CONCEPT OF INSURANCE CONTRACT
In Spain, the insurance contract is regulated by Law 50-1980 of October 8 and defined in Article 1 as follows: Insurance is a contract whereby one party (the insurer) undertakes, through a premium they paid the other party (the insured) to compensate for damage or meet the agreed delivery planned if the event occurs, such as an accident or fire, among others.
Title V of the Colombian Commercial Code in force, said the characteristics of insurance contract and its essential elements, but does not give a definition of insurance.
In Argentina is regulated by the legal regime by law 17,418 of 1967 incorporated into the code of commerce.
In Peru we use the following concept:
The insurance contract is one by which a person named insurer undertakes in exchange for a sum of money, known as primary, another call to indemnify the insured, or his representative (third party or beneficiary), the damage can cause an event of uncertain production, or that to be true is not determinable from the time of their occurrence. Thus, the amount for compensation, which is expressly agreed, is paid when the event occurs or risk covered by insurance.
DOCTRINE
Castelo Matrán and Guardiola Lozano said of the insurance contract as follows: ‘… the concept of insurance can be analyzed from different points of view. Some authors emphasize the principle of human solidarity as such considering the institution which guarantees a replacement when faced with a risk of harm by sharing among a large number of people threatened by the same danger, others say the principle of compensation and the that insurance is a transaction under which a party (the insured) becomes entitled, upon payment of a fee (premium), a feature that will satisfy the other
