1. An insurance contract is also a civil contract
In principle, the parties can freely agree on the terms of the contract. However, with sample contracts, customers have little opportunity to amend or supplement terms. Model contract is a contract made by one party according to the form, if the other party accepts it, it is considered to accept the entire contract content. Life insurance contracts were once regulated as model contracts. As of August 13, 2019, Decision 25/2019/QD-TTg removed that provision, now life insurance is no longer a model contract and can be amended and supplemented.
2. Contents that the insurance buyer is not entitled to modify or supplement
The insurance buyer cannot request changes to the following contents:
– Coverage or benefits;
– Insurance rules, conditions and terms.
As for other contents, the insurance buyer and insurance seller can negotiate amendments if:
– Not contrary to the provisions of law;
– Approved by the Department of Insurance Management and Supervision, Ministry of Finance.
3. The insurance buyer cannot be passive forever
In fact, the content in the contract is always long and difficult to understand, most insurance buyers only depend on the advice of the insurance staff without really understanding the contents of the contract. Therefore, to avoid unnecessary confusion, insurance buyers should pay attention to the contents of the contract terms, especially:
– Contract term;
– Insurance premium payment deadline;
– Redemption value and when the redemption value becomes profitable;
– Cases where insurance payments are not made;
– Rights and obligations of the insurance buyer;
– Rights and obligations of the insurance seller;…
In addition, the Court’s authority to resolve disputes is also very important. Insurance buyers should agree to settle disputes at the place where the insurance buyer lives so that when a dispute arises, it will be more convenient for civil lawsuits.
(Refer to Securities Newspaper dated May 1, 2023)
About our company
HMLF is a Law Firm licensed to provide legal services to Enterprises. With over 70 years of experience in:
– Finance, Accounting, Tax.
– Industry: Manufacturing, Service, Aviation, Transport, Technology, Finance.
– Helping Customers control transactions from internal legal to international trade. Become the best legal defender for Businesses.
– Try to offer optimal solutions to bring customers satisfaction.
HMLF is always available to offer assistance in understanding the procedures with authorities.
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn
