| Article :
8 |
| |
Insurance which
is beneficial to physical persons or legal
person being the insured and
which has the insurance interest over the
subject matter insured whether life or non-life
can enter into the contract only with the
insurance companies licensed to carry out
insurance business in the kingdom of Cambodia. |
|
| Article :
9 |
| |
An insurance
contract is an agreement whereby the relation
of rights and obligations of
the insured and the insurer.
An insured means a person who concludes
an insurance contract with an insurer and
undertake to pay the insurance premium as
contracted.
An insurer means an insurance company which
concludes insurance contracts with
insured and bears the liability to indemnify
or to pay the insurance benefit. |
|
| Article :
10 |
| |
In making insurance
contracts, applicant and insures shall follow
the principles of
fairness, mutual benefit, unanimity through
negotiation and may not harm the interests
of the social public. |
|
| Article :
11 |
| |
In executing
the insurance contract, each party shall has
the rights to cancel the insurance
contract before due subject to an advance
notice through the letter of recommendation
or the letter of notification with duly acceptance. |
|
| Article :
12 |
| |
When the physical
person or legal persons purposes an insurance
request and the
insurance company agrees to accept the proposal
, and after an agreement on contract clauses
are reached , the insurance contract shall
be deemed as concluded The insurance company
shall then issue the insurance policy attached
with the insurance certificates shall contain
and specify important terms and conditions
agreeable to both parties herein. |
|
| Article :
13 |
| |
The Insurance
certificate shall contain the following particulars:
1- Name and address of the insured
2- Subject- matter insured
3- Conditions to be covered
4- Inception date and location address of
risk to be covered
5- Insured value
6- Insurance premium and mode of payment
7- Methods and conditions in case of claims
8- Period of cover
9- terms and conditions about nullification
and loss of rights to the insurance policy
and conditions which allow each party to terminate
the insurance policy before the due date.
|
|
| Article :
14 |
| |
Only the insurance
policy or cover note which specifies the responsibilities
between the
insurance company and the insured . The insurance
application is not valid for the coverage
to both parties hereto.
The proposal for the renewal , alteration
or reattachment the suspended insurance
policy shall be deemed approved if the insurance
company has not refused this proposal within
15 days. |
|
| Article :
15 |
| |
The period of
insurance contract is defined in the insurance
policy Modifications or
additions to the original policy have to be
made on an additional clause (endorsement)
and signed by both parties hereto. |
|
| Article :
16 |
| |
The insured shall
have an insurable interest from the subject-matter
insured An insurable interest means an interest
or benefit to which the insured shall have
the right in the relation to property, life
or body of an individual . |
|
| Article :
17 |
| |
After the insurance
contract is concluded, the insured shall pay
the insurance premium as
agreed.
The coverage shall come into force from
the date of premium payment as stated in
the insurance policy. |
|
| Article :
18 |
| |
Failure in premium
payment as due , the validity of coverage
can not be suspended more
than 30 days from the date the insurance policy
is signed (20) days after the insurance contract
is concluded , the insurance contract is concluded
, the insurance company shall notify through
a letter of recommendation, or a letter duly
accepted by the insured or the representative
undertaking to pay the premium, asking his
/her to pay at agreed place. After being notified
, if the insured still fails to pay the premium
within the period of (10)days, the insurance
company shall have the right to cancel the
insurance contract. |
|
| Article :
19 |
| |
Loss or damage
arising out of the risks covered as specified
on the policy schedule shall
be indemnified by the insurance company .
However, the insurance company shall not indemnify
the loss or damage caused by willful conducts
or fraudulent of the insured.
The insurance company shall also cover
the loss or damage caused by persons being
under responsibility of the insured, whatever
type or how serious in the case may be. |
|
| Article :
20 |
| |
An insurance
contract shall be deemed null and void if
the insurance company has found
that the insured had concealed the truth ,
or willful misinterpreted the material facts
which leads to the change of subject-matter
insured.
The forgetfulness or unintentional and
unclear declaration of the insured will
not lead to
the cancellation of the insurance. |
|
| Article :
21 |
| |
If it is found
that the risk is intentionally created by
the insured, whether the claim
already settled or not, in the case that the
insurance company has found the fraudulent
or risk creation which have proofs and evidences,
the insurance company shall have the rights
to refer to the court to void the liability
or claiming back the settled amount. |
|
| Article :
22 |
| |
Terms and condition
of coverage and any rights of the insured
specified in the insurance policy shall be
deemed null and void in the case that the
arbitrator has found that the insured had
committed the fraudulent admitted by the latter. |
|
| Article :
23 |
| |
In the liability
insurance, if the insured causes loss or damage
to the third party the
insurance company will directly indemnify
the victim.
The liability insurance is type of coverage
whereby the indemnify must be made directly
to the third party, the subject-matter insured. |
|
| Article :
24 |
| |
In case of reinsurance,
the ceding company still bear responsibility
before the insured.
The reinsurance transaction is the system
of insurance which the ceding company is insured
by an insurance company which reinsured wholly
or partly the risk accepted. |
|
| Article :
25 |
| |
Statute of limitation
for the claim settlement shall be provided
in the insurance policy.
However, the statute of limitation shall not
exceed 03 years from the date of claim occurrence.
This Statute of limitation shall be terminated
by the agreement of both parties, after
the
survey report of the loss adjusters is finalized. |
