The insurance contract and its modifications or additions must be formalized in writing . The insurance company is obliged to deliver the policy or, at least, the provisional coverage document to the person taking the insurance. If, due to the type of insurance, the issuance of a policy is not required, the insurance company will be obliged to deliver the document established in the provisions of the aforementioned types of insurance.
– Insurance application .
Document prior to the formalization of the insurance contract through which a certain person requests information about a certain insurance. This document is not binding, neither for the insurance company, nor for the person who requests it.
– Insurance proposal .
Document also prior to the formalization of an insurance contract through which an insurance company offers insurance to a certain person for the purpose of its future formalization by both parties. Unlike the insurance application, the proposal will bind the insurance company for a period of 15 days .
By agreement between the parties, the effects of the insurance may be rolled back to the time the application was submitted or the proposal was made.
The insurance policy will be made up of: general conditions (clauses common to all policies of the same type of insurance), particular conditions (specific clauses for the insurance in question) and limiting clauses (which will be highlighted in a special way in the conditions, must be specifically accepted by the person taking the insurance).
The insurance policy must be drawn up , at the choice of the person taking the insurance, in any of the official Spanish languages in the place where it is formalized. If the taker requests it, it must be written in a different language. The policy will contain , as a minimum , the following indications:
- Name and surname or company name of the contracting parties and their address, as well as the designation of the insured person and beneficiary, if applicable.
- The concept in which it is secured.
- Nature of the hedged risk, describing, in a clear and understandable way, the guarantees and coverages granted in the contract, as well as with respect to each one of them, the exclusions and limitations that affect them highlighted typographically.
- Designation of the insured objects and their situation.
- Sum insured or scope of coverage.
- Amount of the premium, surcharges and taxes.
- Maturity of premiums, place and method of payment.
- Duration of the contract, with expression of the day and time in which its effects begin and end.
- If a mediator is involved in the contract, the name and type.
Duration of the insurance contract .
The duration of the insurance contract (period of time during which it is covered by the insurance company) will be determined in the policy, which may not set a term of more than 10 years . It may be established that it be extended one or more times for a period not exceeding 1 year each time .
Termination of the insurance contract .
The parties may oppose the extension of the contract by means of a written notification to the other party, made with a period of at least 1 month in advance of the conclusion of the current insurance when the person who opposes the extension is the borrower. , and 2 months when he is the insurer.
The insurance party must notify the policyholder, at least 2 months before the end of the current period , of any modification of the insurance contract.
The conditions and terms of opposition to the extension of each party, or its unenforceability, must be highlighted in the policy.