Chapter One: Provisions for All Classes of Insurance Article One: Insurance Contract 1. An insurance contract is a contract between an Insurer and an Insured which obligates the Insurer, in consideration of insurance premium, to pay insurance benefits to the beneficiary upon the occurrence of the event Insured against. What is an Insurance contract?
In a Supreme Court decision handed down on 15th September 2013 which serves as a precedent, judges ruled on one of the most repeated disputes which the lower Courts have dealt with in the past few years, i.e. whether the Insurer can avoid liability in the event the Insured overlooks a condition to apply security