Insurance contracts and insurance activity have progressed over the years. In recent times, the insurance activity and the marketing of said products have become closer and familiar with the insurance consumer in order to cover more and more risks on their patrimony, assets, and person, against the setbacks that everyday life brings. In this case, we are going to focus mainly on life insurance and limiting clauses.
What is the insurance contract?
The insurance contract could be defined as a contract by virtue of which an insurance company is financially obligated, vis-à-vis the policyholder, to make a pecuniary benefit in favor of the beneficiary/insured in the event that the interest subject to coverage (risk insured) is injured by the harmful event.
As for the parties involved in the insurance contract, they are listed below:
Insurance entity.
Insured.
Beneficiary.
Mediators in the insurance contract.
Despite this, it is necessary to highlight that the person of the policyholder, beneficiary and insured may or may not coincide, depending in each case on the insurance contract signed and the provisions of the particular conditions.
The insurance contract is subject to regulations of a markedly imperative nature established, both generally and specifically for its main modalities, in the Insurance Contract Law.
types of insurance
There are a wide variety of insurance contracts. However, they can be grouped into three categories: damage insurance, personal insurance, and service insurance. Here are examples of each type:
personal insurance
Life insurances.
Accident insurance.
Health insurance.
damage insurance
Car insurance.
Theft insurance.
Credit insurance.
Fire insurance.
Service provision insurance
Travel insurance.
Legal defense insurance.
What are the clauses limiting the rights of the insured?
The clauses limiting the right of the insured are clauses that operate to restrict, condition and modify the rights of the latter in relation to the guaranteed compensation in the event that the risk occurs. Consequently, they imply a limitation and restriction of the right of the insured and must be subject to express acceptance in writing, unlike the general clauses, in accordance with the provisions of article 3 of the Insurance Contract Law.
However, these clauses should not be confused with the risk delimiting clauses, which are usually included among the general conditions since they do not require special acceptance since their purpose is to specify the purpose of the contract by setting the risks that, if they occur, make the right to the benefit arises in the insured and, in the insurer, the reciprocal obligation to attend to it.
Therefore, the latter belong to the scope of the will and constitute the cause of the contract. To solve more doubts, contact our office, the first visit is free.