DEFINITION OF INSURANCE CONTRACT de lege lata - de lege ferenda

  • Tatjana DIMOV


The contract of insurance is an important term to define for the purpose of specifying the binding and legal meanings of this term. Expressing its specific features and distinguishing it from all other binding agreements shall determine its significance in the context of the legal obligation rights.  The Law on Obligations clearly and distinctively defines the contract of insurance which refers to both the property insurance contracts and personal insurance contracts. No matter how clearly explained the definition of the contract of insurance seems to be by the Law of Obligations, and how well the execution of these contracts is, it may find any person by surprise in their ordinary practise with many issues, which sometimes require more than a simple and easy reply. The reason for this is a rather conservative and classical definition which, on the other hand, is not surprising given that it is taken from the 1978 Law on Obligations. In the meantime, the insurance industry has been developing rapidly and new classes of business have been introduced. It is questionable whether this definition may refer to ever emerging new classes of business, or may it favourably affect the development of new lines of insurance, and whether it is in line with the contemporary market demands. This is especially the case in the Republic of Macedonia where a new Civil Code is being prepared, and is expected to entirely regulate the matters in the context of the Civil Law, including therein the contract of insurance.  


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