While the insurance applicant is generally considered to be the one making the offer, the insurance company dictates the terms of the contract. The insurance applicant must accept the contract of adhesion, or not at all. Due to different definitions and legal decisions made available by different courts in the past and the requirements imposed by the governments of the Länder and their authorities, an insurance contract must be carefully drafted in order to be legally valid and to provide coverage as intended. This is why the insurance contracts offered to the public are standardized. Another reason is that insurance companies can only calculate competitive premiums on the basis of actuarial studies and these studies are based on certain underwriting limits and guidelines. Most insurance contracts cannot therefore be negotiated. However, the insured may request certain drivers and exclusions from the policy. A rider (also known as endorsement) is a modification or addition to the basic directive that allows the directive to be arranged in a way that is acceptable to individual situations. Exclusion is damage that is not covered by the contract.
Insurance can be defined as a contract between two parties in which one party designated as an insurer agrees to pay a fixed sum of money to the other party designated as insured for the occurrence of a given event, in exchange for a fixed amount called a premium. „And it`s legal that this ship, etc. continue to travel and travel to all ports or places and touch and remain there, without prejudice to this insurance. If the warranties are met, the contract may be terminated by the other party, whether or not the risk occurred or whether the loss occurred for reasons other than the waiver of warranties. In this example, with only two buildings, the maximum possible coverage was double, but in reality, the insurance company must estimate the maximum coverage for earthquake damage as the sum of all the buildings it covers in the area likely to be affected by a single earthquake. For an insurance company, the risk of natural disasters such as earthquakes, typhoons or floods can accumulate the rights directly paid. This is called the risk of accumulation. Insurance companies collect premiums for a certain type of insurance policy and use them to pay the few people who suffer losses insured by that type of policy. The first examples of insurance related to maritime activities. In many older societies, traders and traders mortgaged their ships or freight as collateral for loans….