Page 118 - Ebook health insurance IC27

The Insurance Times

 Payment of premium
 Obligations of the policyholder
 Consequences in case of a default
 Terms and conditions affecting the contract

Essential features of a contract

 Offer and acceptance
 Intention to create legal relationship
 Lawful consideration
 Capacity of parties-competency
 Free and genuine consent
 Lawful object
 Agreement not expressly declared void
 Certainty and possibility of performance

Principles applicable to insurance contracts

 Utmost good faith
 Insurable interest
 Subrogation and contribution
 Indemnity
 Proximate cause

Insurance contract Other contract

The product offered is promise Tangible product or services are offered
which is intangible

Principle of Utmost Good Faith applies Principle of caveat emptor applies

122 Guide for Health Insurance