Parts of an insurance policy

General conditions

The general conditions are the texts of the standard contracts, which must be used by insurance companies in the contracting of insurance, which contain the regulations and stipulations that govern the respective contract.

These conditions must contain, at least, the following stipulations related to: coverage and insured matter; exclusions; obligations of the insured; aggravation or alteration of risk; insured statements; premium and effects of your non-payment; claim reporting procedure; insurance termination; communication between the parties and, in general, all those matters intended to regulate the contract that do not constitute particular conditions of the same.

The general conditions are identified with the POL nomenclature. Thus, for example, the fire policy has the code POL 1 90 006. You can check this information in the Policy Deposit.

Particular conditions

The particular conditions of the insurance contract are all those provisions that regulate aspects that by their nature are not subject to the general conditions, and that allow the singularization of a certain insurance policy, specifying its particularities such as: assurance requirements, specification of the insured matter; individualization of the insurer, contractor, insured and beneficiary, if applicable; description, destination, use and location of the object or subject insured, amount or sum insured, agreed premium and its payment method, franchises, deductibles or agreed coverage limits and duration of insurance.

The particular conditions are not subject to deposit.

 

The Financial Market Commission keeps a Policy Deposit available to the public that contains all the text models of the general conditions of the policies and clauses that can be contracted in the market. Once the model texts have been deposited, the Insurance Companies may contract with them from the sixth day after their incorporation.

 

The models of general conditions of the insurance policies and clauses, the particular conditions of the policy and other annexed documents related to the contracting, must be written in a clear and understandable way, they should not be inductive to error nor should they contain clauses that oppose to the law

 

The Financial Market Commission may prohibit the use of a model policy or clause, when its text does not comply with the requirements of legality and clarity in its wording, or with the minimum provisions established by the regulation.

 

The obligation to deposit the text models of the general conditions of the policies and clauses in the case of transport and maritime and air insurance, as well as in the damage insurance contracts in which both the insured will not be applicable as the beneficiary are legal persons and the amount of the annual premium is equal to or greater than 200 UF.

Updated: November 21, 2019 — 12:13 pm

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