scholarly journals MENCIPTAKAN ITIKAD BAIK YANG BERKEADILAN DALAM KONTRAK ASURANSI JIWA

Yuridika ◽  
2014 ◽  
Vol 29 (2) ◽  
Author(s):  
Zahry Vandawati Chumaida
Keyword(s):  
Life Insurance ◽  
Good Faith ◽  
Insurance Contract ◽  
Insurance Claim

An insured who bind themselves to the insurer to protect his life by taking life insurance, of course, will conduct the closing of the contract of insurance agreements. To close this insurance contract the insured is deemed very essential to peruse the terms and conditions and the rights and obligations that will he get. In many cases it is turned to be extremely detrimental to the insured party when related to the contract of insurance. This is due to a lack of good faith on the part of the insurer to pay insurance claim filed by the insured or beneficiary. Instead, the insured is required to execute an agreement in good faith even at the beginning of the insurance contract the insured has been burdened insurance for acting in good faith.Keywords: contract, good faith, life insurance.

scholarly journals An Obligation to Represent and Disclose Material Facts as a Good Faith in Life Insurance Contract

2017 ◽  
Vol 8 (4-1) ◽  
pp. 53-60
Author(s):  
Mokhamad Khoirul
Keyword(s):  
Life Insurance ◽  
Medical Records ◽  
Personal Data ◽  
Good Faith ◽  
Insurance Contract ◽  
Comparative Approach ◽  
Conceptual Approach ◽  
Exercise Habit ◽  
Personal Benefit ◽  
Fundamental Information

Abstract This study aims to analyze an obligation of explaining and revealing material facts and identify any kinds of violation of good faith in life insurance contract. It uses several approaches including statute approach, comparative approach, and conceptual approach. The result defines material facts as any kinds of facts the insurer needs in order to make decision whether accepting or objecting the possible risks assigned. The insurer needs to accurately and completely know the insured’s personal data and medical records, including disease suffered, smoking habits, and even an extreme exercise habit such as paragliding. Kinds of violation probably done by the insured can be in the form of (1) misrepresentation, which includes giving incorrect statement but not intentionally conducted (i.e., innocent) and providing incorrect explanation intentionally (i.e., fraudulent) due to personal benefit; (2) non-disclosure, which includes neither revealing the facts nor telling any fundamental information other parties need to know, not due to deliberateness but rather probably due to ignorance or innocence, and intentionally hiding particular facts in order to get personal benefits (concealment).

scholarly journals Good Faith in Life Insurance Contract by Indonesian Court

2017 ◽  
Vol 3 (1) ◽  
pp. 49
Author(s):  
Mokhamad Khoirul Huda
Keyword(s):  
Life Insurance ◽  
Good Faith ◽  
Insurance Contract ◽  
Full Understanding ◽  
Insurance Contracts ◽  
The People ◽  
Obligation To Inform

This paper reviews both the interpretation of good faith and its implementation by the Court in terms of life insurance contracts. The principle of good faith in life insurance contracts was under the provision of the Article 251 Wet Boek van Kophandel which assigned the obligation of good faith on the insured. Based on the context of its historical and systematical interpretation, the obligation of good faith should be on both sides, the insurer and the insured. The insured had an obligation to inform any material facts and the insurer had to investigate those all facts. Until recent days, however, judges in all levels of Court did not have any shared and full understanding on the interpretation of good faith in life insurance contracts. As the result, many Courts were frequently inconsistent with each other. Hence, the sense of fairness the people perceived from the court verdict was not achieved.

scholarly journals The IFRS 17 contractual service margin: a life insurance perspective

2021 ◽  
Vol 26 ◽  
Author(s):  
W. Yousuf ◽  
J. Stansfield ◽  
K. Malde ◽  
N. Mirin ◽  
R. Walton ◽  
...  
Keyword(s):  
Life Insurance ◽  
Market Value ◽  
Financial Statements ◽  
Insurance Contract ◽  
Accounting Standard ◽  
Insurance Contracts ◽  
Ifrs 4 ◽  
Insurance Perspective ◽  
To Come

Abstract IFRS 17 Insurance Contracts is a new accounting standard currently expected to come into force on 1 January 2023. It supersedes IFRS 4 Insurance Contracts. IFRS 17 establishes key principles that entities must apply in all aspects of the accounting of insurance contracts. In doing so, the Standard aims to increase the usefulness, comparability, transparency and quality of financial statements. A fundamental concept introduced by IFRS 17 is the contractual service margin (CSM). This represents the unearned profit that an entity expects to earn as it provides services. However, as a principles-based standard, IFRS 17 results in entities having to apply significant judgement when determining the inputs, assumptions and techniques it uses to determine the CSM at each reporting period. In general, the Standard resolves broad categories of mismatches which arise under IFRS 4. Notable examples include mismatches between assets recorded at current market value and liabilities calculated using fixed discount rates as well as inconsistencies in the timing of profit recognition over the duration of an insurance contract. However, there are requirements of IFRS 17 that may create economic or accounting mismatches of its own. For example, new mismatches could arise between the measurement of underlying contracts and the corresponding reinsurance held. Additionally, mismatches can still arise between the measurement of liabilities and the assets that support the liabilities. This paper explores the technical, operational and commercial issues that arise across these and other areas focusing on the CSM. As a standard that is still very much in its infancy, and for which wider consensus on topics is yet to be achieved, this paper aims to provide readers with a deeper understanding of the issues and opportunities that accompany it.

