Article 28 When an insurer transfers part of its accepted business to another insurer by way of cession, it is referred to as reinsurance.

An insurer refers to the insurance company which enters into an insurance contract with an applicant and is obligated to make indemnity or payments of the insurance benefits.

Unless otherwise specified in the contract, in the event that the sum insured is less than the insured value, the insurer shall undertake the obligation for indemnity pro rata of the sum insured to the insured value.

The sum insured refers to the maximum amount which the insurer undertakes to indemnify or pay under its insurance obligation.

Article 13 Once an insurance contract is formed, the applicant shall pay the premium in accordance with the terms and conditions of the contract and the insurer will be at risk effective from the date as specified in the insurance contract.

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

Article 124 The insurer shall be held liable for the acts of its insurance agents when they transact insurance business on behalf of the insurance company in accordance with their delegated authority.

The insurer shall bear the expenses necessarily and reasonably incurred by the insured in taking measures to prevent or mitigate further loss or damage of the subject matter of the insurance after the occurrence of the insured event the amount of such expenses borne by an insurer shall be calculated separately from the indemnity for the loss of the subject matter of the insurance and it shall not exceed the sum insured.

Article 45 If the insured waives the right of indemnity against the third party after the occurrence of the insured event and before the insurer making the indemnity, the insurer shall bear no obligation for indemnity.

Article 63 In the event of the death of the insured, the payment of the insurance benefits shall be treated as part of the estate of the insured, and the insurer shall pay the insurance benefits to the legal heirs of the insured, if

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.

Article 54 An applicant shall not apply for and the insurer shall not underwrite an insurance of persons that stipulates death as a prerequisite for the payment of the insurance benefits on a person without civil legal capacity.

undertaking to provide life insurance where death is the prerequisite for the payment of the insurance benefits, for those who have no civil legal capacity.

Then, the process of determining acceptable coverage, selecting the underwriter and quantifying the additional premium for the excess coverage should have been properly monitored by the Insurance Section.

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

If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation for indemnity of the insured event which occurs due to the increased risk to the subject matter of the insurance.

If any applicant intentionally fails to perform his her obligation of making a full and accurate disclosure, the insurer shall bear no obligation for making any indemnity or payment of the insurance benefits, or for returning the premiums paid for the occurrence of the insured event which occurred prior to the termination of the contract.

Article 125 An insurance broker shall be liable for damages or losses caused to the applicant or the insured due to the negligence of the insurance broker in the course of transacting insurance business.

The insurer shall issue to the applicant, on a timely basis, an insurance policy or any other insurance certificate which indicates the terms and conditions as agreed by both parties.

Article 48 The insurer shall bear the necessary and reasonable expenses incurred by the insurer and the insured from investigating and ascertaining the nature of and the cause for the occurrence of the insured event, and the extent of loss or damage to the Subject matter of the insurance.

Article 101 With the exception of life insurance business, an insurance company shall reinsure twenty (20) percent of each insurance contract it underwrites in accordance with the relevant State regulations.

Article 65 When a contract stipulates death as the prerequisite for the payment of the insurance benefits then the insurer shall have no obligation for the payment of the insurance benefits if the insured commits suicide, except for the event stipulated in paragraph two of this Article.

If an applicant negligently fails to perform his her obligation of making a full and accurate disclosure and this materially affects the occurrence of an insured event before the termination of the contract, the insurer shall bear no obligation for making any indemnity or payment of the insurance benefits but may return the premiums paid.

If the applicant, the insured or the beneficiary intentionally causes the occurrence of an insured event, except as under the first paragraph of Article 64 of this Law, the insurer may terminate the insurance contract, bear no obligation for indemnity or payment of the insurance benefits and decline to return the premiums paid.

If, however, the applicant has paid premiums for two (2) years or more, the insurer shall return the cash value of the policy to the insured in accordance with the contract.

48. Since the inception of this coverage, the contract has been renewed three times, and the insurer has been paid a total of 280,000 in premiums.

The branch offices of an insurance company do not possess the status of a legal person, and the civil liability shall be borne by the insurance company.

Article 33 With the exception of cargo insurance contracts and those contracts specified otherwise, the insurer must be notified of the assignment of the subject matter of the insurance.

Property insurance business which includes insurance against loss or damage to property, liability insurance and credit insurance or

Insurance of persons business which includes life insurance, health insurance and accident and injury insurance.

The insurance company VVAA Schadeverzekeing smattschappij (VVAA), with whom the author had third party insurance at the time of the accident, partially compensated the damage to Royal.

(q) insurance premiums (including mutual insurance calls) in respect of the ship, payable by or on behalf of the shipowner or demise charterer 6 Comments by the Greek delegation on Article 1 (q) The Greek delegation has some doubts about the exact application of Article 1 (q) in several jurisdictions, where peculiarities might arise.

(q) insurance premiums (including mutual insurance calls) in respect of the ship, payable by or on behalf of the shipowner or demise charterer

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.

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.

1.194 All insurance services, including contracting for insurance, will have been centralized.

(b) No pre underwriting audits or inspections have been undertaken by either the major policy brokers or any of the prospective underwriters.

The insurer shall have the right to terminate the insurance contract, in the case that the applicant intentionally conceals facts, or does not perform his her obligation of making a full and accurate disclosure, or negligently fails to perform such obligation to the extent that it would materially affect the insurer's decision whether or not to underwrite the insurance or whether or not to increase the premium rate.

Furthermore, the Organization is not currently able to know whether a global all risk property policy might be more economical, since this has never been proposed to the brokers and underwriters.

In the event that the applicant has misstated the age of the insured, thus underpaying the premiums, then the insurer shall have the right to correct the misstatement and request the applicant to pay the balance, or to reduce the payment of the insurance benefits in proportion to the amount of premiums actually paid to the amount that should have been paid.

National investment insurance programmes exist in most developed countries to provide coverage for expropriation, war and repatriation risks.

For the Blue Cross, Aetna, GHI and Van Breda plans, contractual agreements exist between the Organization and the insurers, who administer the plans including the reimbursement of claims .

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

(a) The Insurance Section could not confirm how the various risk profiles were sold to the insurance market, since the brokers were not required to forward copies of the requests for proposals sent to prospective underwriters at the time of bidding or renewing coverage.

Recommendation 8. The Insurance Section should arrange for a comprehensive presentation on Headquarters security arrangements for the underwriter at the time of the next insurance inspection (AM 97 71 5 008)