For life insurance the insurer undertakes, on payment of the premium stipulated and within the limits of the law and the contract, to meet the beneficiary a capital, income or other benefits agreed in the event of death or survival of the insured, or both events together.
The life insurance may be stipulated on your own life or that of a third, both on death and survival to a stipulated or both, and on one or more heads.
Life insurance are those which, fulfilling the provisions above, the service agreed in the policy the insurer has been determinadapor using criteria and actuarial bases.
In insurance on death, if different people of the policyholder and the insured will require the consent, written notice may be presumed unless otherwise interest in the existence of insurance.
For the purposes indicated in art. 4, in the life insurance means that a risk if at the time of recruitment there has been the subject event coverage afforded under the policy.
If the insured is a minor, will require further approval in writing of their legal representatives.
It may take out insurance on death upon the heads of children under fourteen years of age or disabled. Exceptions to this prohibition, insurance contracts where death coverage is below or equal to the premium paid by the policy or surrender value.
Precept written by art. 12 Law 44/2002 of 22 November Measures of Financial System Reform
Article 83 a)
1. The policyholder in an insurance contract individually for more than six months who has expressed the contract on your own life or that of a third party shall have the unilateral power to terminate the contract without giving any reason and without penalty within 30 days from the date on which the insurer will deliver the policy or certificate of provisional coverage.
When the contract was concluded at a distance, the previous period shall run from the date on which the policyholder is informed that the contract was concluded or the day on which the policyholder receives the contractual terms and information required by Art. 60 of Law 30/1995 of 8 November, Administration and Supervision of Private Insurance, whichever is later.
Exceptions to this right unilateral resolution of insurance contracts where the policyholder assumes the investment risk, as well as contracts where the guaranteed return of investment is a function assigned to them.
2. The unilateral power to terminate the contract must be exercised by the policyholder in a communication addressed to the insurer through a durable medium available and accessible to it and that provides a record of notification. In the case of an insurance contract traded away, communication is done in accordance with instructions received from the policyholder as provided in paragraph 3 of art. 60 of Law 30/1995 of 8 November, Administration and Supervision of Private Insurance. The said notice shall be issued by the policyholder before the expiry of the period specified in the preceding paragraph.
3. From the date of issue of communication referred to in the preceding paragraph shall cease risk coverage by the insurer and the policyholder is entitled to a refund of the premium you have paid, except the part for the period of time that the contract had been valid. The insurer will have to do a period of 30 days from the day he receives the notice of termination.
