Information about Insurance

Before the policy holder takes out the insurance, the insurer must provide him/her with all information necessary to estimate the need of insurance and to make the right choice of insurance. This type of information is the forms of insurance, the insurance payments, the terms of insurance and essential limitations of the insurance coverage. The information must be provided to the policyholder on paper or in another durable format or on a website. If the insurer, when marketing the insurance, has failed to provide the policyholder with the necessary information about the insurance or has provided incorrect or misleading information, the insurance contract shall be deemed to be valid to the extent that the policyholder could reasonably have understood from the information received.

When the insurance contract has been concluded, the insurer must without unreasonable delay provide the policy holder with the insurance policy and the terms of insurance. The insurance policy must entail the central content of the insurance. If the insurer retains the power to amend the content of the insurance, this must be mentioned in the insurance policy.

If the insurance is not granted, an insurance company has to inform a consumer or a corporation comparable to a consumer grounds for the rejection in writing. The grounds for the rejection have to be in accordance with the law and the good insurance practice.

The policy holder must receive an annual notification about the amount of insurance and other essential issues relating to the insurance. The policy holder must be informed about the forms of legal protection available, such as the right to bring a dispute before the courts.

The insurer is liable for faulty and incomplete information, which it has provided as the insurance contract will be applied in a way that the policy holder can have been expected to have interpreted it based on the information given to him/her. This rule of interpretation is valid both at the time of marketing the insurance and the time of validity of the insurance.