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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. |
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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.
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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. |
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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. |
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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. |
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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.
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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.
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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. |
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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 . |
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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.
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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. |
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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.
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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.
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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. |
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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. |
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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.
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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. |
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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 .
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