In order for the insurance contract to be drawn up accurately, in accordance with the law, taking into account all the nuances, its development should be carried out by a qualified specialist who has all the necessary data.
➤ MAIN STAGES OF CONCLUSION OF THE AGREEMENT:
The conclusion of an insurance contract is preceded by an agreement to be reached by the parties through negotiations. Work on the document begins after the insured applies to the insurance company. During the dialogue between the parties, the agent must tell about all the conditions, payments, and the insured is obliged to provide complete, truthful information about the object of insurance. A kind of risk assessment is made. The client learns in which case he can receive payment, and the insurance company – that it insures, and how reliable this object is.
The next stage in concluding an insurance contract is to determine the amount of insurance payment. In this paragraph the decisive role is played by the object of insurance. If it is property, then its age, condition and value at the time of signing the contract are estimated. In life insurance, the amounts may vary depending on the damage caused. For example, at a fracture one sum is provided, at a fatal wound absolutely other.
After setting the amount of insurance indemnity, the amount of contributions is calculated. Terms of their introduction are stipulated.
The next point that must be discussed and spelled out in the contract is the rights and obligations of the parties. In short, the insurance company is obliged to reimburse the damage, the insured – to pay premiums. But the key point in the design of the insurance contract is a warning on force majeure. These are emergencies, natural disasters, nuclear explosions, wars, etc. They go beyond insured events.
After discussing all the nuances of the contract is printed and signed by the head of the insurance company or an authorized person and the insured.
◈ Therefore, all stages of concluding an insurance contract can be divided into the following stages:
- Personal appeal;
- Data exchange;
- Signing the contract;
- Making the first installment;
- Obtaining a policy.
However, there are cases when the insurance company may refuse to enter into a contract.
➤ GROUNDS FOR REFUSAL OF THE INSURANCE COMPANY IN CONCLUDING THE CONTRACT
The procedure for drawing up a contract is the same for all insurance companies. After your application, the insurance agent begins to work with the information provided to him. If there are inaccuracies in your personal data or in the data about the object of insurance – this may be the reason for refusal.
A thorough analysis of the facility will also be conducted. For example, appraisers may be invited when insuring a house, and if the object is old, unreliable, quite worn out, the insurance company will not assume the risk of insuring it. Another reason may be personal disputes and disagreements when concluding a contract.
The insurance contract is a fundamental document. All payments will be made on it. Only a specialist with appropriate education and work experience is able to conclude an insurance contract properly, taking into account all the nuances.
Author: Vladimir Pipko
“Prikhodko & Partners“ Law Firm