scholarly journals PERHITUNGAN PREMI ASURANSI JOINT LIFE DENGAN MODEL VASICEK DAN CIR

2019 ◽  
Vol 8 (3) ◽  
pp. 246
Author(s):  
I MADE WAHYU WIGUNA ◽  
KETUT JAYANEGARA ◽  
I NYOMAN WIDANA
Keyword(s):  
Stochastic Process ◽  
Interest Rates ◽  
Life Insurance ◽  
Insurance Premium ◽  
Insurance Contract ◽  
Insurance Company ◽  
Vasicek Model ◽  
Cir Model ◽  
Premium Payment ◽  
Premium Price

Premium is a sum of money that must be paid by insurance participants to insurance company, based on  insurance contract. Premium payment are affected by interest rates. The interest rates change according to stochastic process. The purpose of this work is to calculate the price of joint life insurance premiums with Vasicek and CIR models. The price of a joint life insurance premium with Vasicek and CIR models, at the age of the insured 35 and 30 years has increased until the last year of the contract. The price of a joint life insurance premium with Vasicek model is more expensive than the premium price using CIR model.

FUNDAMENTAL PRINCIPLES OF MARINE INSURANCE

ANCIENT LAND ◽  
2021 ◽  
Vol 04 (02) ◽  
pp. 46-48
Author(s):  
Tahmina Shahin Alizada ◽  
Keyword(s):  
Key Words ◽  
Insurance Industry ◽  
Good Faith ◽  
Insurance Contract ◽  
Basic Knowledge ◽  
Marine Insurance ◽  
Insurance Law ◽  
Legal Principles ◽  
Insurable Interest ◽  
Utmost Good Faith

The article describes the fundamental principles of marine insurance. It mainly examines the principle of "utmost good faith" which is the cornerstone of insurance law. The main aim of an article is to help the reader to gain basic knowledge and understanding of the legal principles of marine insurance. The fundamental principles governing marine insurance are very helpful in the assessment of loss and the claim in the maritime insurance industry. As in all contracts of insurance on the property, also marine insurance contract is based on the fundamental principles. Key words: marine insurance, Marine Insurance Act 1906, principles of marine insurance, utmost good faith, insurable interest

scholarly journals COVID - 19 AS A “SIGNIFICANT CIRCUMSTANCE” FOR RISK ASSESSMENT IN LIFE INSURANCE (IN AND AFTER THE PANDEMIC)

2021 ◽  
Author(s):  
Željka Primorac
Keyword(s):  
Risk Assessment ◽  
Health Status ◽  
Life Insurance ◽  
Personal Data ◽  
Severe Form ◽  
Insurance Contract ◽  
Hospital Treatment ◽  
Legal Norms ◽  
Legal Standards ◽  
The Right

The data on the health status of a policyholder represent a significant circumstance for risk assessment and concluding a life insurance contract, and are also legally relevant circumstances for exercising the rights from that contract. The author starts from a theoretical analysis of the perception of data on the health status of policyholders as personal data, comparing the right to confidentiality of such data with the duty to report them (before concluding a life insurance contract) in terms of reporting all circumstances relevant to the insurance risk assessment. In order to properly fulfil the obligation of pre-contractual nature, the paper analyses the legal norms governing this issue and also provides a comparative overview of the Croatian and German insurance legislation with special emphasis on the scope of health data that the insurer is authorised to require, the clarity of legal standards and legal insurance norms contained in the insurance questionnaires and the life insurance offer. Presenting the importance of COVID-19 infection and possible chronic consequences for human health, the author indicates the extent to which COVID-19 infection (mild or severe form of disease, possible need for hospital treatment) will have an impact on the design of new insurance questionnaires and the relevance of genetic testing results in the context of concluding future life insurance contracts.

scholarly journals Suggestions to modify Vietnam’s legal provisions on the insurable interest in life insurance

2019 ◽  
Vol 2 (3) ◽  
pp. 38-49
Author(s):  
Bach Thi Nha Nam
Keyword(s):  
Life Insurance ◽  
Insurance Contract ◽  
Business Law ◽  
Insurable Interest ◽  
Legal Provisions ◽  
Contract Performance ◽  
Insurance Business ◽  
Core Principle

The insurable interest in life insurance is a core principle for the parties to enter into an insurance contract. In case the policyholder does not have insurable interest to the insured, the life insurance contract will become invalid or the life insurance contract will terminate when the policyholder no longer has insurable interest in accordance with Vietnam Insurance Business Law. The practice of life insurance contract performance has raised many issues related to the insurable interest that Vietnam Insurance Business Law has not mentioned or are still lacking. Therefore, the legal provisions on insurable interest are covered with many shortcomings, and inconsistent with the practice of insurance business. On the basis of analysis of caselaw and insurance statutes in US jurisdiction, the author proposes to modify the legal provisions on the insurable interest stipulated in the Vietnam Insurance Business Law..

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