Article 1:202 Further Definitions

‘Insured’ means the person whose interest is protected against loss under indemnity insurance;

‘Beneficiary’ means the person in whose favour the insurance money is payable under insurance of fixed sums;

‘Person at risk’ means the person on whose life, health, integrity or status insurance is taken;

‘Victim’, in liability insurance, means the person for whose death, injury or loss the insured is liable;

‘Insurance agent’ means an insurance intermediary employed by an insurer for marketing, selling or managing insurance contracts;

‘Premium’ means the payment due to the insurer on the part of the policyholder in return for cover;

‘Contract period’ means the period of contractual commitment starting at the conclusion of the contract and ending when the agreed term of duration elapses;

‘Insurance period’ means the period for which the premium is due in accordance with the parties' agreement;

‘Liability period’ means the period of cover;

‘Compulsory insurance’ means an insurance which is taken out in pursuance of an obligation to insure imposed by laws or regulations.