What is insurance?

To date, the insurance contract is a contract under which an insurer in exchange for compensation shall pay the insured a sum of money in case the insured event, provided by the contract. To confirm existing obligation, the insurance company gives the insured an insurance policy. To conclude an insurance contract the insured must submit a written application insurer or issue the appropriate application through the Internet. If during negotiations the parties reach a common agreement, they sign the contract, but only in writing. Fact the conclusion of the above agreement is considered an insurance certificate or insurance policy, which is transmitted after the policyholder pays the first premium. Typically, the insurance policy includes the following list of details: the name of the document, the name, legal address and bank details of the insurer, last name, first name, middle name or the name of the insured's name and address denoting the object of insurance, insurance amount, an indication of the insured risk, the insurance fees, terms and procedure of its submission, the term of the contract, order changes and termination of the contract, other conditions as well as signatures of the parties. In this case, the insurance contract requires that each of its members take on certain obligations. Thus, in the insurer's obligation is to familiarize the client with insurance rules, the product of the insurance payments when the insured event in the life of the contract, reimbursement of expenses to prevent or minimize damage, if the terms of insurance, as well as the preservation of confidential information relating to the insured. That relates directly to the insured, his direct responsibilities is the timely payment of premium, notice of the insurance company about the accident and take measures to prevent and mitigate damages. It should take into account that in some cases, the insurer may refuse to pay compensation. In particular, this is the place to be if the policyholder has initiated an insurance case, gave false information about the object of insurance or received compensation from the perpetrator of the damage. Any beginning, as we know, has its logical conclusion. That's an insurance contract upon the expiry of loses its validity. True, he may be cut and in other cases. For example, in the case of liquidation of the insurer or the death of the insured, or if the insurance company has performed under the contract with all its obligations. Another reason for early termination of the contract may be non-payment in a timely premiums taken by the court decision to declare the contract void, or at the request of either party.