage provided, a description of the property, and the cost of the policy. The Insuring Agreements, the “heart” of the policy, state in general what is to be covered or, in other words, the losses for which the insured will be indemnified. This section also describes the type of property covered and the perils against which it is insured. The Conditions state the “ground rules” for the policy. They describe the responsibilities and the obligations of both the insurance company and the insured. The Exclusions describe the losses for which the insured is not covered. If an excluded loss occurs, the insured will not be indemnified. Finally, the Definitions section clarifies the meanings of certain terms used in the policy. Read the following policy excerpts and label them as Declarations, Insuring Agreements, Conditions, Exclusions, or Definitions. A. Named insured and mailing address: ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ B. In this policy, property damage means physical injury to or destruction of property. C. This policy does not cover any loss caused by earthquake. D. This policy may be cancelled if the insured does not pay premiums when due. E. This policy covers personal property owned or used by the insured. Answers: A. Declarations; B. Definitions; C. Exclusions; D. Conditions;
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THE INSURANCE CONTRACT. Sums insured and insurance terms may be amended in the course of the contract period if the insurance contract is changed. In case of any disagreement between the Group Insurance Regulations and the insurance contract, the insurance contract shall apply. A copy of the insurance contract in force at any given time may be obtained by contacting the FA or Forsikringsforbundet. 71 72
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THE INSURANCE CONTRACT. 1.1 Entry into force of the insurance contract
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Related to THE INSURANCE CONTRACT

  • Insurance Contracts To the extent that any Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06.

  • Separate Insurance Borrower shall not take out separate insurance contributing in the event of loss with that required to be maintained pursuant to this Section 6.1 unless such insurance complies with this Section 6.1.

  • Reinsurance Agreements (a) Section 3.15(a) of the Parent Disclosure Schedule sets forth a true, complete and correct list of all of the reinsurance, coinsurance or retrocession treaties, agreements, slips, binders, cover notes or other arrangements of any kind to which any of the Insurance Subsidiaries is a party and under which any of the Transferred Subsidiaries cede or assume any insurance business or under which any business otherwise remains reinsured as of the date of this Agreement and any related letters of credit, reinsurance trusts or other collateral arrangements (collectively, the “Reinsurance Agreements”). True, complete and correct copies of all of the Reinsurance Agreements have been made available to the Acquiror. (b) Neither the Company nor any of the Insurance Subsidiaries is in default in any material respect under any Reinsurance Agreement, and there has not occurred any event that, with the lapse of time or the giving of notice or both, would constitute such a default in any material respect. Each Reinsurance Agreement is legal, valid, binding, enforceable against the applicable Insurance Subsidiary which is party and the counterparty thereto and in full force and effect in accordance with its terms, will continue to be legal, valid, binding and enforceable by the applicable Insurance Subsidiary that is a party thereto and in full force and effect on substantially comparable terms following the Closing (except for the Quota Share Agreement, which will be amended in accordance with Section 5.08(c)), except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity regarding the availability of remedies. Since December 31, 2013, with respect to any Reinsurance Agreement, (i) no Insurance Subsidiary has received any written notice from any applicable reinsurer that any amount of reinsurance ceded by any of the Insurance Subsidiaries will be uncollectible or otherwise defaulted upon; (ii) there is no pending or to the Knowledge of the Parent, threatened dispute between any of the Insurance Subsidiaries and any reinsurer under any Reinsurance Agreement; (iii) each Insurance Subsidiary, as applicable, is entitled under the laws of its domiciliary jurisdiction or any other applicable Law to take credit in accordance with SAP on its Statutory Statements for all reinsurance and retrocessions ceded by it pursuant to any Reinsurance Agreement for which such Insurance Subsidiary is taking credit on its Statutory Statements, and all such amounts have been properly recorded in its books and records of account and are properly reflected in its Statutory Statements; (iv) to the Knowledge of the Parent there has been no separate written or oral agreement between such Insurance Subsidiary and the assuming reinsurer that is intended to, and would, in fact, reduce, limit or mitigate any loss to the parties under any such Reinsurance Agreement; and (v) each such Reinsurance Agreement satisfies the requisite risk transfer criteria necessary to obtain reinsurance accounting treatment under SAP.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below or on a facultative basis, subject to the requirements set forth in Section B below. The specifications for all reinsurance under this Agreement are provided in Schedule A. A. Requirements for Automatic Reinsurance For risks which meet the requirements for automatic reinsurance as set forth below, Reinsurer will participate in a reinsurance pool whereby Reinsurer will automatically reinsure a portion of the insurance risks as indicated in Schedule A. The requirements for automatic reinsurance are as follows: 1. Each life must be a resident of the United States or Canada at the time of application. 2. Each life must be underwritten according to the Ceding Company's standard underwriting practices and guidelines. Any life falling into the category of special underwriting programs will be excluded from this Agreement unless previously agreed to by the Reinsurer via a written amendment. 3. Any risk offered on a facultative basis by the Ceding Company to the Reinsurer or any other company will not qualify for automatic reinsurance under this Agreement for the same risk and same life. 4. The maximum issue age on any risk will be age 85. 5. The mortality rating on each risk must not exceed Table 16, Table P, or 500%, or its equivalent, as shown in the Ceding Company's retention schedule, on a flat extra premium basis. However, one life may be uninsurable if the other life meets the preceding requirements. 6. The total face amount of insurance for the Plans of Insurance in Schedule A to be reinsured on an automatic basis must not exceed the Automatic Issue Limits in Exhibit II. 7. The total amount of insurance issued and applied for in all companies on each life must not exceed the jumbo limits as stated in Exhibit II. 8. The Ceding Company shall retain it's maximum limit of retention for the age and risk classification of each life, as shown in Exhibit II, either on previous insurance or insurance currently applied for.

  • Reinsurance reinsurance with reinsurers acceptable to Lessor acting reasonably is required and such reinsurance will: (i) be on the same terms as the original insurances and will include the provisions of this Schedule; (ii) provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or affecting the reinsured that the reinsurers’ liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and (iii) contain a “cut-through” clause in the following form (or otherwise satisfactory to Lessor): “The Reinsurers and the Reinsured hereby mutually agree that, in the event of any claim arising under the reinsurances in respect of a total loss or other claim, as provided by the Aircraft Lease Agreement dated March 12, 2007 and made between Lessor and Lessee, such claim is to be paid to the Person named as sole loss payee under the primary insurances, the Reinsurers will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the Person named as sole loss payee under the primary insurances effected by the Reinsured that portion of any loss due for which the Reinsurers would otherwise be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of such payment) fully discharge and release the Reinsurers from any and all further liability in connection therewith; subject to such provisions not contravening any Law of the State of Incorporation;”