What are principles of conclusion and execution of insurance contracts in Vietnam? What are judgments on insurance contract disputes in Vietnam?

What are principles of conclusion and execution of insurance contracts in Vietnam?

Article 16 of the Insurance Business Law 2022 stipulates the principles for concluding and executing insurance contracts as follows:

- The principle of absolute honesty: parties involved in an insurance contract must provide information and fulfill their rights and obligations with the utmost honesty, based on absolute trust in each other during the conclusion and execution of the insurance contract;

- The insurable interest principle: the policyholder must have an insurable interest appropriate to each type of insurance contract as stipulated by this Law;

- The indemnity principle: the compensation received by the insured should not exceed the actual loss in the insured event, unless otherwise agreed in the insurance contract;

- The subrogation principle: the insured is obliged to transfer to the insurer, a branch of a foreign non-life insurer, the right to seek recompense from a third party responsible for causing the loss, within the scope of the insurance compensation. This principle does not apply to life insurance contracts or health insurance contracts;

- The principle of fortuity: the risks covered by insurance must be unforeseen, unexpected risks.

Thus, the conclusion and execution of insurance contracts must comply with the basic principles of civil law and the principles mentioned above.

What are judgments on insurance contract disputes in Vietnam?

Below is a compilation of some judgments on insurance contract disputes:

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