Terms And Conditions
Structure of the Insurance Contract
- Insurance Contract: An agreement between Policy Simple and the policyholder, under which the policyholder pays premiums in exchange for insurance coverage.
- Policyholder: The individual or entity purchasing the insurance policy.
- Insured: The person or entity covered by the insurance policy.
- Insurance Indemnity: The amount paid by Policy Simple to compensate for insured events.
- Insurable Interest: A financial interest in the insured object that would result in a loss if an insured event occurs.
Structure of the Insurance Contract
- Components: The insurance contract consists of the policy, these general terms and conditions, special terms and conditions, annexes, and any amendments agreed upon by both parties.
- Policy Details: Includes the policyholder and insured names, insurance object, sum insured or liability limit, insured risks, deductible, and payment terms.
Obligations
- Policyholder Obligations:
- Pay premiums as specified.
- Notify Policy Simple of any significant changes affecting the insured risk.
- Comply with all contract terms.
- Insured Obligations: Cooperate with Policy Simple in claims processing and provide accurate information.
- Version: 1.0
- Effective Date: [Insert Date]
- Last Updated: [Insert Date]
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