Contractual insurance (as opposed to social security)

The Insurance Supervision Act of 2016 (VAG 2016) does not explicitly defined the term contractual insurance, and nor does the Insurance Policy Act. The latter only differentiates between the obligations of the parties to the contract: the premium payments of the insurance policyholder and the payment of the insurance benefit by the insurer in the event that the insured event occurs. The significant features of the term “insurance” under supervisory law include the uncertainty of the occurrence of the insured event, the scheduled assumption of a financial risk, the payments involved, the legal claim to a monetary benefit from the insurer and the independent nature of the assumption of risk.