Before you buy insurance
What information do I need about insurance before buying it?
The insurance company must provide you with the information you need to select the insurance. Such information includes
- information on the offered insurance products
- information on the insurance premiums
- information on the terms and conditions of the insurance contract
- information on all the major restrictions on the insurance cover.
Generally, the insurance company must check whether the offered insurance would overlap with insurance coverage you already have.
The specific information that the insurance company must provide in each individual sales situation depends on the nature of the insurance and the circumstances under which the insurance policy is taken. Providing the terms and conditions of the insurance contract alone is not, however, sufficient to fulfil the insurer’s obligation to disclose information.
What information must I provide to the insurance company when buying insurance?
You must provide true and complete answers to the insurance company’s questions. You must provide, for example, true information about your state of health, as in personal insurance policies the insured risk is to a significant extent based on the state of health of the insured person. Providing inadequate information may, at worst, lead to partial or total refusal of any insurance claim
What is an insurance policy?
The insurance policy contains information on the main content of the insurance contract, such as the contracting parties, the nature of the insurance, the validity of the policy, the insurance premiums and all other possible special terms and conditions pertaining to the insurance. The insurance company must provide you with an insurance policy document after the insurance contract has been initiated.
How significant are the terms and conditions of the insurance contract?
The terms and conditions of the insurance contract specify the terms on which your insurance is valid. They specify, for example
- what is covered
- what the obligations of the insured person are
- any special restrictions on the insurance cover.
The insurance company must provide the terms and conditions of the insurance contract without delay after the contract has been initiated.