INSURANC

E
CONTRACT
GROUP MEMBERS
 RICHA MODI 517
 MUDRA MEHTA 514
 ANJAL SURANA 536
 PRIYANKA TIWARI 537
 ADITI WARANG 547
What is an Insurance Contract?
 An insurance policy is a legal contract that is
agreed upon by two or more parties. The
purpose of insurance is to indemnify the
insured, or to bring insured back to the same
financial position insured were in before
insured suffered the covered loss.
PARTIES TO INSURANCE
CONTRACT
 INSURER
 INSURED.
REQUIREMENT OF AN
INSURANCE CONTRACT.
 Insurable interest
 Offer and acceptance
 Consideration
 Legal capacity
 Utmost good faith
CONTINUED..
 Conditional
 Aleatory
 unilateral
INSURANCE DOCUMENTS
 PROPOSAL TILL COMMENCEMENT
 Proposal form
 Agent report
 Medical report
 Personal statement
 Special questionnaire
 Proof of age
 Deposit receipt
CONTINUED..

 AFTER COMMENCEMENT
 Policy document
 Every year renewal premium receipt
 Renewal notices
 Endorsement
 Bonus notices
 Need analysis form
 Prospectus.
PARTS OF INSURANCE
CONTRACT.
 Preamble
 Days of grace
 Entire contract clause
 Misstatement of Age clause
 Reinstatement clause
 Suicide clause
CONTINUED..
 War clause.
 Beneficiary clause.
INSURANCE ENDORSEMENT
 An insurance endorsement is a change to the
insurance policy. An endorsement adds to or
restricts coverage. It is not part of the original
policy. When an endorsement is added, it
becomes a legal part of the insurance policy.
CONTINUED..
 Adding coverage
 Riders
 Accident and Disability Benefit
CONTINUED..
1. Level term cover rider
2. Double sum assured rider.
3. Critical illness or Dreaded disease rider.
4. Accident and disability benefit
5. Waiver of premium rider.
COMMON TYPES OF
DEDUCTIBLES.
 Franchise
 Coinsurance
Thank you