Life and accident insuranceThe Contracts for “Life” and “Accident” insurance should be concluded against events related to life, health or a physical integrity of an individual.
The contract for “Life” insurance may be with a cover for death, for case of survival of a certain age or with a mixed coverage.
Pension or annuity insurance
With the contract of “Pension or annuity” insurance the insurer is obliged to make life-long or fixed periodic payments for a single or periodic premium.
”Life” or “Accident” insurance on a third party
The insured may conclude “Life”or “Accident” insurance covering the life, health or physical integrity of another person. This contract is effective only if it is concluded with the written consent of the third party. The person whose life is covered by insurance, may terminate the contract with a written statement addressed to the insurer. In this case, if the contract is maintained at least two years, the insurer is obliged to pay to the insured the insurance premium reserve.
If the insured dies before the third party upon whose life, health or physical integrity is contracted, the contract shall be terminated, unless otherwise agreed.
If the contract for “Life” insurance is maintained at least two years, the insurer must pay to the heirs of the insured or to a third beneficiary the insurance premium reserve. The insurer does not pay amounts under the contract if the insured intentionally cause the insured event.
”Life” and “Accident” insurance in benefit of a third party
At the conclusion of the contract of “Life” or “Accident” insurance, and at the time of the contract, the insured may define third beneficiary. When an insurance contract in benefit of a third party is concluded the consent of that person is not needed. When the insurance contract is in benefit of the children of the insured person, beneficiaries are also the children born after the conclusion of the contract unless otherwise agreed. If the insurance contract is concluded in benefit of the insured spouse, the right belongs to the person who is married the insured on the day the insured event occurred, unless otherwise agreed.
If the third beneficiary dies before the insured person and there are no others beneficiary determined the insurance amount is paid to the insured person or to his heirs. The third beneficiary loses his rights under the contract, if intentionally caused the insurance event. If there are not determined other beneficiaries the insurance amount should be paid to the insured person or to his heirs.
With a single contract for “Life” or “Accident” insurance two or more person could be insured, whose number is fixed or determinable. In this case it is not necessary that the contract contains the names and addresses of policyholders, if they are specified otherwise in an unequivocal manner, including if a specific quality is indicated. If the Group insurance is concluded by the employer, then the insured are his employees whose lives, health and disability are covered by the insurance.
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