Article 1:201 Insurance Contract

‘Insurance contract’ means a contract under which one party, the insurer, promises another party, the policyholder, cover against a specified risk in exchange for a premium;

‘Insured event’ means the materialisation of the risk specified in the insurance contract;

‘Indemnity insurance’ means insurance under which the insurer is obliged to indemnify against loss suffered on the occurrence of an insured event;

‘Insurance of fixed sums’ means insurance under which the insurer is bound to pay a fixed sum of money on the occurrence of an insured event.

‘Liability insurance’ means insurance under which the risk is the exposure of the insured to legal liability towards the victim.

‘Life insurance’ is an insurance in which the obligation of the insurer or the payment of premium depends upon an insured event that is defined exclusively by reference to the death or survival of the person at risk.

‘Contracts for group insurance’ are contracts between an insurer and a group organiser for the benefit of group members with a common link to the group organiser. A contract for group insurance may cover also family of the group members.

‘Accessory group insurance’ means group insurance under which group members are automatically insured by belonging to the group and without being able to refuse the insurance.

‘Elective group insurance’ means group insurance under which group members are insured as a result of personal application or because they have not refused the insurance.