The elements of a contract mainly refer to the subject, object and content of the contract.
As far as the insurance contract is concerned, the subject of the insurance contract is the insurer (the applicant and the insurer), and the object of the insurance contract is the insurable interest (the interest legally recognized by the applicant or the insured in the subject matter of the insurance).
The contents of an insurance contract are insurance clauses, including basic clauses and additional clauses.
Types of insurance contracts:
I. Compensatory insurance contracts and payment insurance contracts
According to the nature of the contract, insurance contracts can be divided into compensatory insurance contracts and payment insurance contracts.
1. Compensatory insurance contract
Compensatory insurance contract refers to the insurer's responsibility, which is limited to compensating the insured's economic losses and shall not exceed the insured amount. All kinds of property insurance contracts and medical expenses insurance contracts in life insurance belong to compensatory insurance houses.
2. Payment insurance contract
A payment insurance contract refers to a contract in which both parties agree on the insurance amount in advance, and the insurer pays the insurance premium according to the standard amount agreed in the contract when the insurance event occurs or the agreed period expires. All kinds of life insurance contracts belong to payment insurance contracts.
Two, fixed value insurance contracts and fixed value insurance contracts.
In all kinds of property insurance, insurance contracts are divided into fixed-value insurance contracts and non-fixed-value insurance contracts according to whether the insured value is determined when the contract is concluded.
1. Fixed value insurance contract
A fixed-value insurance contract refers to an insurance contract in which the insured and the insurer determine the insured value of the subject matter insured and specify it in the contract. After the establishment of a fixed-value insurance contract, once an insurance accident occurs, the parties to the insurance contract should take the insured value determined in advance as the calculation basis for the insurer to determine the compensation amount. If the insured accident causes total loss of the subject matter insured, the insurer shall pay the total insured amount as agreed in the contract regardless of the actual loss of the subject matter insured, and there is no need to re-evaluate the subject matter insured; If the insured accident only causes part of the loss of the subject matter insured, it is only necessary to determine the loss ratio. The product of this ratio and the insured value is the amount of compensation that the insurer should pay, and there is no need to re-evaluate the actual loss value of the insured subject matter. In insurance practice, fixed value insurance contracts are mostly applicable to some property with uncertain value, such as crop insurance, cargo transportation insurance, calligraphy and painting, antiques and other property insurance contracts.
2. Uncertain insurance contract
An unvalued insurance contract refers to an insurance contract in which the insured value of the subject matter insured is not agreed in advance when the insurance contract is concluded, and only the insured amount is stated as the highest compensation amount after the insured accident. Under the condition of an unvalued insurance contract, once an insurance accident occurs, the parties to the insurance contract need to determine the insured value, which will be used as the calculation basis for the insurer to determine the compensation amount. Under normal circumstances, the insured value of the damaged subject matter insured is determined by the market price of the local similar property at the time of the insured accident, but the insurer's compensation for the losses suffered by the subject matter insured shall not exceed the insured amount agreed in the contract. If the actual loss is greater than the insured amount, the insurer's liability for compensation shall be limited to the insured amount; If the actual loss is less than the insured amount, the insurer's compensation will not exceed the actual loss. Most property insurance businesses are in the form of unvalued insurance contracts.
Three, a single risk contract, comprehensive risk contract and all risk contracts
According to the classification of risk liability, insurance contracts can be divided into single risk contracts, comprehensive risk contracts and all-risk contracts.
1. Single risk contract
A single risk contract refers to an insurance contract that only covers one kind of risk liability. For example, the crop hail insurance contract is only responsible for compensating the crop losses caused by hail.
2. Comprehensive risk contract
A comprehensive risk contract refers to an insurance contract covering more than two specific risk liabilities. This kind of insurance contract must list all the risks insured. As long as the losses are caused by the insured risks, the insurer shall be responsible for compensation.
3. All Risks Contract
All risks contract refers to all risks listed in the insurer's underwriting contract except those not covered. It can be seen that the so-called all-insurance contract does not mean that the insurer underwrites all risks, that is, the risks insured by the insurer are still limited, but this restriction is established by enumerating the risks that are not insured. In the all-insurance contract, the insurer does not list the specific risks insured, but determines the risks not insured through the "exemption" clause. In other words, all risks not included in the exemption clause are underwritten by the insurance company.
Four, full insurance contract, insufficient insurance contract and excess insurance contract.
According to the comparison between the insured amount and the insured value at the time of insurance, insurance contracts can be divided into three different types.
1. Full insurance contract. An insurance contract in which the insured amount is equal to the insured value at the time of the insured accident.
2. Insufficient insurance contract. An insurance contract in which the insured amount is lower than the insured value at the time of the insured accident.
3. Excess insurance contract. An insurance contract in which the insured amount is greater than the insured value at the time of the insured accident.
For the above three different types of insurance contracts, if an insurance accident needs to be settled, the insurer usually adopts the following treatment methods: full insurance and full compensation; If the insurance is insufficient, it shall be liable for compensation according to the proportion of the insured amount and the insured value; Excess insurance, excess is invalid.
Verb (abbreviation of verb) Property insurance contract and life insurance contract.
According to the classification of the subject matter insured, insurance contracts can be divided into property insurance contracts and life insurance contracts.
1. Property insurance contract. Property insurance contract is an insurance contract with property and its related economic interests as the insurance subject matter. Property insurance contracts can usually be divided into property loss insurance contracts, liability insurance contracts and credit insurance contracts.
2. Life insurance contract. Personal insurance contract is an insurance contract with human life and body as the insurance object. Life insurance contracts can be divided into life insurance contracts, personal accident insurance contracts and health insurance contracts.
Six, the original insurance contract and reinsurance contract
According to the classification of insurance underwriting, insurance contracts can be divided into original insurance contracts and reinsurance contracts.
1. Original insurance contract. The original insurance contract refers to the insurance contract directly concluded between the insurer and the applicant, and the object of contract protection is the insured.
2. Reinsurance contract. Reinsurance contract refers to an insurance contract concluded by an insurer in order to transfer its insurance liability to other insurers, and the subject matter of the contract is the insurer of the original insurance contract.
The above are the related contents that can be divided in the Elements of Insurance Contract compiled by Bian Xiao. If you want to conclude an insurance contract, you need to have both parties, and you need to have specific terms such as the subject matter of insurance and the contents of insurance. If you don't understand anything, you can consult our lawyers in Hualv.com.