The Specifications of Insurance Parties
Issue No. 2439- The parties to the insurance contract should be adult and sane, and the insurance contract should be made volitionally and with their free will, and none of them should be feeble-minded. In addition, they should specify all the particulars and details of the insurance contract including the following:1- The thing insured viz. vehicle or building or person.2- The parties to the insurance contract should be known.3- Instalments payable by the policy holder.4- The period of insurance including the date and year should be fixed.5- It should be stated for what kind of loss the Insurance company will be under obligation to compensate e.g. fire, bombing, sinking, theft, death or disease etc.6- The value of the insured object should be determined, for example, a particular house is insured for the amount of £20000.00 or more or less. However, the fair value of the day and all the general principles that are common and current should be taken into consideration and be observed.
