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The concept of insurance is lost in the mists of time, considering that it was in Greece and Rome that there were forms very close to what we understand today as insurance. The first known contract dates from 1347, but there are different documents in the Genoa city archives, such as a discharge from 1329, which are interpreted as being insurance contracts. Portugal also did not delay with this “innovation” and between 1367 and 1383, a Law of the reign of D. Fernando made maritime insurance mandatory for all ships of more than fifty tons existing in the country. of mutuality, being practiced the percentage of two crowns per hundred of the profits of the trip
what is

An Insurance Contract?

The insurance contract is an agreement through which the insurer assumes the coverage of certain risks, pledging to satisfy the indemnities or to pay the sum insured in the event of a claim, under the agreed terms.
In return, the person or entity that takes out the insurance (the policyholder) is obliged to pay the insurer the corresponding premium, that is, the cost of the insurance.
The provision of what was agreed in the contract can be made to the person or entity in the interest of which the insurance is concluded (the insured) or to a third party designated by the policyholder (the beneficiary) or to a third person or entity that has suffered damages that the insured must indemnify – the injured third party.
Insurance can be mandatory (when the respective conclusion is required by law) or optional (when it is the policyholder’s option to sign it or not).


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