THE INSURANCE CONTRACT Sample Clauses

THE INSURANCE CONTRACT. The application form, the Summary of Coverage page, the Policy, any document attached to the Summary of Coverage page when issued and any amendment to the Policy agreed upon in writing after the Policy is issued, constitute the entire Policy, and no agent has authority to change the Policy or waive any of its provisions.
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THE INSURANCE CONTRACT. Sums insured and insurance terms may be amended in the course of the contract period if the insurance contract is changed. In case of any disagreement between the Group Insurance Regulations and the insurance contract, the insurance contract shall apply. A copy of the insurance contract in force at any given time may be obtained by contacting the FA or Forsikringsforbundet. 71 72 Agreement between the Danish Employers’ Association for the Financial Sector (FA) and Forsikringsforbundet concerning training and competence development
Sample 1
THE INSURANCE CONTRACT. ❚ PARTS OF THE InSURAnCE COnTRACT Since an insurance policy is a legal contract, it must be very specific about the agreements between the insured and the insurer. To do this, most policies contain five parts: Declarations, Insuring Agreements, Conditions, Exclusions, and Definitions. The Declarations, which are almost always on the first page of the policy, contain such information as the name of the insured, the address, the amount of coverage provided, a description of the property, and the cost of the policy. The Insuring Agreements, the “heart” of the policy, state in general what is to be covered or, in other words, the losses for which the insured will be indemnified. This section also describes the type of property covered and the perils against which it is insured. The Conditions state the “ground rules” for the policy. They describe the responsibilities and the obligations of both the insurance company and the insured. The Exclusions describe the losses for which the insured is not covered. If an excluded loss occurs, the insured will not be indemnified. Finally, the Definitions section clarifies the meanings of certain terms used in the policy. Exercise Read the following policy excerpts and label them as Declarations, Insuring Agreements, Conditions, Exclusions, or Definitions.
Sample 1
THE INSURANCE CONTRACT. 1.1 Entry into force of the insurance contract The insurance takes effect when one party has submitted or dispatched an accepted reply to the other party's tender unless a specific starting date has been agreed. The insurance starts on the first day specified in the rental contract, provided that the insurer has been notified.
Sample 1
THE INSURANCE CONTRACT. According to Insurance Contract – ⮚ The Insurer agrees to pay to the Policyholder (Insured) a certain sum of money (sum assured) ⮚ On the occurrence or non-occurrence of event (death or peril) specified in the Insurance Contract PROVIDED ⮚ The Policyholder has been paying premium as specified in the Insurance Contract. INSURANCE CONTRACT PROXIMATE CAUSE SUBROGATION INDEMNITY INSURABLE INTEREST INSURABLE INTEREST UTMOST GOOD FAITH UTMOST GOOD FAITH GENERAL INSURANCE LIFE INSURANCE ELEMENTS OF INSURANCE CONTRACT ESSENTIALS OF INSURANCE CONTRACT ✓ Offer & Acceptance ✓ Consideration ✓ Competent Parties ✓ Legal Intent ✓ Consensus (same mind / ad idem) COMPETENT PARTIES The law generally presumes that everyone has the capacity to contract. (Exceptions – Minor, Lunatic & Under the influence of alcohol or drugs) Parties to an agreement must have contractual capacity before the agreement will be binding on both parties. Competent Parties in Insurance
Sample 1
THE INSURANCE CONTRACT. In return for payment of the premium shown in the schedule, we agree to insure you, subject to the terms and conditions contained in or endorsed on this contract of insurance, against bodily injury and/or illness in the manner and to the extent provided in this contract during the period of insurance. The premium becomes due when the insurance is issued, unless agreed differently by us. Payment of the premium is a pre-condition for initiating our liability. Signed by: Coverholder Dated in London: Cancellation administration charge: This Certificate is only valid if it bears the signature of the Coverholder, on behalf of AXIS Specialty Europe SE. SCHEDULE OF BENEFITS This insurance covers only such of the following benefits as have an amount inserted against them. Where benefits are not insured the words ¨NOT COVERED¨ are shown BENEFITS PAYABLE IN RESPECT OF SECTION ONE: ACCIDENT
Sample 1

Related to THE INSURANCE CONTRACT

  • Subcontractor Insurance Coverage Except where Huron Valley Schools has approved a subcontract with other insurance provisions, the Contractor must require any Subcontractor to purchase and maintain the insurance coverage required in Section 3.a, Liability Insurance. The Contractor may include a Subcontractor under the Contractor's insurance on the coverage required in that Section. The failure of a Subcontractor to comply with insurance requirements does not limit the Contractor's liability or responsibility.

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims- paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop- loss coverage to applicable subcontractors.

  • ADDITIONAL INSURED ENDORSEMENT AND PRIMARY AND NON-CONTRIBUTORY INSURANCE CLAUSE Supplier agrees to list Sourcewell and its Participating Entities, including their officers, agents, and employees, as an additional insured under the Supplier’s commercial general liability insurance policy with respect to liability arising out of activities, “operations,” or “work” performed by or on behalf of Supplier, and products and completed operations of Supplier. The policy provision(s) or endorsement(s) must further provide that coverage is primary and not excess over or contributory with any other valid, applicable, and collectible insurance or self-insurance in force for the additional insureds.

  • Schedule of Underlying Insurance Policies If Umbrella or Excess policy is evidenced to comply with minimum limits, a copy of the Underlying Schedule from the Umbrella or Excess insurance policy may be required.

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