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The Elements of the Insurance Contract

Author

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  • Ioana Nely MILITARU

    (Bucharest University of Economic Studies)

Abstract

The insurance contract is a voluntary agreement between the insured and the insurer whereby the latter offers the former the value of the damages, within the limit of the insured amount, in the event of the occurrence of the (insured) risk, in exchange for the payment of the insurance premium made by the insured. The degree of technicality of the insurance contract results from its content, which is why specific legislation is intended for this type of contract. The elements of the insurance contract that we analyze in this paper are the insurance premium, the insurance indemnity, the interest in the insurance, the insured risk, the insured event (casualty), the damage or loss, the insured amount, the franchize, and the duration of the insurance.

Suggested Citation

  • Ioana Nely MILITARU, 2024. "The Elements of the Insurance Contract," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 5(7), pages 18-26, July.
    • Handle: RePEc:ahd:journl:v:5:y:2024:i:7:p:18-26
    DOI: 10.37945/cbr.2024.07.03
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    More about this item

    Keywords

    insurance; insured; insurer; indemnity; risk; insurance premium; damage; injury; franchize; insured amount;
    All these keywords.

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K15 - Law and Economics - - Basic Areas of Law - - - Civil Law; Common Law
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G52 - Financial Economics - - Household Finance - - - Insurance

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