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Insurance Law Vietnam

What is the Vietnam Insurance Association?

The Vietnam Insurance Association (" VIA ") was established in 1999 as a professional association. The VIA has a role in oversight, since an enterprise must inform the VIA of any agents with whom the enterprise has terminated its relationship due to legal or professional malfeasance.

What are the laws and regulations of insurance in Vietnam?

The main legislation regulating insurance activities in Vietnam is the Law on Insurance Business of 2000, as amended in 2010 and 2019, as well as guiding decrees and circulars issued by governmental authorities. Under the 2019 amendment, services auxiliary to insurance are now, for the first time, regulated in Vietnamese insurance laws.

insurance law vocabulary

What are the most common legal and insurance terms?

As an introduction to legal and insurance terms professionals will need to learn, here is an A-Z of the most common. Agent: A person who acts on behalf of someone else. ‘I became my client’s agent when he appointed me to work for him.’ Associate: A person, such as a lawyer, who is a senior assistant and handles cases.

What are three common terms associated with insurance?

Common insurance terms and definitionsActual cash value. There are a few ways your policy can be set up that impact the amount you are paid when filing a claim. ... Actuary. Actuaries are experts at assessing risks by analyzing statistics and data. ... Adjuster. ... Agent. ... Asset. ... Assured. ... At-fault. ... Beneficiary.Insurance definitions: 45 basic insurance terms EVERYONE should ... › post › germania-insurance-blog › 2022/02/28 › i...More items...

What is the meaning of insurance policy?

The legal document issued by an insurance company to a policyholder, which outlines the conditions and terms of the insurance; also called the policy contract or the contract. A refund of part of the premium on a participating life insurance policy reflecting the difference between the premium charged and actual experience.

What is the insurance terms glossary?

Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage.

What do you mean by insurance vocabulary?

Here you will find the essential Insurance Vocabulary and the meaning of words such as Continuous insurance, Consequential loss, Cover, Insurer, Insurance broker, Liability coverage, Limits of insurance, Reinsurance and more. Actual Cash Value – the value of the property lost or damaged.

insurance law warranties and conditions

What is a warranty in an insurance policy?

Warranty — (1) A guarantee of the performance of a product. Product warranties are included within the definition of the named insured's product in general liability policies. (2) A statement of fact given to an insurer by the insured concerning the insured risk which, if untrue, will void the policy.Warranty | Insurance Glossary Definition - › term › insurance-definitions › warranty

What are the conditions of a warranty?

Warranties are simply subsidiary provisions that are related to the contract's objective. If someone breaches a condition, the contract may be terminated. If someone breaches a warranty, the other party can claim damages for the breach. Conditions are imperative; otherwise, a contract can be denied.

What are the conditions in an insurance contract?

Conditions are provisions inserted in the policy that qualify or place limitations on the insurer's promise to pay or perform. If the policy conditions are not met, the insurer can deny the claim.Understanding Your Insurance Policy - Official › Understanding-Your-Insurance-Policy

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