Guess the §
“If the policyholder at the time of contract formation fraudulently gave incorrect information about or concealed a circumstance which may reasonably be assumed to be significant to the company, the agreement is not binding for the company.”
What is Section 4 of the Insurance Contracts Act?
In this step we specify who is the policyholder, insurer and the insured
What is Step 2 “Formulate the legal issue and indicate the parties in legal terms”?
A fire insurance is an example of this kind of insurance
What is general insurance?
This concept describes the maximum amount that an insurer must cover
What is the insurance sum (policy limit)?
That is what you call the price for an insurance
What is the premium?
If the policyholder intentionally causes the insurance event, he has no claim against the insurance company.
What is § 18
In this step we state that the legal source is the Insurance Contracts Act
What is Step 3 “Specify legal sources”?
A household contents insurance is an example of this form of insurance
What is general insurance?
This term describes the actual sum an insurer must pay when damage has occurred
What is the insurance benefit / payout?
That is what you call the amount the policyholder must pay personally
What is the deductible / excess?
“If it may be assumed that the policyholder at the time of issuance neither knew nor should have known that a given statement by him was incorrect, the company is liable as if no incorrect statement had been made
What is Section 5 of the Insurance Contracts Act?
In this step we indicate that the legal area is insurance law
What is Step 1 “Define the legal area”?
A life insurance is an example of this form of insurance
What is sum (fixed-amount) insurance?
This is the principle that one must not profit from an insurance payment
What is the “no‐profit” principle?
What you call the document that states the parties’ agreement
What is the policy (insurance document)?
“If the policyholder, without the matter being covered by §§ 4 or 5, has given incorrect information, the company is free from liability if it can be assumed it would not have taken the risk had the correct information been given. (…)”
What is Section 6 of the Insurance Contracts Act?
In this step we explain the contents of e.g. Section 5
What is Step 4 “Explain theory”?
An accident insurance that covers the policyholder's own injuries is an example of this form of insurance
What is a sum insurance?
That is what you call the principle that the insured should, as far as possible, limit the damage
What is the duty to mitigate loss?
That is what you call it when the insurance sum is lower than the insured value
What is underinsurance?
“If the consumer is going to use their right of withdrawal, the person must notify the insurance company thereof within a period of 14 days (…)”
What is Section 34j of the Insurance Contracts Act?
In this step we assess the insurance payment on the basis of facts in the case
What is Step 5 “Apply theory to facts”?
A disability insurance is an example of this form of insurance
What is sum (fixed-amount) insurance?
That is what you call it when the same asset is insured in multiple insurance companies
What is double insurance?
That is what you call it when the insurance sum is higher than the insured value
What is overinsurance?