Important information about insurance: Questions & answers from experts

Important information about insurance: Questions & answers from experts

According to a report from www.mdr.de, the legal treatment of insurance contracts is the focus of the discussion. The article deals with various questions on the topics of the right of withdrawal, termination of insurance contracts, claims, multiple insurance, legal assertion of claims and complaint procedures against insurance companies. These aspects have a direct impact on consumers and the insurance market.

According to the article, consumers have the right to withdraw from insurance contracts. These can be revoked within 14 days, or within 30 days for pension or life insurance policies. Any current insurance contract can be terminated at the end of the contract term subject to the notice period. There is an extraordinary right of termination in the event of premium increases and in the event of damage. It is also explained that the legal termination by the motor vehicle liability insurer after an event of damage is subject to certain conditions.

With regard to possible multiple insurance, policyholders have the right to decide to what extent they use which insurance. It also sets out reasonable deadlines for asserting claims against insurance companies in court, which have been set by law since January 1, 2008. If there are differences of opinion with an insurance company, consumers have the option of contacting ombudsmen and complaining to the Federal Financial Supervisory Authority (BaFin).

These legal considerations have various implications for the insurance market and consumers. Compliance with legal provisions regarding termination and revocation of insurance contracts as well as the clarification of claims and complaints against insurance companies create legal certainty for consumers. In addition, they also have an impact on competition and the business practices of insurance companies. Meeting legal requirements and handling claims transparently can increase consumer trust and improve the reputation of insurance companies.