Afghanistan, Asia


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Article 2: which are stipulated in the insurance policy
In this law, the following terms shall have the meanings set forth: 
1-Insurance: A contract concluded between the insurer and the insured by virtue of which the insurer undertakes to compensate the losses the insured against receipt of a fixed insurance premium. 
2- Insurer: The insurance company. 
3- The insured: A natural or legal person which concludes one of the insurance policies personally or as a proxy for his own or for someone else’s interests.  
4- The insured amount: The maximum commitment of the insurer vis-à-vis the sustained losses which are stipulated in the insurance policy.
5- The insurance premium: Pertains to the amount which the insured pays for the he insurance company obtaining the insurance policy.   
6- Compensation of loss: Pertains to the cash amount or the equivalent thereof, which is paid to the insured upon the occurrence of insurable event and ascertainment of the loss. 
7- The subject of insurance: Human life when faced with death or disability; or objects, goods and properties which are faced with damage and loss.  
8- Insurance policy: Is a legal document submitted by the insurer to the insured as an insurance agreement. 
9- Event: A certain circumstance under which the insured claims, compensation of loss in accordance with the insurance policy. 10- Insurance reserves: Financial funds which are created out of the revenues of the insurance company for compensation of losses, operating expenses of the insurance company and payments against reinsurance.  
11- Reinsurance: Insurance of insurance risks with other insurance companies on the basis of contracts and agreements. 
12- Ex gratia payment: In exceptional circumstances compensation of losses to the insured by the insurer even though the insurer has no legal obligation to pay the insured.

Article 3:  
Insurance shall take place against the following risks: 
1- Risks to which air, land, and marine transportation means are subjected as the result of accidents.   
2- Arson, theft and accidents which threaten physical wellbeing.  
3- Force majeure, i.e., earthquake, flood, storm, etc. 
4- Collision of vehicles and the risks resulting from their motion. 
5- Risks resulting from working in industrial, construction, service-providing institutions and the like. 
6- Theft of cash from safe and loss of money while being transferred. 
7- Accidents and risks resulting from war, demonstration, strike and riots. 
8- All other risks and accidents which may require being insured in the future.

From INSURANCE LAW of Afghanistan

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