The document defines an insurance contract as a legal agreement between two parties where an insurer agrees to indemnify or reimburse an insured for financial losses from covered risks. It lists the key parties and requirements for a valid insurance contract, including insurable interest, offer/acceptance, consideration, and utmost good faith. The summary also outlines some common documents involved in the insurance process from proposal to policy and some standard clauses included in insurance contracts.

1. INSURANC
E
CONTRACT

2. GROUP MEMBERS
 RICHA MODI 517
 MUDRA MEHTA 514
 ANJAL SURANA 536
 PRIYANKA TIWARI 537
 ADITI WARANG 547

3. What is an Insurance Contract?
 An insurance policy is a legal contract that is
agreed upon by two or more parties. The
purpose of insurance is to indemnify the
insured, or to bring insured back to the same
financial position insured were in before
insured suffered the covered loss.

4. PARTIES TO INSURANCE
CONTRACT
 INSURER
 INSURED.

5. REQUIREMENT OF AN
INSURANCE CONTRACT.
 Insurable interest
 Offer and acceptance
 Consideration
 Legal capacity
 Utmost good faith

6. CONTINUED..
 Conditional
 Aleatory
 unilateral

7. INSURANCE DOCUMENTS
 PROPOSAL TILL COMMENCEMENT
 Proposal form
 Agent report
 Medical report
 Personal statement
 Special questionnaire
 Proof of age
 Deposit receipt

8. CONTINUED..
 AFTER COMMENCEMENT
 Policy document
 Every year renewal premium receipt
 Renewal notices
 Endorsement
 Bonus notices
 Need analysis form
 Prospectus.

22. PARTS OF INSURANCE
CONTRACT.
 Preamble
 Days of grace
 Entire contract clause
 Misstatement of Age clause
 Reinstatement clause
 Suicide clause

23. CONTINUED..
 War clause.
 Beneficiary clause.

24. INSURANCE ENDORSEMENT
 An insurance endorsement is a change to the
insurance policy. An endorsement adds to or
restricts coverage. It is not part of the original
policy. When an endorsement is added, it
becomes a legal part of the insurance policy.

25. CONTINUED..
 Adding coverage
 Riders
 Accident and Disability Benefit

26. CONTINUED..
1. Level term cover rider
2. Double sum assured rider.
3. Critical illness or Dreaded disease rider.
4. Accident and disability benefit
5. Waiver of premium rider.

27. COMMON TYPES OF
DEDUCTIBLES.
 Franchise
 Coinsurance

28. Thank you