The Insuring Agreement Section Of A Policy Describes

Insurance contracts were traditionally concluded on the basis of each type of risk (risks were defined extremely narrowly) and a separate premium was calculated and calculated for each of them. Only the individual risks expressly described in the policy or “foreseen” were covered; This is why these guidelines are now described as “individual” or “calendar” guidelines. [13] This system of “designated hazards”[14] or “specific hazards”[15] did not proven sustainable in the context of the Second Industrial Revolution, as a typical large conglomerate could present dozens of types of risks against which it must insure itself. . . .