This element is important because it represents the cause of the obligation assumed by the policyholder to pay the premium accordingly. Because this is bound to pay the premium because it sucks that the insurer assumes the risk and comply with pay compensation if the accident occurs. This obligation depends on the realization of the risk insured. This is not merely a consequence of the duty of the insurer to assume the risk insurable. And if you can not prove the claim , it does not lack the essential element of security that concerns us, because this is configured with the assumption of risk which the insurer to enter into the contract insured damages provision to be enforceable only in the event of the loss .
Subjects Within the contractual relationship we find the following subjects:
A. The insurer (insurance company)
B. The policyholder
C. The insured
D. The beneficiary
The insurance entity can be defined as “the legal person constituted under the provisions of the legislation, it is dedicated to take risks others, fulfilling what sets this effect those laws by charging a certain price called premium. ”
We noted in the figure of the insurer about specific profiles between we see the following:
• By law, it must be a legal person. There is even occasional person who, individually, perform hedging operations. The safe operating conditions and its projection in time and require, by themselves, that the insurer is a legal person;
• That person must take precisely one of the ways that the law considers only valid for the insurance industry practice;
• There must be earned prior approval of Public Administration, to act as an insurer;
• should be devoted exclusively to the practice of insurance or reinsurance, as the case is admissible without other activities, except fund management operations collective retirement
• They must adjust their status to the rules of insurance law, which regulate in detail the insurance practice, while being subject to inspection and control of public power.
Within the broad aspectro of possible legal persons are accepted as valid assumptions:
Company.
Mutual Company a fixed premium.
Mutual welfare.
Co-operative Society.
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Tags: Business, Carriers, Financial Services, insurance, Law, Mutual organization, Public Administration, Vehicle insurance