Insurance of persons – general rules and excluded risks

The Law of Contract and Torts by the provisions of Articles 942 to 953 governs general rules as well as risks that are not covered by the life insurance contract.

General rules

Determination of the Insured Amount

In contracts of insurance of persons (life insurance and accident insurance), the amount of insurance to be paid by the insurer on the occurrence of the insured event, shall be determined in the insurance policy by agreement between the contracting parties.  Continue reading Insurance of persons – general rules and excluded risks

Parties to a financial leasing transaction

Law on financial leasing governs:

  • financial leasing transactions
  • financial lease agreements
  • rights and obligations of parties to a financial leasing transaction
  • terms of performing financial leasing transactions
  • supervision of Lessors’ operations and
  • the Register of Financial Leases.

Financial Leasing Transaction

A financial leasing transaction means a financial intermediation transaction which is performed by the Lessor and implies that the Lessor, while retaining the right of ownership of the Lease Asset, transfers to the Lessee, for an agreed period of time, the right to possession and use of the Lease Asset, including all risks and rewards incidental to ownership, in return for the Lease Payment which the Lessee pays to the Lessor, provided that at least one of the following conditions has been met: Continue reading Parties to a financial leasing transaction

Professional liability insurance in Serbia

Professional liability insurance provides insurance protection to the insured for claims for compensation of ordering parties of services that are the result of professional fault of the insured in performing the registered activity and for which the Insured is liable under the law.

Professional fault is a violation and / or derogation of the existing codes of practice, established standards or the established rules of attention, applicable to a particular profession for which insured shall be responsible in accordance with the applicable regulations. Continue reading Professional liability insurance in Serbia