1. What is an insurance contract?

Clause 16 Article 4 of the Law on Insurance Business 2022 stipulates: Insurance contract refers to an arrangement between a policyholder and an insurer or a foreign non-life insurer’s branch or a mutual organization providing microinsurance service whereunder the policyholder is bound to pay insurance premiums; the insurer, the foreign non-life insurer’s branch or the mutual organization providing microinsurance service is bound to pay indemnity or insurance benefits or coverage under contractual terms and conditions.

2. Things needed to be noted when signing and performing insurance contracts.

Insurance contracts play a very important role for the involved parties. It is a safe legal corridor for the parties to perform the contract, also is a basis for dispute resolution. Therefore, in order to restrict disputes, when signing and performing an insurance contract, the policyholder should note the following issues.

a. When signing an insurance contract

The majority of the insurance claim disputes arise from the fact that the policyholder does not clearly understand the contents of the insurance contract but hastily signed it. Almostly, the policyholders only care about how much the insurance premium is, what they will receive when the insured event occurs, but they do not care about other very important contents of the insurance policy. To restrict the risk of disputes, before deciding to enter into an insurance contract, the policyholder should note the following.

• Researching carefully about information of the insurance company, including information about their reputation as well as the capacity to pay insurance claims.
• Declaring fully, accurately and truthfully the information of the insured.

• Assessing your own insurance needs and abilities to pay premiums; choosing the right insurance product.

• Reading and asking for a clear explanation of benefits.

• Reading and asking for clarification of coverage and exclusions terms.

• Reading and asking for a clear explanation of the insurance claim file, the statute of limitations for insurance.

• Reading and asking for a clear explanation of the force majeure condition.

• Reading and asking for a clear explanation of rights and obligations regarding premiums.

Lawyer - Mr. Ngo Van Binh - Head of Phong & Partners Law Firm, LienChieu Branch

b. When performing an insurance contract

• Usually, when performing an insurance contract, the policyholders only pay attention to the premium and the premium payment duration, but they forget the very important content such as the insurance claim procedure when the insured event occurs. In order to limit the risk of insurance claim denial, when an insured event occurs, the policyholder should calmly carry out the following steps.

• Notifying the Insurer and/or the person in charge of insurance settlement immediately after the occurrence of the insured event by the method which was agreed in the insurance contract.

• Requesting the Insurer and/or the person in charge of the insurance settlement for specific instructions on remedial actions and/or the claim file.

• Preparing all components of the insurance claim dossier as prescribed in the insurance contract.

• Submiting the insurance claim dossier on time as prescribed in the insurance contract.

3. Why should You retain an Insurance Contract Lawyer when signing and performing an insurance contract?

A particular kind of admission contract is an insurance policy. It denotes a sample contract that the insurer has created and registered with the appropriate state agency. Because of this, it is quite uncommon for the policyholder to suggest changing the terms of the insurance contract. Not everyone is able to read and understand the legalese and technical terminology that the insurer uses in the insurance contract. In order to assess and help the policyholder with the following tasks, it is essential that the insurance contract lawyer consults with the policyholder in the capacity of an impartial third party.

• Answering questions about the content of the insurance contract.
• Identifying the legitimate rights and interests of the policyholder infringed.

• Proposing solutions to protect the legitimate rights and interests of the policyholder.

• Analyzing and evaluating the legal basis to protect the legitimate rights and interests of the policyholder.

• Representing and protecting the legitimate rights and interests of the policyholder when a dispute arises.

4. What does an Insurance Contract Lawyer do?

Phong & Partners provides the services of Insurance Contract Lawyer with the following main tasks.

a. Counseling on Insurance contract content

• Counseling on legal issues of insurance contracts.
• Counseling on how to enter into insurance contracts.

• Counseling on the form and structure of insurance contracts.

• Counseling on resolving disputes related to insurance contracts.

• Counseling on regulations on contract amendment and termination.

b. Counseling on Insurance contract dispute resolution

• Counseling on relevant legal regulations.
• Assessing the advantages and disadvantages of implementing dispute resolution measures.

• Drafting relevant documents and dossiers.

• Counseling on negotiation among parties to resolve disputes.

• Counseling on initiating a lawsuit to a competent Court or Arbitration Center.

• Evaluating and collecting relevant documents and evidence.

• Representing to work with individuals, organizations and competent agencies.

5. Phong & Partners Law Firm specializes in counseling on insurance contracts.

The goal of lawyers is to uphold the lawful rights and interests of their clients. Phong & Partners also provides special attention to settling all issues with the slogan “Respect justice - Honor goodwill” in order to best safeguard the legal rights and interests of customers.

Phong & Partners, which is a prestigious Law Firm in Danang, obtains trust and delegate duty from many clients including individuals and organizations from inside and outside the area. With a team of highly qualified and experienced staffs who continuously study and learn about the insurance industry, Phong & Partners is confident to solve the problems and difficulties of clients during the process from signing to performing an insurance contract. To resolve the problem quickly and efficiently, come to Phong & Partners Law Firm with the below information. We commit to accompanying on every stage to resolve insurance-related legal issues.

For more information, please contact a Insurance Contract Lawyer in Da Nang city:

Lawyer - Mr. Ngo Van Binh – Head of Phong & Partners Law Firm, LienChieu Branch
Address: 21 Truong Van Da, LienChieu district, Danang city
Phone: 0905.699268

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SYSTEM  OF PHONG & PARTNERS LAW FIRM IN DA NANG
1. Phong & Partners in Hai Chau - Thanh Khe
Address: 6th floor, Thanh Loi Building, 249 Nguyen Van Linh, Thanh Khe district, Da Nang.
Phone: 02363 822 678 - 0905 102 425
2. Phong & Partners in Son Tra
Address: 01 Dong Giang, Son Tra district, Da Nang.
Phone: 0905 205 624
3. Phong & Partners in Lien Chieu
Address: 21 Truong Van Da, Lien Chieu District, Da Nang.
Phone: 0961 283 093
4. Phong & Partners in Ngu Hanh Son
Address: 03 Chu Cam Phong, Ngu Hanh Son District, Da Nang.
Phone: 0905 579 269
5. Phong & Partners in Cam Le - Hoa Vang
Address: 346 Cach Mang Thang Tam, Cam Le District, Da Nang.
Phone: 0901 955 099

Email: phongpartnerslaw@gmail.com
Website: https://phong-partners.com

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