The Elements of the Insurance Contract

An insurance contract is a contract whereby, in return for a premium, an insurance company (the insurer) undertakes to pay money or if specifically agreed make provision in kind to the other contracting party (the policyholder) or to a third party on the occurrence of the incident on which it has been agreed that the insurer’s obligation depends (the insuredevent).

The insurance contract shall specify at least the particulars of the contracting parties and the name of the beneficiary of the insurance, should that person not be a party to the contract. It should also contain: the period of cover; the person or the item covered; the value of the policy or the property at risk, or related to the realisation of the risk; the type of risks (the insured risk); any maximum limit of the insurer´s liability (the insured sum); any exceptions to cover; the premium; and the applicable law, if not Greek.

The insurer, prior to granting insurance cover, may grant temporary insurance cover. This can be converted to a full policy if the insurance contract is concluded during the period of the temporary cover.

Tweet

Subscribe to receive free email updates: