In an insurance contract, one party, the insured, pays a certain amount of money, a so-called premium, to another party, the insurer. The insurer in turn undertakes to compensate the insured for certain future losses. Covered losses are listed in the treaty and the contract is called the directive. n. a contract (insurance policy) by which the insurer (insurance company) agrees to pay the insured a tax (insurance premiums) to pay the insured all or part of the damage suffered by accident or death. Losses covered by the policy may include property damage resulting from an accident or fire, theft or intentional damage, medical expenses and/or loss of income due to bodily harm, long-term or permanent loss of physical capacity, the rights of others as a result of alleged negligence of the insured (e.g. B public civil liability insurance), loss of a ship and/or loading, finding of a lack of ownership, dishonest personnel or loss of life of a person. Life insurance can be carried out on the life of a spouse, child, business partner or a particularly important executive (key man insurance), all intended to provide for survivors or to reduce the loss of a contributor. Mortgage insurance is a life insurance policy that pays the balance owed for a home loan in the event of the death of the husband or wife.

Life insurance income is generally not included in a deceased`s estate, but funds can be counted by the Internal Revenue Service for the calculation of inheritance tax. Insurance companies may refuse to pay a third-party claim against an insured, but may at the same time be required to take over the legal defence (lawyer`s fees or the provision of a lawyer) according to the “legal reserve” doctrine. (See: Insured, insurer, work allowance) Under 260 consumer software licensing agreements on the mass market in 2010[5] The insurance contract or contract is a contract by which the insurer promises to pay benefits to the insured or on its behalf to third parties if certain defined 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). [4] For the vast majority of insurance policies, the only page that is highly tailored to the insured`s needs is the declaration page. All other pages are standard forms that, if necessary, refer to terms defined in the returns. Certain types of insurance, such as .B.

However, media insurance is written in the form of handwritten policies, written either from new bases or from a mixture of standard and non-standard forms. [37] [38] By analogy, instruction notes that are not on standard forms or whose language is adapted to the particular circumstances of the insured are called manuscript notes. An insurance company can only submit claims for certain types of policies. In-kind and liability insurance allows for transfer, as the basis for payment of the fees is compensation or reimbursement of the insured for the losses incurred. On the other hand, life insurance does not allow the transfer. Life insurance does not compensate an insured for a loss that can be measured in dollars. Rather, it is a form of investment for the insured and the beneficiaries of the insured. Life insurance pays the beneficiary only a fixed amount of money and does not cover any liability to third parties.