An insurable interest refers to the interest which the applicant has in the subject matter of the insurance and is recognized by laws.

An insurance contract is null and void if the applicant has no insurable interest in the subject matter of the insurance.

Common system benefits

Article 11 An applicant shall have an insurable interest in the subject matter of the insurance.

promising the applicant, the insured or the beneficiary to give them premium rebates or other interests which are not specified in the insurance contract.

Article 32 A property insurance contract refers to a contract the subject matter of the insurance of which is a property and related interests associated therewith.

Notwithstanding the foregoing, with the consent of the insured to enter into a contract for the insured, the applicant shall be regarded as having an insurable interest on the insured.

Article 52 The applicant has insurable interests over the following persons

With respect to life insurance, the rights of the insured or the beneficiary to claim for payment of the insurance benefits shall expire if the insured or the beneficiary fails to exercise his her rights to claim within five (5) years from the date when the insured or the beneficiary is aware of the occurrence of the insured event.

(a) Insurance based benefits

Article 30 If there is any dispute over the interpretation of clauses in an insurance contract between the insurer and the applicant, the insured or the beneficiary, then the People's Courts or arbitration organizations shall interpret such disputed clauses in favor of the insured and the beneficiary.

The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance.

Article 96 In order to protect the interests of the insured, and to ensure its own steady and healthy operation, an insurer shall contribute to an insurance guarantee fund in accordance with the regulations of the financial supervision and regulation department.

The clearest divide within the Icelandic social security system is between insurance and non insurance based benefits.

The beneficiary with respect to the insurance of persons refers to that person designated by the insured or the applicant, and being entitled to claim for the insurance benefits.

Article 26 With respect to insurance other than life insurance, the rights of the insured or the beneficiary to claim for indemnity or payment of the insurance benefits shall expire if the insured or the beneficiary fails to exercise his her rights to claim within two (2) years from the date when the insured or the beneficiary is aware of the occurrence of the insured event.

In the event that the applicant has paid premiums for two (2) years or more, the insurer shall, in accordance with the contract, return the cash value of the policy to other beneficiaries, if any.

Article 10 An applicant and an insurer shall enter into an insurance contract on a fair, voluntary and mutually beneficial basis through consultation and shall never infringe upon the public interest.

To exercise rights and identified requirements and interest to pension and disability insurance, the pension disability insurance fund was established.

Article 123 An insurance broker means an entity which, based on the interests of the applicant, provides intermediary services between the applicant and the insurer so that they enter into an insurance contract and receives a commission in accordance with laws.

Article 67 If the insured suffers from death, disability, or illness as a result of a third party's conduct, the insurer shall have no right of subrogation against the third party after the payment of the insurance benefits.

No entity or individual shall illegally interfere with the insurer's obligation for indemnity or payment of the insurance benefits, or hinder the right of the insured or the beneficiary to receive the payment.

A double insurance refers to insurance under which an applicant enters into insurance contracts with two or more insurers on the same subject matter of the insurance, the same insurable interests and the same insured event.

The insurer shall endorse the change on the policy upon receipt of the notice.

The insured or the beneficiary of the direct insurance shall not claim for the indemnity or payment of the insurance benefits from the reinsurer.

For the exercising of the right related to the pension and disability insurance, as well as determined needs and interests in the area of that insurance, two entity funds for pension and invalid insurance have been established.

Article 60 The beneficiary of the insurance of persons shall be designated by the insured or the applicant.

The issue of moral hazard needs to be addressed to ensure responsible lending decisions.

Any stipulation assigning a benefit of insurance of the goods in favour of the carrier is null and void.

Article 24 After receiving a claim for indemnity or payment of the insurance benefits from the insured or the beneficiary, the insurer shall issue to the insured or the beneficiary a notice declining indemnity or payment of the insurance benefits for any events not falling within the scope of the cover.

8. Insurance premiums as measures of the effectiveness of risk management activities

deceiving the applicant, the insured or the beneficiary

Article 21 The applicant, the insured or the beneficiary shall notify the insurer in a timely manner of the occurrence of any insured event once it is known to them.

The relationship of the credits and debts of the insurance company taken over shall not change as a result of the take over.

If the sum insured is less than the insured value, the insurer shall obtain partial rights pertaining to the subject matter of the insurance which is lost or damaged on the pro rata basis of the sum insured to the insured value.

While both areas can be broadly categorized as concerned with insurance, health coverage pertains to the protection of individual staff members and involves a large amount of day to day administration, whereas commercial insurance involves protecting the interests and physical assets of the Organization.

Article 27 The insurer may terminate the insurance contract and refuse to return the premiums paid if the insured or the beneficiary falsely claims that an insured event has occurred, and submits a claim for indemnity or payment of the insurance benefits, although such insured event has not occurred.

The designation of the beneficiary by the applicant is subject to the approval of the insured.

The applicant may change the beneficiary subject to the consent of the insured.

Names and addresses of the applicant and the insured, and name and address of the beneficiary in the case of insurance of persons

If the beneficiary has intentionally caused the death or disability of the insured, or attempted to cause the death of the insured or the beneficiary shall lose his her right to claim the insurance benefits.

Sickness and maternity insurance occupational risks insurance invalidity and life insurance retirement, cessation of employment at an advanced age and old age insurance, and day care and social benefits insurance.

Employment insurance benefits

Article 9 An insurance contract is an agreement whereby the insurance rights and obligations are specified and agreed by the applicant and the insurer.

The social security authorities in Sweden could not find the execution of the order to be in any way in the best interests of the child.