Insurance is the mechanism by which those who bear risks can transfer to the insurer who agrees to fully or partially compensate the losses that risks can cause. When making an insurance contract, you try to obtain financial protection of property or persons that may in future damage.
Personal elements of the insurance contract
Within the contractual relationship are the following subjects: 1
the insurer
The insurer entity can be defined as "the legal entity incorporated under the provisions of the relevant legislation, is dedicated to take risks others, fulfilling what this effect establishes that legislation by the perception of a certain price called premium. "
We must emphasize the figure of the insurer about specific profiles among which we see the following:
By law, it must be a legal person. There is even occasional one who, individually, perform hedging operations. The operating conditions of insurance and its projection in time and require, by themselves, that the insurer is a legal person;
That person must be of precisely one of the ways that the law considers valid only for the practice of the insurance industry;
It must have previously received the approval of the Public Administration, to act as an insurer;
It should be devoted exclusively to the practice of insurance or reinsurance, as the case may be admissible without other activities, except management operations collective retirement funds;
They have to adjust their status to the rules of the insurance legislation, which regulate in detail the insurance practice, while being subject to the inspection and control of public power.
Within the broad spectrum of potential legal persons are accepted as valid assumptions:
Anonymous society.
Mutual Society fixed premium.
Social welfare mutuals.
Cooperative Society.
It is secure an issue that affects the whole community, and that is directly connected with the welfare of this and whose base is essential confidence and credit. The entities wishing to act as insurers will require a double series of formalities as well as legal and economic entity obeying those who want to form to provide insurance.
the policyholder
The policyholder is the natural or legal person "who engages and supports the insurance policy on their own or a third party, assuming the obligations and rights in L.C.S. establishing "seeks to move a particular risk to a third party (insurance company) in order that it be indemnified him or to a third party damages or losses that may result from the occurrence of an uncertain date of the insurance contract event. For this purpose you must pay a fee (premium) to the insurer.
the insured
The insured can be defined as the owner of the area of interest that insurance coverage is concerned, and the right to compensation that once is satisfied that, in certain cases, can be transferred to the beneficiary. It is the natural or legal person to whom the event of the loss will affect you more directly. In short, is he on whose head or goods will fall the consequences of the accident. The figure of the insured is essential within the insurance contract. Because the same as not conceivable a contract of that nature without the existence of a risk to cover or not it conceivable a legal transaction of the nature mentioned without an individual or final recipient of the guarantee is agreed, and whose interests protected in this way, they are the efficient cause of the contract.
the beneficiary
It is the person entitled to receive the benefit of the insurer. The figure of the beneficiary has special relevance in personal insurance, as they often are designed to take advantage of a third party, and even in certain embodiments this is necessary, as in the case of death insurance.
The beneficiary is the person who will receive the value of insurance when the event occurs contemplated therein (without being insured). It is one who bears the benefits of the agreed policy, by the express will of the policyholder. The beneficiary designation responds to a corresponding forecasting approaches to personal insurance, especially the life and accident insurance for the case of death of the insured way.
Article 84 of the L.C.S. of Spain, it establishes literally that the policyholder may designate or change the beneficiary designation previously made without the consent of the insurer. This is clear that the power to set and revoke beneficiaries is in the hand of the policyholder. The insured does not have any right or provision on the matter, even to approve or reject the recipient that the policyholder has chosen.
