Insurance & Reinsurance
An insurance contract is a contract between the insurer and the insurer in which the insurer undertakes to pay premium and the insurer under the obligation to provide protection.
SEPARATION OF LOSS – SUM CONTRACT
1) LOSS INSURANCES
The insurances where the damages to be incurred by the realization of the risks to which individuals are exposed are covered by the concrete are called as damage insured. In loss insurances, the insurer undertakes the loss incurred in the assets of the insured.
In the case of loss insurance, the principle of prohibition of enrichment is applied. In other words, the insurer cannot use the insurance contract as a means of enrichment.
Loss insurance is divided into two as active and passive.
Active Insurance: The insurer pays the loss incurred as a result of the decrease in the assets in its assets. It is not the property itself, but the insurer’s interest in the property.
For example, when the thief enters the house of the insurer in Antalya, there is no risk of damaging the goods in the house, but the property of the insurer is stolen, damaging the interests of the insurer on these goods.
Therefore, this is possible with the insurer’s active insurance, which guarantees the interests of the insurer.
Passive Insurance: It is the liability of the insurer to cover the losses incurred by the emergence of liabilities in the assets or by increasing the existing liabilities. For example, automobiles that insure damage to the car are passive insurances.
The sum can only be covered by the life insurance.
In this case, it is not the damage of the insurer and its compensation, but the amount shown in the insurance contract due to certain risks in the life of the insurer or a person to be appointed by him, to the insurer or a third party designated by him. There is no prohibition of enrichment in the sum insurances.
Pension, Health Insurance, Insurance of Goods, 3rd Party Liability Insurance, Life Insurance, Fire Insurance, Theft Insurance and Other Insurances
An insurance company may operate either in the field of life insurance or other insurances, never the both. Life insurances ensure that the life standards of the decesased policyholder’s family or the injured policyholder will remain the same after the death or injury of the policyholder. Premiums in a life insurance depend on the policyholder’s age, profession and gender.
Non-life insurances are insurance that concern risks other than the policyholder’s life and health. They usually cover risks to the policyholder’s property and the losses arising from the realization of risk. These insurances may be issued against specific unwarranted events such as earthquake, fire, accident or theft or they may cover some activities in general such as traffic, transport, agriculture etc. Due to the reasons that the subjects of these insurances are limited and that they cover risks concerning property, they are susceptible to abuse. This is why it is important to obtain legal services when drafting, signing and executing insurance contracts.