Insurance contracts: an introduction

MBOMBELA – Insurance contracts may come into existence as soon as certain material terms have been agreed upon.

Take not of the following general principles that must be applied to such contracts:

• The person or property that is to be insured
• The period of insurance
• The premium amount
• The occurrence insured against

Consensus much be reached between the parties with regards hereto.

Be sure to keep an eye out for more on the legal requirements of an insurance contract on Lowvelder’s website.