The purchase of an insurance contract involves rights and obligations for both the insured and the insurer. To better protect yourself, it is important to know what are your rights or obligations under an insurance contract.

What are your rights under an insurance contract?

 

In the context of an insurance contract, you have the following rights:

  • Upon realization of the guaranteed risk or at the end of the contract, you have the right to be paid the indemnity or the amount determined under the terms of the contract and within the agreed period;
  • You have the right to terminate your contract before its expiration in the cases provided for by law or by the contract;
  • When the contract is terminated, you have the right to recover the  premium portion or contribution portion for the period during which the risk was not guaranteed when provided by law or contract;
  • In the case where the contract is tacitly renewed, and at the time of its renewal, you have the right to a maturity notice, by which the insurer informs you of the amount of the premium to be paid and the date on which you must pay it (premium due date);
  • You have the right to be notified of any changes that affect the terms of your contract, which must be embodied by a contract amendment;
  • In the case of certain compulsory insurance, including motor vehicle liability, the insurer must issue you a certificate of insurance proving that you have complied with the insurance obligation;
  • In capitalization contracts and certain types of life insurance contracts:
    • The insurer must provide you with information on a yearly basis, commonly known as situation reports, which allows you to assess your reciprocal obligations;
    • You are entitled to participate in technical and financial profit that the insurer makes under life insurance contracts;
    • You are entitled to the surrender value of the capital or the guaranteed annuity;
    • Advances may be made by the insurer, up to the surrender value for interest.
  • You have the right to terminate the life insurance contract purchased during door-to-door selling at home, at the workplace, or in a private or public place and this, within 15 days from the date of purchase.

What are your obligations?

When executing the insurance contract, you have the following main obligations:

  • Pay the premium on the dates stipulated in the contract;
  • Notify the insurer in the event of a claim within the time limits stipulated in the contract;
  • Notify the insurer of any changes that may be made to the insured risk within the time provided for this purpose;
  • When the premium is variable (depending on turnover, payroll ...), you must make the declarations necessary to determine the premium on the dates set by the contract;
  • Notify the insurer in case of multiple insurance plans. If you’re insured for the same interest, against the same risk, with several insurers, you must immediately inform each insurer of other insurers.

Warning non-compliance with one of your obligations may result in the loss of your rights

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