PROTECTION OF CONSUMERS RIGHTS IN LIFE INSURANCE CONTRACTS

Abstract

Life insurance is a special type of activity exerting a strong influence on a country’s social and economic structure. Its main field of interest is human life. Life insurance contracts are founded on the basis concept of the legal position of an insured person as the weaker contracting party either due to his/her knowledge of the insurance service and the circumstances surrounding it or due to his/her negotiating position and the financial means put at his/her disposal. The insurer is a trader and professional, which cannot be said for the insured person, who, accordingly, should be ensured protection within the current legal framework. In that sense, it is essential the security and protection of the insurance beneficiary to be provided against all the risks and irregular actions which can be anticipated and prevented. In accordance with the importance of its topic, the paper touches upon the term and characteristics of life insurance contracts. It also includes the definition of life insurance and legal aspects of life insurance contracts, all of which to be followed by a detailed elaboration on the selected topic of the paper, which is reflected in its subtitle – the analysis of consumers (insurance beneficiaries) protection in insurance contracts generally speaking and in life insurance contracts in particular.

Keywords

• life insurance
• the insurance contract
• the consumer protection law
• the law of contracts and torts
• Republic of Serbia