EIRP Proceedings, Vol 1 (2006)


Andy Pusca


The Life Insurance delineates de facto that specific contract through which the insurer, if given a warranty premium, relegates himself to the underwriter to pay off a stipulated sum to the benefit of the latter, the discharge of this commitment depending on the life of the insured. Individual insurance bonds do cover those perils liable to act upon the very person of the insured, and aim at the life (i.e. life insurance contracts) or else the somatic integrity (accident and health insurance covenants) of the warrantee. They are characterized by the lump drafting of the guaranteed, contract – stipulated pre – chartered amounts. Life insurance agreements are elaborate, as combining an insurance operation aiming at the eventuality of a risk occurrence, and an investment deal circumscribed by the capitalization process. The solicitor (i.e. the contractor) is literally the partaker bound to the insurer via the commitment to pay the insurance premiums. The appellant ought to possess the juridical capacity to contract, in terms of being either a physical or a legal person. The insured participator is the individual pertained to by the underwritten risk. The insurance beneficiary is the physical or the legal person applied for to benefit by the insurance contract. The unfolding of the insurance contract depends on the life of the insured partaker, a clear – cut distinction being easily operated among the following covenant types:

  • insurance in case of survival;
  • decease insurance;
  • commingled insurance;
  • ancillary insurance.


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